A new fintech business which I was presented to earlier this year. Can You Withdraw From A Cashpoint Woth A Currensea Card…
It has won a couple of awards over current months for what it does (offering you an affordable way to invest abroad) but what I like about is that it is basic as hell. This is a good thing.
is, efficiently, a direct debit travel card. You just invest as you would on a normal debit card and the money is taken from your current account– just without the usual 3% fee.
Oh, and is totally free to make an application for, which also assists.
There are also some interesting travel advantages if you choose a paid plan, however the totally free plan works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or cheaper than the competitors
include more and more functions which your existing clients don’t truly require or want
include constraints, costs or charges to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully stay there. Revolut, curve and monzo are already in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Can You Withdraw From A Cashpoint Woth A Currensea Card
It is a free direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX fees are few and far in between. The only ‘miles and points’ choices which use a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals per month with no fees and only a minimal FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I stated earlier, an extremely simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank immediately confirms that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the complimentary card. There are no fees if you have one of their paid cards.
You get an automated invest alert through the app, if you choose to install it.
The money is drawn from your bank account a couple of days later on.
Here is an example. With no 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 arranged to leave my HSBC account a couple of days later:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to take place (frequently in a different language) while not telling you about the outrageous currency conversion charges occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards Currensea guarantees huge savings (85%) and a terrific 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 spend money you have in your existing bank account with less worry about running out of money and the extra action. That does not indicate it is perfect.
In this Currensea evaluation is the good, the bad, the unsightly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, permitting us to make revenue from our Important Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our strategies, complete information can be found on our prices plans.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee likewise removes all FX markup on transactions.
Every time you invest with your card we get a little % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. Can You Withdraw From A Cashpoint Woth A Currensea Card