A brand-new fintech company which I was introduced to earlier this year. Currensea Withdrawal Limit…
It has won a couple of awards over recent months for what it does (offering you an affordable way to invest abroad) but what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. You just invest as you would on a typical debit card and the cash is taken from your existing account– simply without the normal 3% cost.
Oh, and is free to make an application for, which also helps.
There are also some intriguing travel advantages if you pick a paid plan, but the free plan works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and totally free or cheaper than the competition
include a growing number of features which your existing clients don’t really require or want
add constraints, charges or fees to the function that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Revolut, curve and monzo are currently in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Withdrawal Limit
It is a complimentary direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (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 complimentary ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ options which provide a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX charges and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals per month without any charges and just a very little FX mark-up (there is a little fee beyond , 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I said earlier, an extremely basic process. 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 automatically validates that you have enough money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the free card. There are no charges if you have one of their paid cards.
You get an automatic invest alert via the app, if you choose to install it.
The money is drawn from your current account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to splash out and purchase 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:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to happen (typically in a various language) while not telling you about the expensive currency conversion costs occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Luckily recently a handful of excellent travel debit cards have popped onto the scene … and like other great cards assures huge cost savings (85%) and a great app.
I believe the finest bit might be what no other card does: connects to your existing high street bank account.
What this means is you can invest money you have in your existing current account with less fret about lacking cash and the extra step. That does not indicate it is ideal.
In this Currensea evaluation is the good, the bad, the awful and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per deal, allowing us to make profits from our Essential Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our plans, full details can be found on our prices strategies.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee also removes all FX markup on transactions.
Every time you invest with your card we get a little % of the transaction, referred to as interchange, this comes straight from the merchant and will not be charged to you. Currensea Withdrawal Limit