A brand-new fintech company which I was introduced to earlier this year. Can You Take Money Off A Currensea Card…
It has won a couple of awards over recent months for what it does (offering you a low-cost method to spend abroad) but what I like about is that it is basic as hell. This is a good thing.
is, efficiently, a direct debit travel card. You just invest as you would on a regular debit card and the money is taken from your current account– simply without the typical 3% charge.
Oh, and is totally free to look for, which also helps.
There are likewise some fascinating travel advantages if you choose a paid strategy, however the free strategy works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or less expensive than the competition
add a growing number of functions which your existing clients do not truly want or require
add limitations, fees or charges to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Curve, Revolut and Monzo are currently in Phase 3 …
is basic 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? Can You Take Money Off A Currensea Card
It is a complimentary direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You do not (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex fees, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which provide rewards and charge 0% FX fees are rare. The only ‘miles and points’ alternatives which use a partial option are the Virgin Atlantic charge card 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 wish to affect your credit report by getting another charge card specifically to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals each month with no charges and only a minimal FX mark-up (there is a little fee beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I stated earlier, a really basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank immediately verifies that you have adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, includes a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automated spend notice through the app, if you choose 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 journal, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a couple of days later:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to happen (typically in a different language) while not telling you about the expensive currency conversion fees happening in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
In recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other great cards Currensea promises huge cost savings (85%) and a fantastic app.
However I think the very best bit might be what no other card does: connects to your existing high street checking account.
What this means is you can spend money you have in your existing current account with less worry about running out of cash and the additional action. However that does not imply it is ideal.
In this Currensea review is the good, the bad, the ugly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, allowing us to make income from our Essential Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our strategies, complete details can be discovered on our rates strategies.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee also eliminates all FX markup on transactions.
Every time you invest with your card we get a little % of the deal, called interchange, this comes straight from the merchant and will not be charged to you. Can You Take Money Off A Currensea Card