Currensea Charity Card – Best Travel Cards

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

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

is, successfully, a direct debit travel card. You simply spend as you would on a typical debit card and the cash is taken from your current account– simply without the typical 3% fee.

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

There are also some interesting travel advantages if you pick a paid strategy, however the totally free plan works fine. You can apply here.

There is a business model in fintech which Curve, Revolut, Monzo etc have actually 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 do not truly require or desire

include restrictions, charges or fees to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully stay there. Revolut, monzo and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

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

That’s it.

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

Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t require a  card, unless you desire free ATM withdrawals. You can stop checking out now.

Nevertheless, credit cards which use benefits and charge 0% FX fees are rare. The only ‘miles and points’ options which offer a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS potentially for you if:

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

How does  work in practice?
It is, as I stated earlier, a very basic procedure. 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 bank account bank immediately verifies that you have adequate money in your account and authorises the deal.
The transaction 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% cost. There are no charges if you have one of their paid cards.
You get an automatic invest notification through the app, if you pick to install it.
The money is taken from your current account a few days later.
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 shows �,� 4.33 set up to leave my HSBC account a few days later on:.

Transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to happen (typically in a different language) while not telling you about the outrageous currency conversion charges happening in the background. Do not get me began. Anyway back to the positives for a bit anyway.

In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards Currensea promises big 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 savings account.

What this suggests is you can spend money you have in your existing bank account with less fret about lacking money and the additional step. That does not imply it is best.

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

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, allowing us to make profits from our Vital Strategy 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 totally free amount on all our strategies, full details can be discovered on our prices plans.

Subscription fees.
We charge a yearly membership cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription charge also eliminates all FX markup on deals.

Interchange.
Whenever you invest 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 Charity Card