Currensea Card China – Best Travel Cards

A new fintech business which I was introduced to earlier this year. Currensea Card China…

It has actually won a couple of awards over current months for what it does (providing you an inexpensive way to invest abroad) however what I like about  is that it is basic as hell. This is a good thing.

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

Oh, and  is complimentary to obtain, which likewise assists.

There are also some fascinating travel advantages if you pick a paid plan, however the free strategy works fine. You can use here.

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

launch by doing one thing well, and for free or more affordable than the competitors
include a growing number of functions which your existing consumers do not really require or want

include charges, charges or restrictions to the feature that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Curve, monzo and revolut are already in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub 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 miles or points for using it.

Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you do not require a  card, unless you want complimentary ATM withdrawals. You can stop reading now.

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

IS potentially for you if:

you do not have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another charge card particularly to utilize abroad
you want a product which allows you to make �,� 500 of foreign currency ATM withdrawals per month without any fees and only a minimal FX mark-up (there is a little fee beyond �,� 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them money when travelling.

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, worldwide).
Your current account bank instantly confirms that you have adequate cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% fee if you have the totally free card. There are no charges if you have among their paid cards.
You get an automatic spend alert via the app, if you pick to install it.
The money is drawn from your current account a couple of days later.
Here is an example. With no foreign travel in the journal, I decided 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:.

Transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to happen (often in a different language) while not telling you about the exorbitant currency conversion costs happening in the background. Do not get me started. Anyway back to the positives for a bit anyhow.

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

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

What this means is you can invest cash you have in your existing current account with less stress over running out of cash and the extra action. That does not imply it is ideal.

In this Currensea review is the good, the bad, the awful 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 Plan of 0.5% per deal, allowing us to make income from our Necessary Strategy whilst remaining more affordable 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 strategies, full details can be discovered on our prices strategies.

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

Interchange.
Each time you invest with your card we receive a little % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card China