A brand-new fintech company which I was presented to earlier this year. Can I Withdraw Cash From My Currensea Card…
It has won a couple of awards over recent months for what it does (using you a low-priced method to invest abroad) however what I like about is that it is easy as hell. This is a good idea.
is, successfully, a direct debit travel card. You merely invest as you would on a normal debit card and the cash is taken from your existing account– just without the typical 3% charge.
Oh, and is complimentary to obtain, which also helps.
There are also some intriguing travel advantages if you choose a paid strategy, but the totally free plan works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or more affordable than the competitors
add increasingly more features which your existing clients do not actually desire or need
add charges, fees or restrictions to the function that made people get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Monzo, revolut and curve are already in Stage 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Can I Withdraw Cash From My Currensea Card
It is a totally free direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% forex charges, then you don’t need a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX costs are few and far between. The only ‘miles and points’ options which offer a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX fees and do not want to impact your credit report by getting another charge card specifically to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month with no fees and only a very little FX mark-up (there is a little fee beyond , 500).
you desire 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 previously, an extremely easy procedure. You utilize 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 money in your account and authorises the deal.
The deal 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 costs if you have among their paid cards.
You get an automatic invest notice via the app, if you select to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, 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 arranged to leave my HSBC account a few days later:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to happen (typically in a different language) while not telling you about the outrageous currency conversion fees taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
In current years a handful of terrific travel debit cards have actually popped onto the scene … and like other terrific cards Currensea promises big savings (85%) and an excellent app.
I think the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can spend cash you have in your existing current account with less worry about lacking money and the extra step. That does not suggest 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 strategies have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per transaction, allowing us to make revenue from our Important Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our plans, full information can be found on our rates plans.
We charge an annual membership fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge also eliminates all FX markup on transactions.
Whenever you invest with your card we receive a small % of the deal, known as interchange, this comes directly from the merchant and will not be charged to you. Can I Withdraw Cash From My Currensea Card