A new fintech company which I was introduced to earlier this year. Currensea Card Withdraw Saudi Arabia…
It has actually won a few awards over recent months for what it does (using you an inexpensive way to invest abroad) but what I like about is that it is easy as hell. This is a good thing.
is, effectively, a direct debit travel card. You just spend as you would on a typical debit card and the cash is taken from your present account– simply without the typical 3% cost.
Oh, and is free to apply for, which likewise assists.
There are likewise some interesting travel benefits if you choose a paid plan, but the free plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or more affordable than the competitors
add increasingly more functions which your existing clients do not actually require or want
add costs, charges or constraints to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully stay there. Revolut, monzo and curve are currently in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Withdraw Saudi Arabia
It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You don’t (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% forex fees, then you don’t need a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which use benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ alternatives which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly to use abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals monthly with no costs and just 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 anybody else in your life who requires an easy, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I stated earlier, an extremely easy procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank instantly verifies that you have sufficient 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. If you have the free card, includes a 0.5% cost. If you have one of their paid cards, there are no costs.
You get an automated spend alert via the app, if you choose to install it.
The money is drawn from your current account a couple of days later on.
Here is an example. With no foreign travel in the journal, I decided to splash 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:.
However transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to take place (frequently in a different language) while not telling you about the inflated currency conversion charges taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
In recent years a handful of terrific travel debit cards have popped onto the scene … and like other fantastic cards Currensea assures big savings (85%) and a terrific app.
I believe the finest bit may be what no other card does: links to your existing high street bank account.
What this suggests is you can invest money you have in your existing bank account with less worry about running out of cash and the additional step. That does not indicate 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 Plan of 0.5% per transaction, enabling us to make income from our Important Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our strategies, complete information can be discovered on our rates strategies.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership cost also eliminates all FX markup on transactions.
Every time you spend with your card we receive a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Card Withdraw Saudi Arabia