Is There A Limit On Currensea Card – Best Travel Cards

A new fintech business which I was introduced to previously this year. Is There A Limit On Currensea Card…

It has actually won a few awards over recent months for what it does (offering you an affordable way to invest abroad) however what I like about  is that it is basic as hell. This is a good thing.

is, effectively, a direct debit travel card. You simply invest as you would on a normal debit card and the money is taken from your current account– just without the usual 3% charge.

Oh, and  is complimentary to request, which likewise assists.

There are likewise some intriguing travel benefits if you select a paid strategy, but the complimentary strategy works fine. You can use here.

There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:

launch by doing one thing well, and totally free or cheaper than the competitors
include more and more functions which your existing clients do not truly want or need

add charges, limitations or charges to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Revolut, monzo and curve are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:

It is a totally free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.

That’s it.

You do not (yet …) earn any airline miles or points for using it.

Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t need a  card, unless you want free ATM withdrawals. You can stop reading now.

However, credit cards which offer rewards and charge 0% FX fees are rare. The only ‘miles and points’ alternatives which offer a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.

IS potentially for you if:

you do not have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another credit card specifically to use abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals monthly without any costs and only a very little FX mark-up (there is a little fee beyond �,� 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them cash when taking a trip.

How does  work in practice?
It is, as I said previously, a really 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, worldwide).
Your bank account bank instantly confirms that you have sufficient 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. includes a 0.5% fee if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automatic invest alert via the app, if you choose to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. With no foreign travel in the journal, I decided to sprinkle 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:.

Converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to occur (typically in a different language) while not telling you about the expensive currency conversion charges occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.

Thankfully in the last few years a handful of great travel debit cards have actually popped onto the scene … and like other terrific cards  guarantees big cost 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 indicates is you can invest money you have in your existing current account with less fret about running out of cash and the extra step. But that does not mean it is best.

In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can choose.

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, allowing us to make profits from our Important Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, complete information can be found on our rates plans.

Membership charges.
We charge an annual subscription cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription fee also gets rid of all FX markup on deals.

Interchange.
Whenever you invest with your card we get a small % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be credited you. Is There A Limit On Currensea Card