Currensea Card Designs – Best Travel Cards

A new fintech company which I was introduced to earlier this year. Currensea Card Designs…

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

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

Oh, and  is complimentary to apply for, which likewise assists.

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

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

launch by doing something well, and for free or more affordable than the competitors
add a growing number of features which your existing customers don’t truly desire or require

include charges, costs or constraints to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully stay there. Curve, Revolut 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 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 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 don’t need a  card, unless you desire totally free ATM withdrawals. You can stop reading now.

However, credit cards which offer rewards and charge 0% FX fees are scarce. The only ‘points and miles’ choices which offer a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.

IS possibly for you if:

you don’t have a credit card offering 0% FX costs 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 fees and just a very little FX mark-up (there is a little charge beyond �,� 500).
you desire an item for you, your adult kids, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them money when taking a trip.

How does  work in practice?
It is, as I stated earlier, an extremely simple procedure. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, internationally).
Your bank account bank instantly validates 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. If you have the free card,  includes a 0.5% fee. There are no charges if you have among their paid cards.
You get an automated invest alert via the app, if you choose to install it.
The cash is drawn from your bank account a couple of days later on.
Here is an example. With no foreign travel in the diary, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.

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

Converting pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to happen (often in a various language) while not telling you about the inflated currency conversion costs taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.

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

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

What this suggests is you can spend money you have in your existing current account with less stress over running out of money and the additional action. That does not imply it is ideal.

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, enabling us to make profits from our Important Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our strategies, full information can be found on our rates plans.

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

Interchange.
Whenever you spend with your card we receive a small % of the deal, referred to as interchange, this comes directly from the merchant and won’t be credited you. Currensea Card Designs