Currensea Essential – Best Travel Cards

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

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

is, effectively, a direct debit travel card. You simply spend as you would on a regular debit card and the cash is taken from your current account– simply without the normal 3% charge.

Oh, and  is free to request, which likewise helps.

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

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

launch by doing one thing well, and totally free or more affordable than the competition
add increasingly more functions which your existing consumers don’t actually require or desire

include charges, charges or constraints to the feature that made people get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Curve, Revolut and Monzo 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 complimentary direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.

That’s it.

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

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

IS potentially for you if:

you do not have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another charge card specifically to utilize abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals each month with no fees and just a very little FX mark-up (there is a small fee beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them money when travelling.

How does  operate in practice?
It is, as I stated earlier, a very 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 adequate cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% fee if you have the free card. There are no costs if you have one of their paid cards.
You get an automatic spend notice through the app, if you select 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 journal, 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:.

Converting pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to take place (frequently in a different language) while not telling you about the exorbitant currency conversion costs taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyway.

Thankfully recently a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards  guarantees big cost savings (85%) and a terrific app.

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

What this suggests is you can spend money you have in your existing bank account with less worry about running out of cash and the additional action. That does not mean it is best.

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, enabling us to make revenue from our Important Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our strategies, complete details can be found on our prices plans.

Membership fees.
We charge an annual membership charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership charge likewise eliminates all FX markup on deals.

Interchange.
Each time you invest with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. Currensea Essential