A brand-new fintech business which I was presented to previously this year. Can I Transfer My Money Back From Currensea Card…
It has won a couple of awards over recent months for what it does (offering you a low-cost method to invest abroad) however what I like about is that it is easy as hell. This is a good idea.
is, effectively, a direct debit travel card. You just spend as you would on a regular debit card and the cash is taken from your current account– just without the usual 3% fee.
Oh, and is free to get, which also helps.
There are also some intriguing travel benefits if you choose a paid plan, however the totally free strategy works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and free of charge or less expensive than the competition
include more and more functions which your existing customers don’t actually need or want
include fees, charges or restrictions to the function that made people get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are currently in Phase 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can I Transfer My Money Back From Currensea Card
It is a totally 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% charge.
You do not (yet …) make 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 costs, then you don’t require a card, unless you want complimentary 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 ‘points and miles’ alternatives which offer a partial option 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 costs and do not want to impact your credit report by getting another charge card particularly to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals each month without any costs and only a very little FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I said earlier, a very basic process. 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 instantly verifies that you have adequate cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, adds a 0.5% charge. There are no charges if you have among their paid cards.
You get an automated invest notice via the app, if you pick to install it.
The cash is taken from your current account a few days later.
Here is an example. Without any foreign travel in the journal, 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 few days later on:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to take place (often in a different language) while not telling you about the outrageous currency conversion charges occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
Fortunately in the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other great cards guarantees huge savings (85%) and a terrific app.
But I believe the best bit might be what no other card does: links to your existing high street savings account.
What this indicates is you can spend money you have in your existing current account with less fret about lacking money and the additional step. However that does not suggest it is perfect.
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 nominal FX markup on our Necessary Strategy of 0.5% per transaction, enabling us to make earnings from our Essential Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our strategies, full information can be found on our prices strategies.
We charge a yearly membership charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription cost likewise gets rid of all FX markup on deals.
Each time you spend with your card we get a small % of the deal, known as interchange, this comes directly from the merchant and won’t be charged to you. Can I Transfer My Money Back From Currensea Card