A new fintech business which I was presented to earlier this year. Currensea Withdraw Cash Without Card…
It has won a couple of awards over recent months for what it does (using 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. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You just invest as you would on a normal debit card and the cash is taken from your bank account– just without the normal 3% charge.
Oh, and is free to make an application for, which also assists.
There are also some intriguing travel advantages if you select a paid plan, but the complimentary strategy works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or less expensive than the competitors
include a growing number of functions which your existing consumers do not actually desire or require
include fees, charges or restrictions to the function that made people get your product 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 already in Phase 3 …
is simple 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? Currensea Withdraw Cash Without Card
It is a totally free direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% fee.
That’s it.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX costs are couple of and far in between. The only ‘points and miles’ alternatives which offer a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another charge card specifically to use abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly with no charges and just a very little FX mark-up (there is a little fee beyond �,� 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated previously, a very easy procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank immediately validates that you have sufficient 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. includes a 0.5% fee if you have the free card. There are no costs if you have among their paid cards.
You get an automated invest notice through the app, if you pick to install it.
The cash is taken from your current account a couple of days later on.
Here is an example. With no foreign travel in the journal, 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 arranged to leave my HSBC account a few days later on:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to take place (often in a various language) while not telling you about the outrageous currency conversion costs occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Luckily in recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards promises huge cost savings (85%) and a terrific app.
However I believe the very best bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend money you have in your existing current account with less stress over running out of cash and the extra step. That does not mean it is ideal.
In this Currensea review is the good, the bad, the unsightly and the options, so that you can choose.
FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, allowing us to make income from our Vital Strategy 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 strategies, complete details can be discovered on our rates strategies.
Membership charges.
We charge a yearly membership charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription fee likewise eliminates all FX markup on transactions.
Interchange.
Each time you invest with your card we get a little % of the deal, called interchange, this comes straight from the merchant and will not be charged to you. Currensea Withdraw Cash Without Card