Currensea Credit Card Switzerland – Best Travel Cards

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

It has won a few awards over current months for what it does (offering you an affordable method to spend abroad) however what I like about  is that it is basic as hell. This is an advantage.

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

Oh, and  is totally free to obtain, which likewise assists.

There are likewise some fascinating travel advantages if you pick a paid strategy, however the totally free plan works fine. You can use here.

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

launch by doing one thing well, and free of charge or more affordable than the competitors
include more and more functions which your existing consumers do not actually need or desire

include charges, charges or restrictions to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Monzo, curve and revolut are currently in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:

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

That’s it.

You don’t (yet …) earn 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 do not require a  card, unless you want complimentary ATM withdrawals. You can stop reading now.

Credit cards which offer benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ choices which provide a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.

IS perhaps for you if:

you do not have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another charge card specifically to use abroad
you desire a product which permits you to make �,� 500 of foreign currency ATM withdrawals each month with no costs and only a minimal FX mark-up (there is a little fee beyond �,� 500).
you want a product for you, your adult kids, moms and dads, 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  work in practice?
It is, as I said earlier, a really easy process. You use your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, globally).
Your bank account bank automatically validates that you have enough 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 complimentary card,  includes a 0.5% cost. There are no charges if you have one of their paid cards.
You get an automated spend alert through the app, if you select to install it.
The money is taken from your current account a few days later on.
Here is an example. With no foreign travel in the journal, 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:.

Transforming 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 different language) while not telling you about the expensive currency conversion fees taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.

In current years a handful of great travel debit cards have popped onto the scene … and like other great cards Currensea promises big savings (85%) and a terrific 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 money you have in your existing current account with less stress over lacking cash and the additional step. That does not imply it is best.

In this Currensea review is the excellent, the bad, the unsightly and the alternatives, so that you can choose.

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per deal, enabling us to make income from our Necessary Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our strategies, full information can be discovered on our pricing strategies.

Subscription charges.
We charge a yearly subscription charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership charge likewise gets rid of all FX markup on deals.

Interchange.
Each time you invest with your card we get a small % of the deal, referred to as interchange, this comes directly from the merchant and won’t be credited you. Currensea Credit Card Switzerland