A new fintech company which I was presented to earlier this year. Can You Use Currensea Card In Cash Machine…
It has won a few awards over recent months for what it does (using you an inexpensive way to invest abroad) but what I like about is that it is simple as hell. This is a good thing.
is, successfully, a direct debit travel card. You simply spend as you would on a normal debit card and the cash is taken from your current account– just without the typical 3% cost.
Oh, and is totally free to obtain, which likewise assists.
There are also some interesting travel benefits if you choose a paid plan, but the complimentary plan works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or more affordable than the competitors
include more and more features which your existing customers don’t really require or desire
include charges, charges or limitations to the feature that made individuals get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are already in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Can You Use Currensea Card In Cash Machine
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which offer rewards and charge 0% FX fees are couple of and far between. The only ‘points and miles’ choices which use a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another charge card specifically to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals monthly without any costs and just 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 anyone else in your life who requires a simple, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I said earlier, an extremely simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank automatically verifies that you have adequate money 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% fee if you have the totally free card. There are no charges if you have one of their paid cards.
You get an automatic spend notice via the app, if you choose to install it.
The money is taken from your bank account a few days later.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and buy 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 few days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to take place (often in a different language) while not telling you about the outrageous currency conversion fees occurring 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 fantastic cards Currensea promises huge cost savings (85%) and a great app.
But 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 current account with less stress over lacking money and the extra step. That does not suggest it is best.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per transaction, permitting us to make income from our Essential Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our plans, full details can be found on our rates strategies.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge likewise gets rid of all FX markup on transactions.
Each time you spend with your card we get a small % of the transaction, known as interchange, this comes directly from the merchant and won’t be credited you. Can You Use Currensea Card In Cash Machine