Currensea Limited – Best Travel Cards

A new fintech company which I was presented to previously this year. Currensea Limited…

It has actually won a couple of awards over current months for what it does (using you a low-cost way to spend abroad) however 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 in between you and your existing current account. There is absolutely nothing to top-up or prepay. You just invest as you would on a typical debit card and the cash is drawn from your current account– simply without the normal 3% charge.

Oh, and  is free to get, which also assists.

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

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

launch by doing one thing well, and for free or more affordable than the competitors
add more and more features which your existing consumers do not actually need or desire

add charges, limitations or fees to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully remain there. Revolut, curve and monzo are already in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:

It is a totally free direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.

That’s it.

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

Why would I wish to get a card?
If you have a charge card offering 0% forex fees, then you don’t require a  card, unless you want complimentary ATM withdrawals. You can stop checking out now.

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

IS potentially for you if:

you do not have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another charge card specifically to utilize abroad
you desire a product which allows you to make �,� 500 of foreign currency ATM withdrawals per month with no costs and only a minimal FX mark-up (there is a little cost beyond �,� 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them cash when travelling.

How does  operate in practice?
It is, as I stated previously, an extremely basic 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 instantly confirms that you have adequate money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card,  includes a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automated spend notice by means of the app, if you pick to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle 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 few days later on:.

Transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to occur (typically in a various language) while not telling you about the outrageous currency conversion fees happening in the background. Do not get me began. Anyway back to the positives for a bit anyhow.

Thankfully in the last few years a handful of terrific travel debit cards have popped onto the scene … and like other fantastic cards  promises huge cost savings (85%) and a great app.

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

What this means is you can invest cash you have in your existing bank account with less stress over lacking money and the additional action. But that does not mean it is best.

In this Currensea review is the great, the bad, the ugly 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 Essential Strategy of 0.5% per transaction, enabling us to make revenue from our Essential Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our plans, full information can be discovered on our pricing strategies.

Membership charges.
We charge an annual membership charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription charge also gets rid of all FX markup on transactions.

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