Currensea Bank Credit Card – Best Travel Cards

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

It has won a couple of awards over current months for what it does (using you a low-priced way to invest abroad) however what I like about  is that it is easy as hell. This is a good idea.

is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just spend as you would on a normal debit card and the money is taken from your bank account– just without the normal 3% fee.

Oh, and  is free to request, which likewise helps.

There are also some intriguing travel advantages if you select a paid strategy, however the complimentary strategy works fine. You can apply here.

There is an organization model in fintech which Curve, Revolut, Monzo etc have actually all followed:

launch by doing one thing well, and totally free or less expensive than the competition
add more and more features which your existing clients don’t actually need or desire

add costs, limitations or charges to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will ideally stay there. Revolut, monzo and curve are already in Stage 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:

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

That’s it.

You do not (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 costs, then you do not require a  card, unless you want complimentary ATM withdrawals. You can stop reading now.

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

IS perhaps for you if:

you don’t have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another charge card particularly to use abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals per month with no fees and only a minimal FX mark-up (there is a little fee beyond �,� 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them cash when taking a trip.

How does  work in practice?
It is, as I stated previously, a very easy procedure. You use 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 confirms that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card,  adds a 0.5% cost. There are no charges if you have one of their paid cards.
You get an automatic invest alert through the app, if you pick to install it.
The money is drawn from your bank account a few days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.

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

Transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to happen (frequently in a different language) while not telling you about the expensive currency conversion costs occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.

In current years a handful of fantastic travel debit cards have actually popped onto the scene … and like other excellent cards Currensea guarantees big cost savings (85%) and a fantastic app.

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

What this means is you can invest money you have in your existing bank account with less worry about lacking money and the extra step. That does not suggest it is ideal.

In this Currensea review is the excellent, the bad, the awful 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 Essential Plan of 0.5% per transaction, allowing us to make earnings from our Important Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our strategies, full details can be found on our rates strategies.

Subscription charges.
We charge an annual subscription fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership charge likewise removes all FX markup on deals.

Interchange.
Whenever you spend with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and will not be credited you. Currensea Bank Credit Card