Currensea Card Cuba – Best Travel Cards

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

It has actually won a few awards over current months for what it does (providing you an inexpensive way to invest abroad) but what I like about  is that it is simple as hell. This is an advantage.

is, effectively, a direct debit travel card. You simply invest as you would on a typical debit card and the cash is taken from your present account– simply without the normal 3% charge.

Oh, and  is totally free to get, which also helps.

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

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

launch by doing something well, and totally free or more affordable than the competition
include more and more features which your existing consumers do not truly need or want

include restrictions, charges or costs to the feature that made individuals get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Revolut, curve and monzo are currently in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

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

That’s it.

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

Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not require a  card, unless you desire totally free ATM withdrawals. You can stop checking out now.

However, credit cards which use rewards and charge 0% FX fees are rare. The only ‘points and miles’ options which provide a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.

IS possibly for you if:

you do not have a credit card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to use abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no fees and just a minimal FX mark-up (there is a small fee beyond �,� 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them cash when taking a trip.

How does  operate in practice?
It is, as I stated previously, a very 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, globally).
Your current account bank automatically validates that you have adequate cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% fee if you have the totally free card. If you have one of their paid cards, there are no charges.
You get an automatic spend notice by means of the app, if you pick to install it.
The money is taken from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and purchase 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 almost to occur (typically in a different language) while not telling you about the inflated currency conversion costs occurring in the background. Do not get me began. Anyway back to the positives for a bit anyway.

Luckily recently a handful of excellent travel debit cards have popped onto the scene … and like other great cards  assures huge cost savings (85%) and a great app.

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

What this means is you can invest money you have in your existing bank account with less fret about lacking money and the additional action. But that does not mean it is perfect.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, allowing us to make revenue from our Important Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our plans, complete information can be discovered on our rates plans.

Membership charges.
We charge an annual subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership cost also gets rid of all FX markup on deals.

Interchange.
Each time you spend with your card we receive a little % of the transaction, referred to as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Cuba