Currensea Rainbow Card 2021 – Best Travel Cards

A brand-new fintech business which I was presented to earlier this year. Currensea Rainbow Card 2021…

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

is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You merely invest as you would on a typical debit card and the cash is taken from your current account– just without the normal 3% cost.

Oh, and  is complimentary to make an application for, which likewise assists.

There are likewise some intriguing travel advantages if you choose a paid strategy, however the free strategy works fine. You can apply here.

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

launch by doing one thing well, and for free or cheaper than the competition
add more and more features which your existing consumers don’t truly want or need

include charges, constraints or costs to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will ideally remain there. Curve, Revolut and Monzo are already in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:

It is a totally free direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.

That’s it.

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

Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not require a  card, unless you desire complimentary ATM withdrawals. You can stop checking out now.

Nevertheless, charge card which provide benefits and charge 0% FX costs are few and far between. The only ‘points and miles’ alternatives which use a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.

IS perhaps 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 particularly to use abroad
you want a product which permits you to make �,� 500 of foreign currency ATM withdrawals monthly without any fees and only a very little FX mark-up (there is a small charge beyond �,� 500).
you desire an item for you, your adult kids, moms and dads, partner or anyone else in your life who needs 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, an extremely easy process. 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 adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automatic spend notification via the app, if you select to install it.
The cash is taken from your current account a few days later.
Here is an example. With no foreign travel in the diary, I decided to splash 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 few days later on:.

Converting pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to take place (often in a different language) while not telling you about the inflated currency conversion costs occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.

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

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

What this means is you can spend money you have in your existing bank account with less worry about running out of money and the extra step. That does not imply it is best.

In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can decide.

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, allowing us to make revenue from our Important Plan whilst staying 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, full details can be discovered on our pricing strategies.

Membership charges.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership cost likewise removes all FX markup on deals.

Interchange.
Each time you spend with your card we get a small % of the transaction, called interchange, this comes straight from the merchant and will not be charged to you. Currensea Rainbow Card 2021