Currensea Card Support – Best Travel Cards

A new fintech business which I was presented to earlier this year. Currensea Card Support…

It has actually won a few awards over current months for what it does (providing you a low-priced way to spend abroad) however what I like about  is that it is easy as hell. This is a good thing.

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

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

There are also some interesting travel benefits if you select a paid plan, however the complimentary plan works fine. You can use here.

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

launch by doing something well, and free of charge or cheaper than the competitors
include more and more features which your existing clients don’t really need or want

include constraints, charges or costs to the feature that made individuals get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Revolut, curve and monzo 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 immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% fee.

That’s it.

You don’t (yet …) make 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% forex charges, then you don’t need a  card, unless you want totally free ATM withdrawals. You can stop checking out now.

However, charge card which offer rewards and charge 0% FX fees are few and far between. The only ‘miles and points’ choices which use a partial service 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 fees and do not want to affect your credit report by getting another credit card specifically to use abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no fees and just a very little FX mark-up (there is a little cost beyond �,� 500).
you want an item for you, your adult children, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them money when travelling.

How does  operate in practice?
It is, as I said earlier, 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, internationally).
Your current account bank instantly confirms that you have adequate cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card,  includes a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automated invest notice by means of the app, if you select to install it.
The money is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.

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

But converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to happen (typically in a different language) while not telling you about the outrageous currency conversion charges occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.

Luckily recently a handful of terrific travel debit cards have actually popped onto the scene … and like other terrific cards  promises big savings (85%) and a terrific app.

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

What this suggests is you can spend money you have in your existing bank account with less stress over running out of money and the extra step. That does not mean it is ideal.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make earnings from our Essential Strategy 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 strategies, full details can be found on our rates plans.

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

Interchange.
Every time you invest with your card we get a small % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Support