Currensea Card Mexico – Best Travel Cards

A new fintech company which I was presented to previously this year. Currensea Card Mexico…

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

is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You simply spend as you would on a normal debit card and the money is taken from your current account– just without the usual 3% fee.

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

There are likewise some intriguing travel advantages if you choose a paid plan, but the complimentary strategy works fine. You can use here.

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

launch by doing something well, and totally free or more affordable than the competitors
add a growing number of features which your existing consumers don’t really desire or need

include constraints, charges or charges to the function that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully remain there. Revolut, curve and monzo are currently in Phase 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 totally free direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.

That’s it.

You don’t (yet …) earn 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 require a  card, unless you want complimentary ATM withdrawals. You can stop reading now.

However, credit cards which provide benefits and charge 0% FX costs are few and far between. The only ‘miles and points’ choices which use a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.

IS perhaps for you if:

you don’t have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another credit card particularly to use abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any charges and just a very little FX mark-up (there is a small charge beyond �,� 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them cash when travelling.

How does  work in practice?
It is, as I stated earlier, a very basic 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 current account bank instantly validates that you have enough 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. adds a 0.5% cost if you have the complimentary card. There are no charges if you have one of their paid cards.
You get an automated invest notice by means of the app, if you choose to install it.
The money is taken from your bank account a couple of days later.
Here is an example. Without any foreign travel in the diary, I chose 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 couple of days later:.

However transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to happen (often in a various language) while not telling you about the expensive currency conversion costs occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.

Fortunately over the last few years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards  guarantees huge cost savings (85%) and a terrific app.

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

What this suggests is you can invest cash you have in your existing bank account with less worry about lacking cash and the extra step. But that does not suggest it is perfect.

In this Currensea review is the great, 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 small FX markup on our Vital Plan of 0.5% per transaction, permitting us to make profits from our Important Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our plans, complete information can be found on our pricing strategies.

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

Interchange.
Whenever you spend with your card we receive a little % of the transaction, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Mexico