Currensea Card Money Transfer – Best Travel Cards

A new fintech business which I was introduced to earlier this year. Currensea Card Money Transfer…

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

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

Oh, and  is totally free to apply for, which likewise helps.

There are also some interesting travel benefits if you select a paid strategy, however the complimentary strategy works fine. You can use here.

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

launch by doing one thing well, and for free or more affordable than the competitors
add increasingly more features which your existing consumers don’t actually need or want

add charges, fees or limitations to the function that made people get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Curve, Revolut and Monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:

It is a complimentary direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% cost.

That’s it.

You do not (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 fees, then you don’t require a  card, unless you want totally free ATM withdrawals. You can stop checking out now.

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

IS perhaps for you if:

you don’t have a charge card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you desire a product which allows you to make �,� 500 of foreign currency ATM withdrawals per month with no costs and only a minimal FX mark-up (there is a small fee beyond �,� 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them cash when travelling.

How does  work in practice?
It is, as I said previously, a very easy 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 immediately verifies that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the free card. There are no charges if you have one of their paid cards.
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 on.
Here is an example. Without any 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 reveals �,� 4.33 scheduled 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 daytime break-in that is just about to take place (typically in a different language) while not telling you about the exorbitant currency conversion charges happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.

In recent years a handful of excellent travel debit cards have popped onto the scene … and like other terrific cards Currensea assures huge 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 invest money you have in your existing current account with less fret about running out of cash and the additional step. But that does not mean it is best.

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per transaction, allowing us to make income from our Vital Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our strategies, complete information can be discovered on our prices plans.

Membership charges.
We charge a yearly membership charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription charge also eliminates all FX markup on transactions.

Interchange.
Every time you invest with your card we get a little % of the transaction, referred to as interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Money Transfer