A new fintech company which I was introduced to earlier this year. Can I Get Cash From My Currensea Card…
It has won a couple of awards over recent months for what it does (offering you an affordable way to spend abroad) however what I like about is that it is simple as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You just spend as you would on a regular debit card and the money is taken from your current account– simply without the usual 3% charge.
Oh, and is free to look for, which also assists.
There are also some fascinating travel benefits if you pick a paid plan, however the complimentary plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
add increasingly more functions which your existing consumers do not really require or want
add charges, limitations or costs to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are currently in Stage 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? Can I Get Cash From My Currensea Card
It is a complimentary direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You don’t (yet …) make 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% forex charges, then you don’t need a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX fees are couple of and far between. The only ‘miles and points’ choices which offer a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX costs 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 per month with no charges and only a very little FX mark-up (there is a small charge beyond , 500).
you desire 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 conserve them money when taking a trip.
How does operate in practice?
It is, as I stated earlier, an extremely easy procedure. You use 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 confirms that you have enough cash 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, adds a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automated spend notice by means of the app, if you choose to install it.
The money is taken from your bank account a few days later.
Here is an example. With no foreign travel in the diary, I chose to splash out and buy 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 converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to occur (often in a various language) while not telling you about the inflated currency conversion fees occurring in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards Currensea promises big cost savings (85%) and a great app.
But I believe the very best bit might be what no other card does: connects to your existing high street checking account.
What this indicates is you can spend money you have in your existing current account with less fret about running out of cash and the extra step. But that does not suggest it is perfect.
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, allowing us to make profits from our Necessary Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our strategies, complete information can be discovered on our rates strategies.
We charge a yearly subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership cost likewise eliminates all FX markup on transactions.
Every time you invest with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and won’t be charged to you. Can I Get Cash From My Currensea Card