A new fintech business which I was introduced to previously this year. Can You Use A Currensea Card In A Cash Point…
It has actually won a few awards over recent months for what it does (using you a low-cost method to spend abroad) however what I like about is that it is easy as hell. This is a good thing.
is, successfully, a direct debit travel card. You just invest as you would on a normal debit card and the cash is taken from your present account– just without the normal 3% cost.
Oh, and is totally free to request, which also helps.
There are also some interesting travel advantages if you select a paid plan, however the totally free plan works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or more affordable than the competition
add increasingly more functions which your existing consumers don’t really need or want
add charges, limitations or fees to the function that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Revolut, curve and monzo are already in Stage 3 …
is simple 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? Can You Use A Currensea Card In A Cash Point
It is a free direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (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 fees, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX costs are couple of and far between. The only ‘miles and points’ alternatives which offer a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another charge card particularly to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals monthly with no costs and only a minimal FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I stated earlier, an extremely simple 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 adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% cost if you have the free card. If you have one of their paid cards, there are no charges.
You get an automatic invest notice by means of the app, if you choose to install it.
The money is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle out and buy 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:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to occur (often in a different language) while not telling you about the exorbitant currency conversion costs taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards Currensea promises huge savings (85%) and an excellent app.
But I believe the best bit might be what no other card does: links to your existing high street savings account.
What this suggests is you can spend money you have in your existing bank account with less fret about running out of money and the additional step. But that does not mean it is ideal.
In this Currensea review is the good, the bad, the awful and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per deal, allowing us to make earnings from our Necessary Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, full details can be found on our rates plans.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee likewise eliminates all FX markup on transactions.
Each time you spend with your card we receive a small % of the deal, known as interchange, this comes directly from the merchant and won’t be credited you. Can You Use A Currensea Card In A Cash Point