A new fintech business which I was presented to previously this year. Is There A Maximum Cash Limit On A Currensea Card…
It has won a few awards over recent months for what it does (offering you an inexpensive way to invest abroad) however what I like about is that it is basic as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a typical debit card and the cash is taken from your current account– simply without the normal 3% charge.
Oh, and is totally free to request, which also helps.
There are also some fascinating travel benefits if you choose a paid strategy, but the totally 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 something well, and totally free or more affordable than the competition
include more and more features which your existing consumers do not actually require or desire
include constraints, costs or charges to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Revolut, monzo and curve are already in Phase 3 …
is basic 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? Is There A Maximum Cash Limit On A Currensea Card
It is a complimentary direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t need a card, unless you want free ATM withdrawals. You can stop checking out now.
However, charge card which use rewards and charge 0% FX charges are rare. The only ‘points and miles’ alternatives which use a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another credit card specifically to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals per month without any costs and only a very little FX mark-up (there is a little cost beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I said earlier, a very 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 current account bank immediately validates that you have sufficient 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, includes a 0.5% fee. There are no charges if you have one of their paid cards.
You get an automated spend alert by means of the app, if you select to install it.
The money is drawn from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a couple of days later:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to occur (often in a different language) while not telling you about the inflated currency conversion charges occurring in the background. Do not get me started. Anyway back to the positives for a bit anyway.
In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other great cards Currensea guarantees big savings (85%) and a terrific app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can invest money you have in your existing current account with less worry about lacking cash and the additional action. That does not imply 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 nominal FX markup on our Essential Strategy of 0.5% per deal, allowing us to make profits from our Essential Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our strategies, complete details can be found on our pricing plans.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee likewise removes all FX markup on transactions.
Each time you spend with your card we receive a small % of the transaction, referred to as interchange, this comes directly from the merchant and will not be credited you. Is There A Maximum Cash Limit On A Currensea Card