Currensea Card Colours – Best Travel Cards

A new fintech business which I was presented to earlier this year. Currensea Card Colours…

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

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

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

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

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

launch by doing something well, and free of charge or cheaper than the competition
add more and more features which your existing consumers do not truly need or desire

include charges, charges or limitations to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Monzo, curve and revolut are currently in Stage 3 …
is easy 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 instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.

That’s it.

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

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

However, credit cards which offer rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ alternatives 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 do not have a charge card offering 0% FX costs and do not want to affect your credit report by getting another credit card particularly to use abroad
you desire a product which allows you to make �,� 500 of foreign currency ATM withdrawals per month with no fees and just a very little FX mark-up (there is a small charge beyond �,� 500).
you desire an item for you, your adult kids, moms and dads, partner or anyone else in your life who needs 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, a really basic process. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, internationally).
Your current account bank instantly validates that you have enough 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 complimentary card,  includes a 0.5% cost. There are no fees if you have one of their paid cards.
You get an automatic spend notification through the app, if you pick to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. Without any 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 reveals �,� 4.33 set up to leave my HSBC account a couple of days later on:.

However converting 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 expensive currency conversion costs occurring in the background. Do not get me started. Anyway back to the positives for a bit anyway.

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

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

What this indicates is you can invest cash you have in your existing bank account with less stress over running out of money and the additional step. That does not indicate it is ideal.

In this Currensea review is the great, the bad, the ugly and the options, so that you can decide.

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per transaction, permitting us to make profits from our Important Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our plans, complete details can be found on our prices strategies.

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

Interchange.
Whenever you spend with your card we receive a small % of the transaction, called interchange, this comes directly from the merchant and won’t be charged to you. Currensea Card Colours