Currensea Hsbc – Best Travel Cards

A new fintech company which I was presented to earlier this year. Currensea Hsbc…

It has actually won a few awards over current months for what it does (offering you an inexpensive method 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. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You just spend as you would on a regular debit card and the money is taken from your bank account– just without the usual 3% fee.

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

There are also some interesting travel benefits if you select a paid plan, however the free plan works fine. You can use here.

There is a service design 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
include more and more functions which your existing customers do not really want or require

include costs, charges or restrictions to the feature that made individuals get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will ideally stay there. Curve, monzo and revolut are currently in Stage 3 …
is simple enough that it passes my ‘Can you explain 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 bank account in Sterling, less a small 0.5% charge.

That’s it.

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

Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not require a  card, unless you want complimentary ATM withdrawals. You can stop checking out now.

However, credit cards which offer rewards and charge 0% FX fees are rare. The only ‘points and miles’ options 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 costs and do not want to impact your credit report by getting another charge card particularly to use abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals monthly without any costs and just a very little FX mark-up (there is a little cost beyond �,� 500).
you desire an item for you, your adult kids, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them cash when taking a trip.

How does  operate in practice?
It is, as I stated previously, an extremely simple procedure. 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 current account bank immediately validates that you have enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the totally free card. If you have one of their paid cards, there are no costs.
You get an automatic spend notice by means of the app, if you pick to install it.
The cash is taken from your current account a few days later on.
Here is an example. With no foreign travel in the diary, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which reveals �,� 4.33 arranged to leave my HSBC account a couple of days later on:.

Transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to take place (frequently in a different 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.

Luckily in recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards  assures huge cost savings (85%) and a terrific app.

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

What this suggests is you can invest money you have in your existing current account with less worry about lacking money and the extra action. However that does not indicate it is ideal.

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

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per transaction, enabling us to make income from our Essential Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our plans, full details can be discovered on our rates plans.

Subscription fees.
We charge an annual subscription fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership fee also removes all FX markup on transactions.

Interchange.
Every time you invest with your card we receive a little % of the deal, referred to as interchange, this comes straight from the merchant and will not be charged to you. Currensea Hsbc