Currensea Charge For Card – Best Travel Cards

A new fintech company which I was introduced to earlier this year. Currensea Charge For Card…

It has won a few awards over current months for what it does (using you a low-priced method to spend abroad) but what I like about  is that it is simple as hell. This is an advantage.

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

Oh, and  is free to look for, which also helps.

There are likewise some interesting travel benefits if you choose a paid plan, but the free strategy works fine. You can use here.

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

launch by doing one thing well, and free of charge or less expensive than the competitors
add a growing number of features which your existing customers don’t really need or want

add limitations, fees or charges to the feature that made people get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will hopefully 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 bar in 30 seconds?’ test:

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

That’s it.

You do not (yet …) earn any airline miles or points for using it.

Why would I want to get a card?
If you have a charge card offering 0% forex fees, then you don’t need a  card, unless you desire free ATM withdrawals. You can stop reading now.

Credit cards which offer rewards and charge 0% FX fees are couple of and far between. The only ‘miles and points’ choices which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.

IS possibly for you if:

you don’t have a credit card offering 0% FX costs and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any costs and only a minimal FX mark-up (there is a small charge beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them money when taking a trip.

How does  operate in practice?
It is, as I stated earlier, a really simple 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 immediately confirms that you have enough money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card,  adds a 0.5% charge. There are no costs if you have one of their paid cards.
You get an automated invest notice by means of the app, if you choose to install it.
The money is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the diary, I decided to splash 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 couple of days later on:.

Transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to take place (often in a different language) while not telling you about the exorbitant currency conversion costs taking place in the background. Don’t get me began. 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 great cards  assures big cost savings (85%) and a great app.

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

What this means is you can invest money you have in your existing bank account with less fret about lacking money and the additional step. However that does not indicate it is ideal.

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

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per deal, enabling us to make profits from our Essential Plan 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 totally free quantity on all our plans, complete information can be discovered on our prices plans.

Membership fees.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription cost also gets rid of all FX markup on deals.

Interchange.
Whenever you invest with your card we receive a small % of the deal, known as interchange, this comes directly from the merchant and will not be charged to you. Currensea Charge For Card