A brand-new fintech business which I was introduced to previously this year. Can I Withdraw Money From Atm Currensea Card…
It has won a couple of awards over recent months for what it does (providing you a low-priced method to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a regular debit card and the cash is drawn from your current account– just without the normal 3% charge.
Oh, and is free to get, which likewise assists.
There are also some intriguing travel advantages if you choose a paid strategy, but the totally free strategy works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or more affordable than the competition
add more and more functions which your existing clients do not actually want or need
include limitations, fees or charges to the feature that made individuals get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Revolut, curve and monzo are already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can I Withdraw Money From Atm Currensea Card
It is a complimentary direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
However, charge card which provide rewards and charge 0% FX costs are scarce. The only ‘miles and points’ alternatives which offer a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another charge card specifically to use abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any costs and only a minimal FX mark-up (there is a small charge beyond , 500).
you desire an item for you, your adult kids, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I stated previously, an extremely easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank immediately 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 upon the currency. adds a 0.5% charge if you have the totally free card. If you have one of their paid cards, there are no costs.
You get an automated invest notification via the app, if you select to install it.
The money is drawn from your bank account a few days later on.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a few days later:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to happen (frequently in a different language) while not telling you about the expensive currency conversion charges happening in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards Currensea promises huge savings (85%) and a terrific app.
I believe the finest bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can spend cash you have in your existing current account with less worry about running out of money and the additional step. That does not suggest it is ideal.
In this Currensea evaluation is the excellent, the bad, the awful and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, enabling us to make earnings from our Necessary Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our plans, full information can be found on our rates strategies.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge likewise eliminates all FX markup on deals.
Each time you invest with your card we receive a small % of the transaction, called interchange, this comes straight from the merchant and will not be charged to you. Can I Withdraw Money From Atm Currensea Card