Currensea Card Not Free – Best Travel Cards

A new fintech business which I was introduced to earlier this year. Currensea Card Not Free…

It has actually won a few awards over recent months for what it does (offering you an inexpensive way to spend 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. You just invest as you would on a regular debit card and the money is taken from your current account– just without the typical 3% fee.

Oh, and  is free to get, which likewise assists.

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

There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing one thing well, and free of charge or more affordable than the competition
include a growing number of functions which your existing customers don’t actually need or want

include costs, charges or constraints to the feature that made people get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will ideally remain there. Monzo, curve and revolut are currently in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:

It is a complimentary direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.

That’s it.

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

Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not need a  card, unless you desire free ATM withdrawals. You can stop checking out now.

However, credit cards which offer benefits and charge 0% FX costs are rare. The only ‘miles and points’ alternatives which offer a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS possibly for you if:

you don’t have a charge card offering 0% FX fees and do not wish to affect your credit report by getting another credit card particularly to use abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals per month with no charges and only a very little FX mark-up (there is a small fee beyond �,� 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them cash when travelling.

How does  work in practice?
It is, as I said previously, an extremely simple process. 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 enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card,  includes a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automated invest notification by means of the app, if you pick to install it.
The cash is taken from your bank 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 scheduled to leave my HSBC account a few days later on:.

But transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to happen (frequently in a various language) while not telling you about the inflated currency conversion charges happening in the background. Do not get me started. Anyway back to the positives for a bit anyhow.

Thankfully in the last few years a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards  promises huge savings (85%) and a fantastic app.

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

What this indicates is you can spend money you have in your existing bank account with less worry about running out of cash and the additional action. But that does not mean it is ideal.

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, allowing us to make profits from our Necessary Strategy whilst staying 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, complete details can be discovered on our rates plans.

Membership costs.
We charge an annual subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription charge also removes all FX markup on deals.

Interchange.
Whenever you spend with your card we get a small % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. Currensea Card Not Free