Currensea Card Sri Lanka – Best Travel Cards

A new fintech company which I was presented to previously this year. Currensea Card Sri Lanka…

It has 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 simple as hell. This is a good thing.

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

Oh, and  is free to apply for, which likewise assists.

There are likewise some intriguing travel advantages if you pick a paid plan, however the complimentary plan works fine. You can apply here.

There is an organization model in fintech which Curve, Revolut, Monzo and so on have actually all followed:

launch by doing one thing well, and totally free or cheaper than the competitors
include a growing number of features which your existing consumers do not actually want or require

include limitations, costs or charges to the feature that made people get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will ideally stay there. Monzo, curve and revolut are currently in Stage 3 …
is basic 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 utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% charge.

That’s it.

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

Why would I want 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 complimentary ATM withdrawals. You can stop checking out now.

Credit cards which use benefits and charge 0% FX charges are couple of and far between. The only ‘points and miles’ choices which provide a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.

IS possibly for you if:

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

How does  operate in practice?
It is, as I stated previously, an extremely 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, globally).
Your bank account bank instantly verifies that you have enough money 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 complimentary card,  includes a 0.5% fee. If you have one of their paid cards, there are no fees.
You get an automated spend alert through the app, if you pick to install it.
The cash is drawn from your bank account a few days later.
Here is an example. With no foreign travel in the journal, 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 scheduled to leave my HSBC account a few days later:.

Converting pounds was expensive.

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

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

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

What this indicates is you can invest money you have in your existing current account with less worry about lacking cash and the extra action. However that does not mean it is perfect.

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

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per deal, enabling us to make earnings from our Vital Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our strategies, full information can be discovered on our rates plans.

Membership fees.
We charge a yearly subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription charge likewise removes all FX markup on transactions.

Interchange.
Each time you spend with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. Currensea Card Sri Lanka