Currensea Fees – Best Travel Cards

A new fintech business which I was presented to earlier this year. Currensea Fees…

It has won a couple of awards over current months for what it does (using you an affordable way to spend abroad) however what I like about  is that it is simple as hell. This is an advantage.

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

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

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

There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing one thing well, and free of charge or cheaper than the competitors
include more and more features which your existing consumers do not really want or require

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

It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.

That’s it.

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

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

Nevertheless, credit cards which provide benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ alternatives which offer a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.

IS potentially for you if:

you don’t have a credit card offering 0% FX charges and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals monthly without any charges and just a very little FX mark-up (there is a small cost beyond �,� 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them cash when taking a trip.

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

You make your purchase in regional currency (any currency, internationally).
Your bank account bank instantly verifies that you have sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card,  adds a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automatic spend notification by means of the app, if you pick to install it.
The cash is drawn from your bank account a couple of 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 arranged to leave my HSBC account a couple of days later on:.

Converting pounds was expensive.

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 inflated currency conversion fees happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

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

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

What this indicates is you can invest cash you have in your existing bank account with less fret about lacking money and the extra step. However that does not mean it is ideal.

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, allowing us to make income from our Necessary Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our strategies, complete information can be found on our prices plans.

Subscription costs.
We charge an annual membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription cost also eliminates all FX markup on deals.

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