A brand-new fintech company which I was introduced to earlier this year. Is There A Maximum Cash Limit On A Currensea Card…
It has actually won a few awards over recent months for what it does (offering you a low-priced way to spend abroad) however what I like about is that it is simple as hell. This is a good idea.
is, efficiently, a direct debit travel card. You merely spend as you would on a normal debit card and the cash is taken from your existing account– just without the normal 3% fee.
Oh, and is totally free to apply for, which likewise assists.
There are likewise some intriguing travel benefits if you pick a paid strategy, but the totally free strategy works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or more affordable than the competition
add more and more functions which your existing consumers do not actually desire or require
include charges, costs or limitations to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Revolut, monzo and curve are currently in Phase 3 …
is basic enough that it passes my ‘Can you discuss 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 free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You don’t (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX charges are couple of and far between. The only ‘points and miles’ choices which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX charges and do not wish to affect your credit report by getting another charge card specifically to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals per month with no fees and just a minimal FX mark-up (there is a small charge beyond , 500).
you desire a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I stated earlier, an extremely basic process. 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 bank account bank automatically validates that you have adequate 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% charge if you have the complimentary card. There are no charges if you have among their paid cards.
You get an automatic invest alert through the app, if you pick to install it.
The cash is taken from your current account a couple of days later.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and purchase 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:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to occur (frequently in a various language) while not telling you about the exorbitant currency conversion charges occurring in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
Thankfully in recent years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards assures huge savings (85%) and an excellent app.
But I think the very best bit might be what no other card does: links to your existing high street savings account.
What this implies is you can invest cash you have in your existing bank account with less stress over lacking money and the extra step. That does not suggest it is perfect.
In this Currensea review is the good, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per transaction, allowing us to make income 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 free quantity on all our plans, full information can be discovered on our prices strategies.
We charge a yearly subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee also eliminates all FX markup on deals.
Whenever you spend with your card we receive a small % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be credited you. Is There A Maximum Cash Limit On A Currensea Card