A brand-new fintech business which I was introduced to previously this year. Currensea Card Atm Withdrawal Limit…
It has actually won a couple of awards over recent months for what it does (providing you an affordable way to invest abroad) but 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 bank account. There is nothing to top-up or prepay. You just invest as you would on a typical debit card and the cash is drawn from your current account– simply without the usual 3% charge.
Oh, and is free to request, which likewise helps.
There are likewise some fascinating travel benefits if you choose a paid strategy, however 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 cheaper than the competitors
add increasingly more functions which your existing customers don’t actually want or need
include costs, restrictions or charges to the function that made individuals get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are currently in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Atm Withdrawal Limit
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You do not (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t require a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX costs are few and far in between. The only ‘miles and points’ choices which offer a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX charges and do not want to affect your credit report by getting another credit card specifically to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals monthly with no charges and just a very little FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I said earlier, a very basic process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank immediately confirms that you have adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% cost if you have the free card. There are no fees if you have among their paid cards.
You get an automatic spend notification through the app, if you select to install it.
The cash is drawn from your current account a few days later.
Here is an example. With no foreign travel in the diary, I chose to splash out and purchase 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 couple of days later on:.
However transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to happen (often in a various language) while not telling you about the outrageous currency conversion fees occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
In current years a handful of terrific travel debit cards have actually popped onto the scene … and like other great cards Currensea promises huge cost savings (85%) and a fantastic app.
But I believe the best bit might be what no other card does: links to your existing high street checking account.
What this suggests is you can spend cash you have in your existing bank account with less stress over running out of money and the additional action. That does not mean it is ideal.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, allowing us to make revenue from our Important Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our strategies, full details can be found on our rates strategies.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription cost likewise eliminates all FX markup on transactions.
Each time you spend with your card we get a small % of the deal, referred to as interchange, this comes directly from the merchant and will not be credited you. Currensea Card Atm Withdrawal Limit