Can You Lift Money Abroad With Currensea Card – Best Travel Cards

A new fintech company which I was presented to earlier this year. Can You Lift Money Abroad With Currensea Card…

It has won a few awards over recent months for what it does (offering you an inexpensive way to invest abroad) but what I like about  is that it is simple as hell. This is an advantage.

is, efficiently, a direct debit travel card. You simply spend as you would on a typical debit card and the cash is taken from your present account– just without the normal 3% cost.

Oh, and  is free to look for, which also helps.

There are also some interesting travel advantages if you pick a paid strategy, however the complimentary strategy works fine. You can use here.

There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing one thing well, and totally free or more affordable than the competitors
include increasingly more functions which your existing consumers don’t actually desire or require

include fees, charges or constraints 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 bar in 30 seconds?’ test:

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% charge.

That’s it.

You don’t (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 fees, then you do not require a  card, unless you desire complimentary ATM withdrawals. You can stop reading now.

Credit cards which provide benefits and charge 0% FX fees are few and far in between. The only ‘points and miles’ options which offer a partial service are the Virgin Atlantic credit cards which have 0% FX costs 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 affect your credit report by getting another charge card particularly to use abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no costs and just a minimal FX mark-up (there is a small fee beyond �,� 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them cash when taking a trip.

How does  operate in practice?
It is, as I said earlier, a really easy process. 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 bank account bank immediately confirms that you have sufficient cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost if you have the free card. There are no costs if you have one of their paid cards.
You get an automated spend notification through the app, if you pick to install it.
The money is taken from your bank account a couple of days later on.
Here is an example. With no foreign travel in the diary, 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 scheduled to leave my HSBC account a couple of days later on:.

Transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to take place (often in a various language) while not telling you about the expensive currency conversion charges happening in the background. Do not get me started. Anyway back to the positives for a bit anyhow.

Luckily in the last few years a handful of terrific travel debit cards have popped onto the scene … and like other fantastic cards  guarantees big cost savings (85%) and a great app.

I think the best bit might be what no other card does: links to your existing high street bank account.

What this implies 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 imply it is best.

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

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, enabling us to make revenue from our Essential Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our plans, complete details can be discovered on our pricing strategies.

Subscription charges.
We charge a yearly subscription charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership charge likewise gets rid of all FX markup on deals.

Interchange.
Every time you invest with your card we receive a small % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. Can You Lift Money Abroad With Currensea Card