A brand-new fintech company which I was presented to earlier this year. Top Up With Credit Card Currensea…
It has actually won a few awards over current months for what it does (using you an affordable method to spend abroad) however what I like about is that it is simple as hell. This is a good thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You simply invest as you would on a typical debit card and the money is taken from your current account– just without the normal 3% charge.
Oh, and is complimentary to get, which likewise assists.
There are likewise some fascinating travel benefits if you choose a paid plan, but the complimentary plan works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or less expensive than the competitors
add more and more features which your existing consumers do not truly need or want
add charges, limitations or fees to the function that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain there. Revolut, monzo and curve are already in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Top Up With Credit Card Currensea
It is a complimentary direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ options which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX charges and do not want to impact your credit report by getting another credit card specifically to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a very little FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I said earlier, a really easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank automatically validates that you have enough money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, includes a 0.5% fee. There are no fees if you have among their paid cards.
You get an automatic spend notice by means of the app, if you pick to install it.
The cash is drawn from your bank account a few days later.
Here is an example. With no foreign travel in the journal, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a few days later on:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to occur (frequently in a different language) while not telling you about the expensive currency conversion costs occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards Currensea promises huge savings (85%) and a fantastic app.
However I believe the best bit might be what no other card does: links to your existing high street checking account.
What this means is you can invest money you have in your existing bank account with less fret about running out of money and the additional step. However that does not mean it is best.
In this Currensea evaluation is the good, the bad, the unsightly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, allowing us to make profits from our Vital Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our plans, full information can be discovered on our prices plans.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription cost also gets rid of all FX markup on transactions.
Each time you invest with your card we get a small % of the deal, referred to as interchange, this comes directly from the merchant and will not be charged to you. Top Up With Credit Card Currensea