Can You Withdraw Cash From Currensea Without Card – Best Travel Cards

A new fintech business which I was presented to earlier this year. Can You Withdraw Cash From Currensea Without Card…

It has won a couple of awards over recent months for what it does (offering you a low-cost method to spend abroad) but what I like about  is that it is easy as hell. This is a good thing.

is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a normal debit card and the money is taken from your bank account– just without the typical 3% cost.

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

There are likewise some fascinating travel benefits if you pick a paid plan, but the free strategy works fine. You can apply here.

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

launch by doing one thing well, and for free or cheaper than the competition
include more and more features which your existing customers do not truly need or want

include charges, costs or limitations to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Curve, Revolut and Monzo are already in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:

It is a free direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.

That’s it.

You don’t (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 do not require a  card, unless you want totally free ATM withdrawals. You can stop checking out now.

Credit cards which use benefits and charge 0% FX costs are couple of and far in between. The only ‘miles and points’ options which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.

IS perhaps for you if:

you do not have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another charge card specifically to use abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no charges and only a very little FX mark-up (there is a little cost beyond �,� 500).
you desire a product for you, your adult kids, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them cash when travelling.

How does  operate in practice?
It is, as I stated previously, an extremely basic procedure. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, globally).
Your current account bank automatically confirms that you have sufficient money in your account and authorises the transaction.
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 free card. If you have one of their paid cards, there are no charges.
You get an automatic spend alert by means of the app, if you select to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. Without any 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 arranged to leave my HSBC account a couple of days later on:.

Converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to take place (frequently in a different language) while not telling you about the outrageous currency conversion fees taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

In recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards Currensea assures big savings (85%) and a great app.

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

What this means is you can spend cash you have in your existing bank account with less fret about lacking money and the additional step. That does not indicate it is best.

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make income from our Vital Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our plans, full details can be discovered on our prices plans.

Membership charges.
We charge a yearly membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership cost also gets rid of all FX markup on transactions.

Interchange.
Each time you spend with your card we get a little % of the transaction, referred to as interchange, this comes straight from the merchant and will not be charged to you. Can You Withdraw Cash From Currensea Without Card