Currensea Credit Card Ireland – Best Travel Cards

A new fintech business which I was introduced to previously this year. Currensea Credit Card Ireland…

It has won a couple of awards over recent months for what it does (providing you a low-priced method to invest abroad) however what I like about  is that it is basic as hell. This is a good idea.

is, successfully, a direct debit travel card. You just invest as you would on a typical debit card and the cash is taken from your existing account– simply without the normal 3% cost.

Oh, and  is free to make an application for, which likewise helps.

There are also some intriguing travel benefits if you choose a paid strategy, however the totally free plan works fine. You can apply here.

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

launch by doing something well, and for free or cheaper than the competitors
include increasingly more functions which your existing clients do not truly desire or need

add limitations, costs or charges to the feature that made people get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully stay there. Monzo, curve and revolut are already in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:

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

That’s it.

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

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

Credit cards which offer rewards and charge 0% FX fees are few and far between. The only ‘miles and points’ options which offer a partial solution 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 impact your credit report by getting another charge card specifically to use abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals per month without any charges and only a very little FX mark-up (there is a little charge beyond �,� 500).
you desire an item for you, your adult kids, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them money when taking a trip.

How does  work in practice?
It is, as I said previously, a very simple process. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, internationally).
Your bank account bank automatically confirms that you have adequate 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. includes a 0.5% charge if you have the complimentary card. There are no charges if you have one of their paid cards.
You get an automatic invest notice by means of the app, if you pick to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the journal, I chose to splash 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 expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to take place (typically in a various language) while not telling you about the inflated currency conversion fees taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyway.

Luckily recently a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards  assures big cost savings (85%) and a great app.

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

What this indicates is you can invest cash you have in your existing current account with less fret about running out of money and the additional step. That does not mean it is best.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, enabling us to make earnings from our Essential Strategy whilst remaining 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 quantity on all our plans, complete details can be found on our pricing plans.

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

Interchange.
Every time you invest with your card we get a small % of the deal, called interchange, this comes straight from the merchant and won’t be credited you. Currensea Credit Card Ireland