Currensea Card Signature – Best Travel Cards

A new fintech company which I was presented to earlier this year. Currensea Card Signature…

It has won a couple of awards over current months for what it does (providing you an affordable method to spend abroad) however what I like about  is that it is basic as hell. This is an advantage.

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

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

There are also some fascinating travel advantages if you pick a paid strategy, but the free plan works fine. You can use here.

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

launch by doing something well, and free of charge or more affordable than the competition
include a growing number of features which your existing consumers do not actually desire or require

add charges, charges or restrictions to the feature that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Curve, Revolut and Monzo are currently in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:

It is a totally free direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.

That’s it.

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

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

However, charge card which use rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ options which offer a partial option are the Virgin Atlantic charge card which have 0% FX charges 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 utilize abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals monthly with no charges and only a very little FX mark-up (there is a little charge beyond �,� 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them money when travelling.

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

You make your purchase in local currency (any currency, globally).
Your current account bank automatically confirms 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 upon the currency. adds a 0.5% charge if you have the free card. If you have one of their paid cards, there are no fees.
You get an automatic spend notice through the app, if you pick to install it.
The money is taken from your bank account a couple of days later.
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 scheduled to leave my HSBC account a few days later on:.

But transforming pounds was pricey.

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

Thankfully in recent years a handful of great travel debit cards have popped onto the scene … and like other excellent cards  guarantees big savings (85%) and a terrific app.

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

What this means is you can spend money you have in your existing bank account with less worry about running out of money and the extra action. However that does not imply it is ideal.

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

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, enabling us to make income from our Vital Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our plans, full details can be found on our pricing plans.

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

Interchange.
Whenever you invest with your card we receive a little % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Signature