A brand-new fintech company which I was presented to earlier this year. Currensea Card Maximum Withdrawal…
It has won a couple of awards over current months for what it does (using you an affordable way to invest abroad) however what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. You merely spend as you would on a normal debit card and the money is taken from your current account– just without the usual 3% charge.
Oh, and is complimentary to look for, which likewise assists.
There are likewise some fascinating travel benefits if you choose a paid plan, but the free plan works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or less expensive than the competitors
include increasingly more functions which your existing clients don’t really require or want
add limitations, charges or costs to the function that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully stay there. Monzo, revolut and curve are already in Phase 3 …
is simple 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? Currensea Card Maximum Withdrawal
It is a totally free direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
However, credit cards which provide benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ choices which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX fees and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals per month with no charges and just a very little FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said previously, a really simple process. You utilize 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 instantly validates that you have adequate money 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 totally free card, adds a 0.5% fee. There are no charges if you have among their paid cards.
You get an automated invest alert by means of the app, if you choose to install it.
The money is drawn from your current account a few days later on.
Here is an example. Without any 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 set up 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 daylight break-in that is just about to occur (often in a various language) while not telling you about the outrageous currency conversion costs happening in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Luckily in recent years a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards assures huge savings (85%) and a terrific app.
However I believe the very best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can invest money you have in your existing bank account with less stress over running out of money and the additional action. However that does not mean it is ideal.
In this Currensea review is the great, the bad, the awful 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 revenue from our Important Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, full information can be found on our prices plans.
We charge an annual subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee also gets rid of all FX markup on transactions.
Every time you invest with your card we receive a small % of the transaction, known as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Card Maximum Withdrawal