Contact Currensea Card – Best Travel Cards

A brand-new fintech company which I was introduced to previously this year. Contact Currensea Card…

It has actually won a couple of awards over recent months for what it does (providing you a low-cost way to spend abroad) but what I like about  is that it is simple as hell. This is a good idea.

is, efficiently, a direct debit travel card. You just invest as you would on a normal debit card and the money is taken from your current account– simply without the usual 3% fee.

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

There are likewise some fascinating travel benefits if you choose a paid plan, however the complimentary strategy works fine. You can apply here.

There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing something well, and totally free or cheaper than the competitors
include a growing number of features which your existing customers do not really desire or require

include charges, limitations or fees to the function that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Curve, Revolut and Monzo are already in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:

It is a totally free direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.

That’s it.

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

Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you don’t need a  card, unless you desire free ATM withdrawals. You can stop reading now.

However, charge card which provide benefits and charge 0% FX fees are few and far between. The only ‘miles and points’ alternatives which provide a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.

IS possibly for you if:

you don’t have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to use abroad
you desire a product which permits you to make �,� 500 of foreign currency ATM withdrawals per month with no fees and only a minimal FX mark-up (there is a small fee beyond �,� 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them money when taking a trip.

How does  work in practice?
It is, as I said earlier, a very basic process. 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 instantly validates that you have adequate cash 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 complimentary card,  adds a 0.5% charge. There are no charges if you have among their paid cards.
You get an automated spend notice through the app, if you choose to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which shows �,� 4.33 scheduled to leave my HSBC account a couple of days later:.

However converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to take place (frequently in a various language) while not telling you about the expensive currency conversion charges occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.

Fortunately over the last few years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards  promises huge savings (85%) and an excellent app.

But I believe the very best bit might be what no other card does: links to your existing high street savings account.

What this means is you can spend cash you have in your existing bank account with less worry about running out of money and the extra action. That does not suggest it is ideal.

In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can decide.

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, allowing us to make earnings from our Essential Plan whilst remaining much cheaper 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 strategies, complete details can be discovered on our pricing plans.

Membership charges.
We charge a yearly subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership fee also eliminates all FX markup on deals.

Interchange.
Every 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 credited you. Contact Currensea Card