A new fintech business which I was introduced to earlier this year. Currensea Card Withdrawal Limit Uk…
It has actually won a few awards over recent months for what it does (using you an affordable way to spend abroad) but what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. You just invest as you would on a normal debit card and the cash is taken from your current account– just without the typical 3% charge.
Oh, and is complimentary to look for, which likewise helps.
There are also some intriguing travel benefits if you choose a paid strategy, but the complimentary strategy works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or cheaper than the competition
include more and more features which your existing consumers don’t actually want or require
add restrictions, costs or charges to the function that made people get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will ideally remain there. Monzo, revolut and curve are currently in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Withdrawal Limit Uk
It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You don’t (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX costs are couple of and far in between. The only ‘miles and points’ choices which offer a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another charge card specifically to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals per 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 kids, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I stated earlier, an extremely 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 bank 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. includes a 0.5% fee if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automatic invest notice through the app, if you choose to install it.
The money is drawn from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, I chose to splash 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:.
However transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to happen (typically in a various language) while not telling you about the inflated currency conversion fees occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Thankfully over the last few years a handful of terrific travel debit cards have popped onto the scene … and like other great cards assures huge savings (85%) and a terrific app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this implies is you can spend cash you have in your existing bank account with less worry about running out of money and the additional step. That does not suggest it is ideal.
In this Currensea review is the excellent, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, enabling us to make earnings from our Important Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our plans, complete information can be found on our prices plans.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee likewise removes all FX markup on deals.
Each time you spend with your card we receive a small % of the deal, referred to as interchange, this comes straight from the merchant and will not be credited you. Currensea Card Withdrawal Limit Uk