Currensea Card Age – Best Travel Cards

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

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

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

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

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

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

launch by doing something well, and for free or cheaper than the competition
include more and more features which your existing customers do not actually require or want

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

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

That’s it.

You do not (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% forex fees, then you do not require a  card, unless you desire free ATM withdrawals. You can stop reading now.

Credit cards which offer benefits and charge 0% FX costs are couple of and far between. The only ‘points and miles’ choices which use a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS possibly for you if:

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

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

You make your purchase in local currency (any currency, globally).
Your current account bank instantly confirms that you have adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card,  includes a 0.5% charge. If you have one of their paid cards, there are no fees.
You get an automated invest alert via the app, if you pick to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.

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

Converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to happen (typically in a various language) while not telling you about the outrageous currency conversion fees happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.

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

I believe the 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 fret about lacking money and the extra action. That does not mean it is best.

In this Currensea review is the excellent, the bad, the ugly 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 profits from our Important Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, complete information can be found on our rates strategies.

Subscription costs.
We charge an annual membership cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription cost also gets rid of all FX markup on transactions.

Interchange.
Each time you spend with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Age