Currensea Additional Card – Best Travel Cards

A new fintech company which I was presented to earlier this year. Currensea Additional Card…

It has won a few awards over recent months for what it does (offering you an affordable method to spend 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. You simply invest as you would on a regular debit card and the cash is taken from your current account– just without the usual 3% fee.

Oh, and  is totally free to apply for, which likewise assists.

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

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

launch by doing something well, and for free or cheaper than the competition
include more and more functions which your existing clients don’t actually want or require

include charges, limitations or charges to the function that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will ideally remain there. Monzo, revolut and curve are already in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:

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

That’s it.

You don’t (yet …) earn any airline company miles or points for using it.

Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not need a  card, unless you desire totally free ATM withdrawals. You can stop checking out now.

However, credit cards which provide benefits and charge 0% FX costs are rare. The only ‘points and miles’ choices which use a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.

IS possibly for you if:

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

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

You make your purchase in regional currency (any currency, globally).
Your current account bank immediately verifies 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,  adds a 0.5% charge. There are no fees if you have one of their paid cards.
You get an automatic spend alert by means of the app, if you pick to install it.
The money is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the diary, I chose to splash out and buy 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:.

But transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to take place (typically in a different language) while not telling you about the inflated currency conversion costs occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.

Thankfully recently a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards  guarantees huge cost savings (85%) and a great app.

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

What this means is you can invest money you have in your existing current account with less stress over lacking cash and the additional action. That does not imply it is perfect.

In this Currensea evaluation is the excellent, 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 Necessary Strategy of 0.5% per deal, allowing us to make income from our Necessary Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our plans, complete information can be discovered on our pricing strategies.

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

Interchange.
Whenever you invest with your card we receive a small % of the deal, called interchange, this comes straight from the merchant and won’t be credited you. Currensea Additional Card