A new fintech company which I was presented to earlier this year. Currensea Withdrawal Limit…
It has won a couple of awards over current months for what it does (providing you a low-priced method to invest abroad) but what I like about is that it is simple as hell. This is a good thing.
is, efficiently, a direct debit travel card. You merely spend as you would on a regular debit card and the money is taken from your current account– just without the normal 3% charge.
Oh, and is totally free to look for, which likewise helps.
There are likewise some fascinating travel advantages if you select a paid plan, but the complimentary plan works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
add increasingly more functions which your existing clients don’t really require or desire
include charges, fees or limitations to the feature that made individuals get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Monzo, revolut and curve are already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Withdrawal Limit
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 small 0.5% fee.
That’s it.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which offer rewards and charge 0% FX charges are couple of and far between. The only ‘points and miles’ options which use a partial solution 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 charge card offering 0% FX fees and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you want a product which permits you to make �,� 500 of foreign currency ATM withdrawals per month with no fees and only a minimal FX mark-up (there is a little cost beyond �,� 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I stated earlier, a very basic procedure. You utilize 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 instantly validates that you have adequate cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% fee if you have the totally free card. There are no charges if you have among their paid cards.
You get an automated spend notification by means of the app, if you choose to install it.
The cash is taken from your bank account a few 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 arranged to leave my HSBC account a couple of days later on:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to occur (often in a various language) while not telling you about the expensive currency conversion fees happening in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have popped onto the scene … and like other great cards Currensea guarantees big savings (85%) and an excellent app.
I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest cash you have in your existing bank account with less worry about running out of money and the extra action. That does not suggest it is best.
In this Currensea review is the good, the bad, the awful and the options, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, enabling us to make income from our Vital Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our plans, full information can be found on our pricing plans.
Membership fees.
We charge a yearly subscription cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription charge likewise removes all FX markup on transactions.
Interchange.
Whenever you invest with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. Currensea Withdrawal Limit