A new fintech company which I was introduced to previously this year. Is There A Limit On Currensea Card…
It has actually won a few awards over recent months for what it does (offering you an inexpensive way to invest abroad) however what I like about is that it is easy as hell. This is a good idea.
is, efficiently, a direct debit travel card. You just invest as you would on a typical debit card and the cash is taken from your existing account– just without the usual 3% fee.
Oh, and is totally free to apply for, which also assists.
There are also some intriguing travel benefits if you pick a paid plan, however the totally free plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or cheaper than the competitors
add a growing number of features which your existing consumers do not actually desire or need
include fees, constraints or charges to the function that made individuals get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain 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:
What countries can I use Currensea? Is There A Limit On Currensea Card
It is a free direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
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% foreign exchange costs, then you don’t require a card, unless you want free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which offer benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ choices which use a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another credit card particularly to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals monthly without any costs and only a minimal FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I stated earlier, a very basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank instantly confirms that you have enough money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the free card. There are no charges if you have one of their paid cards.
You get an automatic spend notice via the app, if you select to install it.
The cash is drawn from your current account a couple of days later.
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 scheduled to leave my HSBC account a couple of days later:.
Converting pounds was costly.
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 exorbitant currency conversion fees happening 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 popped onto the scene … and like other fantastic cards Currensea promises huge cost 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 cash you have in your existing current account with less worry about lacking cash and the additional action. That does not suggest it is perfect.
In this Currensea evaluation is the good, the bad, the awful and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per deal, allowing us to make earnings from our Important Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our plans, full information can be discovered on our prices plans.
We charge a yearly membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription charge likewise gets rid of all FX markup on transactions.
Each time you spend with your card we get a little % of the transaction, called interchange, this comes directly from the merchant and will not be credited you. Is There A Limit On Currensea Card