About Curve Bank
The company launched in February 2016 and raised 9.9GBP million using Crowdcube. The funding was secured from 11,795 investors in just 54 hours. It is a safe platform because it’s regulated by the Financial Conduct Authority.
Can I use Curve for international transfers?
It’s not possible to send money internationally with the Curve card unless you send to other Curve customers. Using the Curve Send feature, you can transfer funds to other members. The functionality will go offline by Sept 6th 2021, and there are planning to return it.
To make international bank transfers, you will need to use alternatives like Western Union and Currencies Direct. They are low-fee and fast transfer methods that are already used by millions of customers.
How long do transfers take with Curve?
It’s not possible to make regular bank transfers with Curve, so the transfer rate is not applicable. However, when sending money using a 3rd party service, you can expect speeds of instant to 24 hours.
Are there transfer limits?
There are Curve spending limits that you can view on this page.
Can I use a Curve debit card when traveling abroad?
The Curve card is available for use oversees. On selected ATMs you will have free withdrawals and there is a 1% cashback from vendors such as Booking.com and EasyJet. Also, you’ll receive real time alerts when spending your money in the local currency.
Curve Bank exchange rates and fees
Exchange rate: Curve makes use of the Interbank rate, which varies throughout the day. Therefore, you may notice that the exchange rate might be different in the morning and evening of the same day.
Transfer fees: there are no transfer fees when sending money between Curve customers. However, you cannot make regular bank transfers so a fee is not applicable.
Additional costs: there is a monthly subscription fee for the Curve Black and Curve Metal, 9.99EUR/month and 14.99EUR/month respectively. Also, UK ATM withdrawals charge 50p per transaction and 2% after withdrawing 200GBP per month.
How do Curve Bank transfer fees compare to using a money transfer provider?
Challenger banks like Curve usually have much bigger fees than a money transfer provider. The latter charges a small fixed price or fraction of a percentage of the transfer amount. Services like Wise and Skrill enable you to make savings, which is perfect for customers that handle many transactions per year.
Curve pros and cons
Here is a list of the Curve pros and cons to help you decide if the service is for you:
Pros
Cons
Curve additional products
Cashback: you will receive cashback from big vendors such as EasyJet and Booking.com
Choice of cards: you can choose from 3 cards based on your requirements.
Link to tools: you can use 3rd party tools such as accounting software to get the most out of Curve.
Airport lounge access: the Metal card users can access airport lounges around the world.
Summary
Curve is not a traditional challenger bank since you are not able to send or receive money internationally. The service offers a card that enables you to make purchases worldwide. Also, there is a generous reward program for a wide range of vendors.
To send and receive money you will need to use money transfer services. For example, TorFX and XE Money Transfer are excellent choices that combine fast transfer time with excellent currency exchange rates.
