A brand-new fintech company which I was introduced to previously this year. Currensea Card Withdraw Money…
It has actually won a couple of awards over recent months for what it does (offering you a low-priced method to invest abroad) however what I like about is that it is basic as hell. This is a good idea.
is, effectively, a direct debit travel card. You just invest as you would on a regular debit card and the cash is taken from your existing account– just without the normal 3% charge.
Oh, and is complimentary to make an application for, which also helps.
There are also some fascinating travel benefits if you choose a paid strategy, however the free plan works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or less expensive than the competition
include increasingly more functions which your existing clients don’t actually require or desire
include charges, limitations or fees to the function that made people get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Revolut, monzo and curve are already in Stage 3 …
is easy 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? Currensea Card Withdraw Money
It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex charges, then you don’t need a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
However, charge card which provide rewards and charge 0% FX fees are scarce. The only ‘points and miles’ choices which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX costs 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 allows you to make , 500 of foreign currency ATM withdrawals monthly without any charges and only a minimal FX mark-up (there is a little fee beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I said earlier, a really simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank immediately validates that you have enough money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, includes a 0.5% fee. If you have one of their paid cards, there are no charges.
You get an automatic spend notification through the app, if you pick to install it.
The money is drawn from your current account a few days later.
Here is an example. With no foreign travel in the journal, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a couple of days later:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to occur (often in a different language) while not telling you about the exorbitant currency conversion charges happening in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Luckily in recent years a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards promises big savings (85%) and a terrific app.
I believe the finest bit may be what no other card does: connects to your existing high street bank account.
What this means is you can invest money you have in your existing current account with less worry about lacking cash and the additional step. That does not suggest it is ideal.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per transaction, enabling us to make earnings from our Important Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our plans, full details can be found on our prices strategies.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee likewise gets rid of all FX markup on deals.
Whenever you spend with your card we get a little % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Withdraw Money