Currensea Tag Your Card – Best Travel Cards

A new fintech business which I was presented to earlier this year. Currensea Tag Your Card…

It has won a few awards over recent months for what it does (using you an affordable method to spend abroad) however what I like about  is that it is easy as hell. This is a good thing.

is, efficiently, a direct debit travel card. You simply invest as you would on a normal debit card and the money is taken from your existing account– simply without the usual 3% cost.

Oh, and  is totally free to apply for, which also helps.

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

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

launch by doing one thing well, and free of charge or more affordable than the competition
add increasingly more features which your existing customers do not really want or require

include charges, charges or restrictions to the feature that made people get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Revolut, curve and monzo are currently in Phase 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 free direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.

That’s it.

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

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

However, charge card which offer rewards and charge 0% FX costs are rare. The only ‘points and miles’ alternatives which offer a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS potentially 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 credit card specifically to utilize abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any costs and only a very little FX mark-up (there is a small cost beyond �,� 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them money when travelling.

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

You make your purchase in local currency (any currency, globally).
Your bank account bank automatically verifies that you have sufficient cash in your account and authorises the deal.
The deal 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% fee. If you have one of their paid cards, there are no fees.
You get an automated invest notice via the app, if you choose to install it.
The money is drawn from your current account a couple of days later on.
Here is an example. Without any 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 shows �,� 4.33 arranged to leave my HSBC account a few days later on:.

Transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (often in a various language) while not telling you about the exorbitant currency conversion fees taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.

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

However I believe the very best bit might be what no other card does: links 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 lacking cash and the additional step. That does not mean it is ideal.

In this Currensea evaluation is the good, 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 nominal FX markup on our Necessary Plan of 0.5% per transaction, allowing us to make profits from our Important Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, complete information can be discovered on our rates strategies.

Membership costs.
We charge a yearly membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription charge also gets rid of all FX markup on transactions.

Interchange.
Whenever you spend with your card we get a little % of the deal, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Tag Your Card