Currensea Card Declined But Money In Account – Best Travel Cards

A new fintech company which I was introduced to previously this year. Currensea Card Declined But Money In Account…

It has won a few awards over current months for what it does (offering you an affordable method to spend abroad) but what I like about  is that it is simple as hell. This is an advantage.

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

Oh, and  is complimentary to make an application for, which also assists.

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

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

launch by doing something well, and for free or less expensive than the competition
include more and more functions which your existing customers don’t truly need or want

include fees, constraints or charges to the function that made people get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Curve, monzo and revolut are already in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:

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

That’s it.

You don’t (yet …) make any airline company miles or points for utilizing it.

Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t require a  card, unless you desire complimentary ATM withdrawals. You can stop reading now.

Credit cards which use rewards and charge 0% FX charges are couple of and far in between. The only ‘points and miles’ choices which use a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.

IS perhaps 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 want a product which permits you to make �,� 500 of foreign currency ATM withdrawals per month without any charges and only a very little FX mark-up (there is a little cost beyond �,� 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them cash when travelling.

How does  work in practice?
It is, as I stated previously, a very basic procedure. You utilize 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 verifies that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% fee if you have the free card. If you have one of their paid cards, there are no costs.
You get an automated invest alert via the app, if you choose to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I chose to splash 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 few days later on:.

Transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (typically in a different language) while not telling you about the outrageous currency conversion costs taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyway.

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

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

What this means is you can spend money you have in your existing current account with less worry about running out of money and the additional action. That does not suggest it is perfect.

In this Currensea evaluation is the good, the bad, the unsightly 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, enabling us to make profits from our Important Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our plans, complete details can be found on our prices strategies.

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

Interchange.
Whenever you invest with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be credited you. Currensea Card Declined But Money In Account