Currensea Atm Withdrawal – Best Travel Cards

A new fintech business which I was presented to earlier this year. Currensea Atm Withdrawal…

It has won a couple of awards over recent months for what it does (offering you an affordable method to invest abroad) but what I like about  is that it is simple as hell. This is a good thing.

is, effectively, a direct debit travel card. You merely spend as you would on a regular debit card and the money is taken from your existing account– just without the usual 3% fee.

Oh, and  is complimentary to apply for, which likewise assists.

There are likewise some interesting travel benefits if you choose 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 totally free or less expensive than the competitors
include increasingly more features which your existing customers do not truly need or want

add charges, constraints or charges to the feature that made people get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Monzo, curve and revolut are currently in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:

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

That’s it.

You don’t (yet …) make any airline miles or points for using it.

Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you do not require a  card, unless you want complimentary ATM withdrawals. You can stop reading now.

Nevertheless, credit cards which use rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ choices which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS potentially 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 charge card specifically to utilize abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals each month with no costs and only a very little FX mark-up (there is a little cost beyond �,� 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them money when travelling.

How does  operate in practice?
It is, as I said earlier, a very 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, globally).
Your current account bank immediately verifies that you have enough cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card,  adds a 0.5% fee. There are no charges if you have one of their paid cards.
You get an automated invest notice via the app, if you pick to install it.
The cash is drawn from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which reveals �,� 4.33 scheduled to leave my HSBC account a couple of days later:.

But transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to happen (frequently in a different language) while not telling you about the outrageous currency conversion charges 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 great travel debit cards have actually popped onto the scene … and like other terrific cards Currensea guarantees huge savings (85%) and a terrific app.

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

What this indicates is you can spend money you have in your existing current account with less fret about lacking money and the extra step. That does not suggest it is ideal.

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 nominal FX markup on our Necessary Plan of 0.5% per transaction, permitting us to make profits from our Vital Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our plans, full information can be discovered on our prices plans.

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

Interchange.
Each time you spend with your card we get a little % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Currensea Atm Withdrawal