A brand-new fintech company which I was introduced to earlier this year. Can I Use A Currensea Card In An Atm…
It has won a few awards over current months for what it does (using you a low-cost method to spend abroad) however what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. You merely invest as you would on a normal debit card and the money is taken from your present account– simply without the usual 3% fee.
Oh, and is complimentary to obtain, which also helps.
There are also some interesting travel advantages if you select a paid plan, but the free plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or cheaper than the competition
add a growing number of functions which your existing consumers do not actually require or desire
add fees, limitations or charges to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Monzo, curve and revolut are already in Phase 3 …
is basic 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 Use A Currensea Card In An Atm
It is a complimentary direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You don’t (yet …) earn any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you don’t need a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which use rewards and charge 0% FX fees are couple of and far between. The only ‘points and miles’ choices which use a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX fees and do not want to affect your credit report by getting another charge card particularly to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals per month without any charges and just a minimal FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I stated earlier, an extremely basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank automatically confirms that you have enough money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, adds a 0.5% cost. There are no charges if you have one of their paid cards.
You get an automatic invest alert by means of the app, if you pick to install it.
The money is taken from your current account a few days later.
Here is an example. With no foreign travel in the journal, 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 costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to happen (typically in a different language) while not telling you about the expensive currency conversion charges occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Luckily over the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards assures big 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 checking account.
What this means is you can invest cash you have in your existing current account with less worry about lacking cash and the extra step. However that does not suggest it is perfect.
In this Currensea review is the great, the bad, the awful and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, permitting us to make profits from our Vital Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our strategies, full information can be discovered on our rates strategies.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee also eliminates all FX markup on deals.
Each time you invest with your card we receive a little % of the deal, known as interchange, this comes directly from the merchant and won’t be credited you. Can I Use A Currensea Card In An Atm