Currensea Plastic Card – Best Travel Cards

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

It has won a couple of awards over current months for what it does (offering you an affordable method to spend abroad) however what I like about  is that it is basic as hell. This is a good idea.

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

Oh, and  is free to obtain, which likewise helps.

There are also some fascinating travel advantages if you pick a paid strategy, but the free plan works fine. You can apply here.

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

launch by doing something well, and totally free or more affordable than the competition
add increasingly more functions which your existing consumers do not really desire or require

add constraints, fees or charges to the function that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully stay there. Revolut, curve and monzo are currently in Stage 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 use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.

That’s it.

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

Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you do not require a  card, unless you want free ATM withdrawals. You can stop reading now.

Credit cards which provide rewards and charge 0% FX costs are few and far in between. The only ‘points and miles’ choices which use a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS possibly for you if:

you do not have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another charge card specifically to utilize abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals per month without any costs and just a very little FX mark-up (there is a little charge beyond �,� 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them money 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 local currency (any currency, worldwide).
Your current account bank immediately confirms that you have enough money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% fee if you have the complimentary card. There are no costs if you have one of their paid cards.
You get an automatic invest notification through the app, if you select to install it.
The cash is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.

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

However transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to happen (typically in a various language) while not telling you about the outrageous currency conversion charges occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.

In recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other excellent cards Currensea guarantees big savings (85%) and a great app.

I believe the best bit might 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 bank account with less fret about lacking money and the additional step. That does not suggest it is ideal.

In this Currensea review is the excellent, the bad, the awful and the alternatives, so that you can choose.

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, enabling us to make earnings from our Essential Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our plans, full details can be discovered on our pricing plans.

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

Interchange.
Every time you invest with your card we get a small % of the deal, called interchange, this comes straight from the merchant and won’t be credited you. Currensea Plastic Card