Currensea Card First Use – Best Travel Cards

A new fintech company which I was presented to earlier this year. Currensea Card First Use…

It has won a couple of awards over current months for what it does (using you an inexpensive way to invest abroad) but what I like about  is that it is easy as hell. This is a good idea.

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

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

There are likewise some interesting travel advantages if you choose a paid strategy, however the free plan works fine. You can apply here.

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

launch by doing something well, and for free or cheaper than the competitors
add more and more functions which your existing customers don’t actually require or want

add limitations, charges or fees 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 remain there. Revolut, monzo and curve are currently in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:

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

That’s it.

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

Why would I wish to get a card?
If you have a credit card offering 0% forex charges, then you do not need a  card, unless you want totally free ATM withdrawals. You can stop reading now.

Nevertheless, charge card which offer rewards and charge 0% FX fees are few and far between. The only ‘points and miles’ options which use a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.

IS potentially for you if:

you don’t have a charge card offering 0% FX costs and do not want to impact your credit report by getting another credit card particularly to use abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals each month without any costs and only a very little FX mark-up (there is a little charge beyond �,� 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who needs 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 earlier, a very easy procedure. 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 verifies that you have sufficient money 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 totally free card,  includes a 0.5% cost. If you have one of their paid cards, there are no costs.
You get an automated invest alert via the app, if you pick to install it.
The money is drawn from your current account a few days later.
Here is an example. With no foreign travel in the diary, I chose 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:.

However converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to occur (frequently in a different language) while not telling you about the outrageous currency conversion charges happening in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.

In recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards Currensea promises big savings (85%) and an excellent app.

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

What this indicates is you can invest money you have in your existing current account with less fret about running out of money and the extra action. But that does not suggest it is ideal.

In this Currensea evaluation is the excellent, the bad, the unsightly and the options, so that you can choose.

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per deal, enabling us to make income from our Necessary 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 free amount on all our plans, full information can be found on our prices strategies.

Subscription charges.
We charge an annual subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership cost likewise gets rid of all FX markup on transactions.

Interchange.
Every time you invest with your card we get a little % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. Currensea Card First Use