Currensea Card Safe – Best Travel Cards

A new fintech company which I was introduced to previously this year. Currensea Card Safe…

It has won a few awards over current months for what it does (providing you an inexpensive method to invest abroad) however what I like about  is that it is basic as hell. This is a good idea.

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

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

There are likewise some fascinating travel advantages if you select a paid plan, however the totally free strategy works fine. You can apply here.

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

launch by doing something well, and totally free or cheaper than the competition
add a growing number of functions which your existing consumers do not truly want or need

add constraints, charges or costs to the feature that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Monzo, curve and revolut are already in Stage 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the club 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 do not (yet …) make any airline company miles or points for using it.

Why would I want to get a card?
If you have a credit card offering 0% forex costs, then you don’t require a  card, unless you desire complimentary ATM withdrawals. You can stop checking out now.

Nevertheless, credit cards which provide rewards and charge 0% FX charges 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 do not have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another credit card particularly 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 little charge beyond �,� 500).
you want an item 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 money when taking a trip.

How does  work in practice?
It is, as I said previously, an extremely basic process. You utilize 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 immediately verifies that you have sufficient cash 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% cost if you have the free card. If you have one of their paid cards, there are no costs.
You get an automatic invest notification through the app, if you pick to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. Without any 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 shows �,� 4.33 arranged to leave my HSBC account a couple of days later on:.

However transforming pounds was pricey.

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

Luckily in the last few years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards  guarantees big savings (85%) and a terrific app.

I believe the finest 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 stress over running out of cash and the additional step. That does not indicate it is best.

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

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, allowing us to make profits from our Essential Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our plans, complete information can be discovered on our rates plans.

Subscription fees.
We charge a yearly subscription fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership fee also gets rid of all FX markup on transactions.

Interchange.
Each time you spend with your card we receive a small % of the transaction, referred to as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Safe