Currensea Credit Card Application – Best Travel Cards

A brand-new fintech company which I was introduced to previously this year. Currensea Credit Card Application…

It has actually won a couple of awards over recent months for what it does (using you a low-cost way to invest abroad) but what I like about  is that it is basic as hell. This is a good thing.

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

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

There are also some fascinating travel benefits if you select a paid plan, but the complimentary plan works fine. You can apply here.

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

launch by doing something well, and totally free or more affordable than the competition
add more and more functions which your existing clients don’t truly need or want

add limitations, charges or costs to the function that made individuals get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are already in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:

It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.

That’s it.

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

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

Credit cards which provide rewards and charge 0% FX fees are few and far between. The only ‘points and miles’ options which provide a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS perhaps for you if:

you do not have a credit card offering 0% FX fees and do not want to impact your credit report by getting another credit card particularly to use abroad
you desire a product which allows you to make �,� 500 of foreign currency ATM withdrawals each month without any costs and only a very little FX mark-up (there is a small cost beyond �,� 500).
you desire a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them cash when taking a trip.

How does  work in practice?
It is, as I stated previously, an extremely easy procedure. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, worldwide).
Your current account bank automatically verifies that you have enough cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card,  includes a 0.5% cost. There are no charges if you have among their paid cards.
You get an automatic invest notification by means of the app, if you select to install it.
The cash is taken from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and buy 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 on:.

But converting pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to happen (typically in a various language) while not telling you about the outrageous currency conversion fees taking place in the background. Do not get me started. Anyway back to the positives for a bit anyway.

In current years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea guarantees big cost savings (85%) and a terrific app.

But I believe the best bit might be what no other card does: links to your existing high street checking account.

What this means is you can invest cash you have in your existing current account with less stress over running out of cash and the extra action. However that does not mean it is perfect.

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

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per transaction, allowing us to make revenue from our Vital Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our strategies, full details can be found on our prices plans.

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

Interchange.
Whenever you spend with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Currensea Credit Card Application