Currensea Card Withdrawal Limit Uk – Best Travel Cards

A brand-new fintech business which I was introduced to previously this year. Currensea Card Withdrawal Limit Uk…

It has actually won a couple of awards over recent months for what it does (using you an inexpensive way to invest abroad) however what I like about  is that it is basic as hell. This is an advantage.

is, successfully, a direct debit travel card. You just invest as you would on a typical debit card and the money is taken from your existing account– simply without the normal 3% charge.

Oh, and  is free to make an application for, which likewise helps.

There are also some interesting travel benefits if you select a paid strategy, but the complimentary plan works fine. You can apply here.

There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing something well, and totally free or less expensive than the competitors
add a growing number of functions which your existing customers do not really need or want

add fees, constraints or charges to the feature that made people get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will ideally remain there. Curve, monzo and revolut are currently in Stage 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:

It is a totally free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.

That’s it.

You do not (yet …) earn any airline company miles or points for using it.

Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not need a  card, unless you want free ATM withdrawals. You can stop checking out now.

Credit cards which provide rewards and charge 0% FX charges are couple of and far between. The only ‘miles and points’ options which offer a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.

IS potentially for you if:

you do not have a charge card offering 0% FX costs and do not want to affect your credit report by getting another credit card specifically to use abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any charges and only a minimal FX mark-up (there is a little cost beyond �,� 500).
you desire an item for you, your adult kids, moms and dads, 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  work in practice?
It is, as I said previously, an extremely basic process. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, internationally).
Your bank account bank immediately validates that you have enough 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. includes a 0.5% charge if you have the totally free card. There are no costs if you have one of their paid cards.
You get an automatic invest notification by means of the app, if you pick to install it.
The money is taken from your bank account a couple of days later.
Here is an example. With no foreign travel in the journal, I chose to sprinkle 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 couple of days later:.

However transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to take place (often in a various language) while not telling you about the inflated currency conversion charges taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.

In recent years a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards Currensea promises big cost savings (85%) and a great 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 invest money you have in your existing current account with less stress over running out of cash and the extra action. But that does not suggest it is perfect.

In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can choose.

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, allowing us to make revenue from our Essential Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our strategies, full information can be discovered on our prices plans.

Membership charges.
We charge an annual subscription fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership cost likewise eliminates all FX markup on deals.

Interchange.
Each time you invest with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Withdrawal Limit Uk