Currensea Maestro Card – Best Travel Cards

A new fintech business which I was introduced to previously this year. Currensea Maestro Card…

It has actually won a few awards over recent months for what it does (providing you a low-cost way to spend abroad) but 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 bank account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a regular debit card and the cash is drawn from your current account– simply without the typical 3% fee.

Oh, and  is complimentary to get, which likewise assists.

There are likewise some fascinating travel advantages if you choose a paid plan, however the totally free strategy works fine. You can use here.

There is a business model in fintech which Curve, Revolut, Monzo and so on have all followed:

launch by doing one thing well, and free of charge or more affordable than the competition
include increasingly more functions which your existing consumers don’t actually need or desire

include charges, charges or limitations to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain there. Revolut, curve 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 free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% cost.

That’s it.

You don’t (yet …) earn any airline miles or points for utilizing 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 desire complimentary ATM withdrawals. You can stop reading now.

However, charge card which provide benefits and charge 0% FX charges are scarce. The only ‘miles and points’ alternatives which provide a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS possibly for you if:

you don’t have a charge card offering 0% FX costs and do not want to impact your credit report by getting another credit card particularly to use abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals each month with no costs and just a very little FX mark-up (there is a little fee beyond �,� 500).
you want a product for you, your adult children, moms and dads, 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  work in practice?
It is, as I stated earlier, a really basic procedure. You use 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 immediately confirms that you have sufficient 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. If you have the free card,  includes a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automatic invest notification 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 chose to splash out and purchase 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which reveals �,� 4.33 set up to leave my HSBC account a few days later:.

However converting pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to occur (often in a different language) while not telling you about the outrageous currency conversion charges occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.

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

However I think the very 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 worry about running out of cash and the additional action. That does not suggest 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 Plan of 0.5% per transaction, permitting us to make revenue from our Necessary Plan 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 quantity on all our strategies, complete information can be found on our rates plans.

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

Interchange.
Every time you spend with your card we get a small % of the transaction, referred to as interchange, this comes directly from the merchant and will not be credited you. Currensea Maestro Card