Currensea Children’s Card – Best Travel Cards

A new fintech company which I was introduced to earlier this year. Currensea Children’s Card…

It has won a few awards over current months for what it does (providing you an inexpensive way to invest abroad) but what I like about  is that it is simple as hell. This is an advantage.

is, efficiently, a direct debit travel card. You just invest as you would on a regular debit card and the cash is taken from your current account– just without the usual 3% fee.

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

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

There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing one thing well, and free of charge or less expensive than the competitors
include more and more features which your existing customers don’t truly want or require

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

It is a free direct debit card to use abroad and which instantly recharges 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 miles or points for using it.

Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t need a  card, unless you want complimentary ATM withdrawals. You can stop checking out now.

Nevertheless, charge card which provide rewards and charge 0% FX costs are rare. The only ‘points and miles’ alternatives which offer a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS potentially for you if:

you do not have a credit card offering 0% FX costs and do not want to affect your credit report by getting another charge card particularly to use abroad
you desire a product which allows you to make �,� 500 of foreign currency ATM withdrawals each month with no charges and just a minimal FX mark-up (there is a little cost beyond �,� 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them cash when travelling.

How does  operate in practice?
It is, as I stated previously, a really simple process. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, internationally).
Your current account bank immediately confirms that you have enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the totally free card. If you have one of their paid cards, there are no costs.
You get an automatic invest notification through the app, if you choose to install it.
The money 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 arranged to leave my HSBC account a couple of days later on:.

However transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to happen (typically in a various language) while not telling you about the inflated currency conversion costs occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.

In recent years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards Currensea promises huge savings (85%) and an excellent app.

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

What this indicates is you can spend money you have in your existing bank account with less worry about lacking cash and the extra action. That does not indicate it is perfect.

In this Currensea review is the great, the bad, the unsightly 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 Essential Plan of 0.5% per transaction, enabling us to make profits from our Necessary 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 complimentary quantity on all our plans, full information can be found on our rates strategies.

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

Interchange.
Whenever you invest with your card we get a little % of the deal, known as interchange, this comes directly from the merchant and will not be charged to you. Currensea Children’s Card