Currensea Prepaid Travel Card – Best Travel Cards

A brand-new fintech company which I was presented to previously this year. Currensea Prepaid Travel Card…

It has won a few awards over current months for what it does (offering you an inexpensive method to invest abroad) however what I like about  is that it is easy as hell. This is a good idea.

is, effectively, a direct debit travel card. You merely invest as you would on a normal debit card and the cash is taken from your present account– simply without the usual 3% fee.

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

There are likewise some intriguing travel benefits if you pick a paid plan, but the free plan works fine. You can apply here.

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

launch by doing something well, and free of charge or more affordable than the competitors
add increasingly more features which your existing customers don’t actually want or need

add costs, charges or restrictions to the function that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Revolut, monzo and curve are currently in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

It is a complimentary direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.

That’s it.

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

Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you do not need a  card, unless you want totally free ATM withdrawals. You can stop reading now.

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

IS perhaps for you if:

you don’t have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another charge card specifically to use abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals per month without any charges and just a minimal FX mark-up (there is a small charge beyond �,� 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them money when taking a trip.

How does  operate in practice?
It is, as I said earlier, a really easy procedure. You use your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, globally).
Your bank account bank immediately validates that you have sufficient cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card,  includes a 0.5% charge. There are no fees if you have one of their paid cards.
You get an automated invest alert through the app, if you select to install it.
The money is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, 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 arranged to leave my HSBC account a couple of days later on:.

Converting pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to occur (often in a different language) while not telling you about the exorbitant currency conversion costs taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.

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

But I think the very best bit might be what no other card does: links to your existing high street savings account.

What this suggests is you can spend cash you have in your existing bank account with less fret about lacking money and the additional step. However that does not mean it is ideal.

In this Currensea evaluation is the good, the bad, the awful 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 Necessary Strategy of 0.5% per deal, permitting us to make profits from our Vital Strategy 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 quantity on all our plans, complete details can be found on our pricing strategies.

Subscription charges.
We charge a yearly subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription cost likewise removes all FX markup on transactions.

Interchange.
Every time you invest with your card we receive a small % of the transaction, called interchange, this comes straight from the merchant and won’t be charged to you. Currensea Prepaid Travel Card