A brand-new fintech company which I was presented to previously this year. How Much Cash Can I Withdraw With My Currensea Card…
It has won a few awards over current 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 thing.
is, successfully, a direct debit travel card. You simply invest as you would on a typical debit card and the cash is taken from your present account– just without the normal 3% charge.
Oh, and is complimentary to request, which likewise assists.
There are also some interesting travel benefits if you pick 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 something well, and free of charge or cheaper than the competitors
include a growing number of features which your existing clients do not truly desire or need
add charges, restrictions or costs to the function 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 remain there. Revolut, curve and monzo are already in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? How Much Cash Can I Withdraw With My Currensea Card
It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
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% foreign exchange charges, then you don’t need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ choices which use a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly 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 utilize abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a very little FX mark-up (there is a small cost beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I stated previously, a really basic process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank automatically verifies that you have adequate money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, adds a 0.5% charge. There are no fees if you have among their paid cards.
You get an automated spend notification via the app, if you select to install it.
The money is drawn from your current account a few days later.
Here is an example. Without any 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 few days later on:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to take place (frequently in a various language) while not telling you about the expensive currency conversion costs happening in the background. Don’t get me began. Anyhow 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 terrific cards Currensea promises big savings (85%) and a fantastic app.
I believe the finest bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can spend cash you have in your existing current account with less fret about lacking money and the additional action. But that does not indicate it is ideal.
In this Currensea evaluation is the great, the bad, the unsightly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, enabling us to make income from our Important Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our strategies, full details can be found on our pricing plans.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee likewise removes all FX markup on transactions.
Whenever you spend with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and will not be charged to you. How Much Cash Can I Withdraw With My Currensea Card