Currensea Bank Card Fees – Best Travel Cards

A new fintech business which I was introduced to previously this year. Currensea Bank Card Fees…

It has actually won a few awards over current months for what it does (using you a low-cost method to spend abroad) but what I like about  is that it is basic as hell. This is a good idea.

is, effectively, a direct debit travel card. You just spend as you would on a typical debit card and the money is taken from your present account– just without the usual 3% cost.

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

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

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

launch by doing one thing well, and free of charge or less expensive than the competition
add more and more functions which your existing customers do not truly need or desire

add restrictions, fees or charges to the function that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Revolut, curve and monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:

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

That’s it.

You do not (yet …) earn any airline miles or points for using it.

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

Credit cards which offer benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ options which provide a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.

IS perhaps for you if:

you do not have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals per month without any fees and just a minimal FX mark-up (there is a small fee beyond �,� 500).
you desire an item for you, your adult children, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them money when taking a trip.

How does  operate in practice?
It is, as I stated earlier, an extremely easy procedure. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, internationally).
Your bank account bank immediately validates that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the complimentary card. There are no charges if you have one of their paid cards.
You get an automated spend notice through the app, if you select to install it.
The money is taken from your current account a couple of days later.
Here is an example. With no 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 scheduled to leave my HSBC account a couple of days later on:.

Converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to happen (frequently in a various language) while not telling you about the exorbitant currency conversion charges happening in the background. Do not get me began. Anyway back to the positives for a bit anyway.

In recent years a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards Currensea promises huge cost savings (85%) and a terrific app.

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

What this suggests is you can spend cash you have in your existing bank account with less stress over lacking cash and the extra step. That does not suggest it is perfect.

In this Currensea evaluation is the good, the bad, the ugly 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 revenue from our Vital Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our plans, full details can be found on our rates strategies.

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

Interchange.
Whenever you invest with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and won’t be credited you. Currensea Bank Card Fees