Currensea Card Not Supported – Best Travel Cards

A new fintech company which I was presented to earlier this year. Currensea Card Not Supported…

It has won a few awards over recent months for what it does (using you a low-cost way to spend abroad) but what I like about  is that it is easy as hell. This is a good idea.

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

Oh, and  is free to get, which also helps.

There are also some interesting travel advantages if you pick a paid strategy, however the totally free strategy works fine. You can apply here.

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

launch by doing one thing well, and totally free or more affordable than the competitors
add increasingly more functions which your existing consumers do not really need or desire

add fees, charges or restrictions to the feature 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. Monzo, curve and revolut are currently in Stage 3 …
is simple 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 automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.

That’s it.

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

Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you don’t need a  card, unless you want free ATM withdrawals. You can stop reading now.

Nevertheless, credit cards which use benefits and charge 0% FX costs are rare. The only ‘points and miles’ options which provide a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.

IS perhaps for you if:

you do not have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another credit card particularly to utilize abroad
you desire a product which permits you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and only a minimal FX mark-up (there is a small cost beyond �,� 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them money when travelling.

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

You make your purchase in regional currency (any currency, globally).
Your current account bank instantly validates that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card,  adds a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automatic spend alert through the app, if you select to install it.
The money is taken from your bank account a few days later.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which reveals �,� 4.33 arranged to leave my HSBC account a couple of days later:.

However converting pounds was pricey.

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

In recent years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards Currensea guarantees huge savings (85%) and an excellent app.

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

What this indicates is you can invest money you have in your existing bank account with less stress over running out of money and the additional action. But that does not indicate it is perfect.

In this Currensea evaluation is the good, the bad, the unsightly 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 Necessary Strategy of 0.5% per transaction, enabling us to make profits from our Essential Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, full information can be found on our prices strategies.

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

Interchange.
Whenever you invest with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and will not be credited you. Currensea Card Not Supported