Currensea Card Exchange – Best Travel Cards

A brand-new fintech company which I was introduced to previously this year. Currensea Card Exchange…

It has actually won a couple of awards over recent months for what it does (providing you a low-priced way to spend abroad) however what I like about  is that it is easy as hell. This is an advantage.

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

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

There are also some fascinating travel advantages if you choose a paid plan, but the totally free plan works fine. You can apply here.

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

launch by doing one thing well, and for free or cheaper than the competition
add more and more features which your existing consumers do not truly need or want

add restrictions, costs or charges to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Revolut, curve and monzo are already in Stage 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 instantly charges 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 miles or points for using it.

Why would I wish to get a card?
If you have a charge card offering 0% forex fees, then you don’t require a  card, unless you want complimentary ATM withdrawals. You can stop reading now.

Credit cards which provide rewards and charge 0% FX costs are few and far in between. The only ‘miles and points’ options which provide a partial service 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 wish to impact your credit report by getting another charge card particularly to use abroad
you desire an item which permits you to make �,� 500 of foreign currency ATM withdrawals monthly without any costs and only a minimal FX mark-up (there is a small fee beyond �,� 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them cash when taking a trip.

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

You make your purchase in regional currency (any currency, worldwide).
Your bank account bank instantly verifies that you have adequate money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card,  includes a 0.5% cost. There are no costs if you have one of their paid cards.
You get an automatic spend alert via the app, if you select to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, 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 set up to leave my HSBC account a few days later on:.

Converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to occur (frequently in a various language) while not telling you about the exorbitant currency conversion fees occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.

Thankfully over the last few years 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 think the finest bit might be what no other card does: connects to your existing high street bank account.

What this implies is you can invest cash you have in your existing bank account with less stress over running out of cash and the additional step. But that does not mean it is best.

In this Currensea review is the great, the bad, the awful and the alternatives, so that you can choose.

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, enabling us to make revenue from our Essential Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our plans, complete details can be found on our rates strategies.

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

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