Currensea Review Martin Lewis – Best Travel Cards

A new fintech company which I was presented to previously this year. Currensea Review Martin Lewis…

It has actually won a couple of awards over recent months for what it does (providing you an affordable way to invest abroad) but what I like about  is that it is simple 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 absolutely nothing to top-up or prepay. You just spend as you would on a regular debit card and the money is taken from your current account– simply without the normal 3% charge.

Oh, and  is free to look for, which likewise helps.

There are likewise some fascinating travel benefits if you choose a paid strategy, but the complimentary strategy works fine. You can use here.

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

launch by doing something well, and for free or cheaper than the competitors
add increasingly more features which your existing customers do not really require or want

include fees, charges or constraints to the function that made people get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Revolut, curve and monzo are already in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:

It is a free direct debit card to utilize abroad and which immediately charges 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 utilizing it.

Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t need a  card, unless you desire totally free ATM withdrawals. You can stop reading now.

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

IS perhaps for you if:

you don’t have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another charge card particularly to utilize abroad
you desire a product which permits you to make �,� 500 of foreign currency ATM withdrawals per month with no charges and only a minimal FX mark-up (there is a small charge beyond �,� 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them money 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 local currency (any currency, globally).
Your current account bank immediately confirms that you have adequate cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the free card. There are no fees if you have one of their paid cards.
You get an automatic invest notice by means of the app, if you choose to install it.
The cash is drawn from your current account a couple of days later on.
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 arranged to leave my HSBC account a few days later:.

Transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to happen (frequently in a different language) while not telling you about the expensive currency conversion charges happening in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.

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

I believe the best bit may be what no other card does: links to your existing high street bank account.

What this means is you can invest cash you have in your existing current account with less worry about lacking money and the extra step. That does not mean it is perfect.

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

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, enabling us to make revenue from our Vital Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our strategies, full information can be discovered on our pricing strategies.

Subscription costs.
We charge an annual subscription charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership cost also gets rid of all FX markup on transactions.

Interchange.
Whenever you invest with your card we get a little % of the deal, referred to as interchange, this comes directly from the merchant and won’t be credited you. Currensea Review Martin Lewis