A new fintech company which I was introduced to previously this year. Is There A Limit On Currensea Card…
It has won a few awards over current months for what it does (using you a low-cost method to spend abroad) but what I like about is that it is basic as hell. This is a good idea.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You just spend as you would on a normal debit card and the cash is taken from your bank account– simply without the usual 3% cost.
Oh, and is free to get, which also helps.
There are also some intriguing travel benefits if you pick a paid plan, but the totally free strategy works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or more affordable than the competition
add increasingly more features which your existing consumers do not really need or desire
add restrictions, charges or charges to the feature that made people get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Revolut, monzo and curve are currently in Stage 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 Limit On Currensea Card
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 little 0.5% fee.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not need a card, unless you want totally free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which provide rewards and charge 0% FX costs are rare. The only ‘miles and points’ choices which offer a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX charges and do not want to impact your credit report by getting another credit card particularly to use abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals monthly with no charges and only a very little FX mark-up (there is a small charge beyond , 500).
you desire a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I stated previously, a very easy 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 current account bank automatically validates that you have sufficient money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card, includes a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automated spend notice via the app, if you choose to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle 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 few days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to occur (often in a various language) while not telling you about the inflated currency conversion charges taking place in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
Thankfully recently a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards promises big cost savings (85%) and a terrific app.
I think the finest bit may be what no other card does: links to your existing high street bank account.
What this indicates is you can invest money you have in your existing bank account with less worry about running out of money and the extra step. However that does not suggest it is perfect.
In this Currensea review is the great, the bad, the ugly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per deal, allowing us to make profits from our Essential Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our plans, full details can be found on our pricing strategies.
We charge an annual subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription charge likewise gets rid of all FX markup on transactions.
Every time you spend with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and will not be credited you. Is There A Limit On Currensea Card