Can You Go Overdrawn With A Currensea Card – Best Travel Cards

A new fintech company which I was introduced to previously this year. Can You Go Overdrawn With A Currensea Card…

It has won a few awards over current months for what it does (providing you an affordable way 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 bank account. There is absolutely nothing to top-up or prepay. You just invest as you would on a normal debit card and the money is drawn from your bank account– simply without the usual 3% fee.

Oh, and  is complimentary to request, which also assists.

There are also some interesting travel advantages if you select a paid strategy, but the totally free plan works fine. You can use here.

There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing something well, and for free or less expensive than the competition
add more and more features which your existing customers don’t actually require or want

add charges, limitations or costs to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Curve, Revolut and Monzo are currently in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:

It is a free direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.

That’s it.

You don’t (yet …) make any airline miles or points for utilizing it.

Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not require a  card, unless you desire complimentary ATM withdrawals. You can stop reading now.

However, credit cards which offer benefits and charge 0% FX costs are scarce. The only ‘miles and points’ options which provide a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS potentially 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 credit card specifically to use abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly without any costs and only a very little FX mark-up (there is a small charge beyond �,� 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them money when travelling.

How does  work in practice?
It is, as I stated previously, a very basic process. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, worldwide).
Your bank account bank instantly confirms 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. If you have the totally free card,  includes a 0.5% cost. If you have one of their paid cards, there are no costs.
You get an automatic invest notification by means of the app, if you select to install it.
The money is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I chose to splash 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 on:.

Transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to take place (frequently in a different language) while not telling you about the inflated currency conversion costs occurring in the background. Do not get me started. Anyway back to the positives for a bit anyhow.

Luckily in the last few years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards  guarantees big savings (85%) and an excellent app.

But I think the best bit might be what no other card does: connects to your existing high street bank account.

What this indicates is you can invest cash you have in your existing current account with less fret about running out of money and the extra step. That does not mean it is perfect.

In this Currensea evaluation is the excellent, the bad, the unsightly and the alternatives, so that you can choose.

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, allowing us to make earnings from our Important 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 amount on all our strategies, full details can be found on our pricing strategies.

Membership charges.
We charge a yearly subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership cost likewise removes all FX markup on transactions.

Interchange.
Each time you spend with your card we get a small % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Can You Go Overdrawn With A Currensea Card