Currensea Card Rainbow – Best Travel Cards

A new fintech business which I was presented to previously this year. Currensea Card Rainbow…

It has actually won a few awards over current months for what it does (offering you a low-cost way to spend abroad) but what I like about  is that it is easy as hell. This is an advantage.

is, effectively, a direct debit travel card. You just invest as you would on a regular debit card and the money is taken from your existing account– just without the usual 3% cost.

Oh, and  is totally free to request, which also helps.

There are likewise some intriguing travel benefits if you pick a paid strategy, however the complimentary strategy works fine. You can use here.

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

launch by doing something well, and free of charge or less expensive than the competition
include increasingly more functions which your existing customers don’t actually require or desire

add charges, costs or restrictions to the feature that made people get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Monzo, curve and revolut are already in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:

It is a totally free 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 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 charge card offering 0% foreign exchange fees, then you do not require a  card, unless you desire free ATM withdrawals. You can stop checking out now.

Nevertheless, credit cards which use benefits and charge 0% FX fees are scarce. The only ‘points and miles’ choices 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 don’t have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another charge card specifically to utilize abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no charges and just a very little FX mark-up (there is a small fee beyond �,� 500).
you desire an item for you, your adult kids, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them money when taking a trip.

How does  work in practice?
It is, as I stated previously, a really basic process. You use your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, worldwide).
Your current account bank automatically verifies that you have enough cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automated invest notification via the app, if you choose 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 journal, I chose 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 couple of days later:.

However converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to take place (often in a different language) while not telling you about the outrageous currency conversion charges taking place in the background. Do not get me started. Anyway back to the positives for a bit anyway.

Thankfully recently a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards  guarantees big cost savings (85%) and a great app.

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

What this indicates is you can invest cash you have in your existing bank account with less fret about lacking money and the extra step. That does not suggest it is ideal.

In this Currensea review is the great, 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 Vital Plan of 0.5% per deal, allowing us to make revenue from our Essential Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our plans, full information can be found on our rates strategies.

Subscription costs.
We charge an annual subscription fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription cost likewise removes all FX markup on transactions.

Interchange.
Each time you spend with your card we get a small % of the transaction, called interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Rainbow