Currensea International Card – Best Travel Cards

A brand-new fintech business which I was presented to previously this year. Currensea International Card…

It has actually won a few awards over current months for what it does (offering you a low-priced way to spend abroad) but what I like about  is that it is easy as hell. This is a good thing.

is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You simply spend 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 free to request, which likewise assists.

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

There is a service design in fintech which Curve, Revolut, Monzo and so on have actually all followed:

launch by doing something well, and free of charge or more affordable than the competition
include a growing number of functions which your existing clients don’t truly need or want

add constraints, charges or costs to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Curve, monzo 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 complimentary direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 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 credit card offering 0% foreign exchange fees, then you do not require a  card, unless you want complimentary ATM withdrawals. You can stop checking out now.

Credit cards which offer rewards and charge 0% FX fees are few and far between. The only ‘points and miles’ alternatives which offer a partial option 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 charge card offering 0% FX costs and do not want to affect your credit report by getting another charge card particularly to utilize abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and just a minimal FX mark-up (there is a little fee beyond �,� 500).
you want an item for you, your adult kids, parents, partner or anyone else in your life who requires 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 stated previously, an extremely 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 current account bank instantly confirms that you have enough cash in your account and authorises the deal.
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 totally free card. If you have one of their paid cards, there are no charges.
You get an automated invest alert through the app, if you choose to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and buy 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 few days later:.

But converting pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to take place (typically in a different language) while not telling you about the exorbitant currency conversion fees occurring in the background. Don’t get me began. 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 terrific cards Currensea promises huge cost savings (85%) and a terrific app.

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

What this indicates is you can spend money you have in your existing bank account with less stress over lacking money and the extra action. That does not indicate it is best.

In this Currensea evaluation is the great, 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 nominal FX markup on our Important Strategy of 0.5% per transaction, allowing us to make earnings from our Necessary 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 totally free amount on all our strategies, complete details can be discovered on our pricing plans.

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

Interchange.
Whenever you spend with your card we get a small % of the deal, known as interchange, this comes directly from the merchant and won’t be credited you. Currensea International Card