Currensea Temporary Card – Best Travel Cards

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

It has actually won a couple of awards over current months for what it does (using you a low-cost way to spend abroad) however what I like about  is that it is basic as hell. This is a good idea.

is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a regular debit card and the money is drawn from your current account– just without the normal 3% fee.

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

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

There is a company design in fintech which Curve, Revolut, Monzo etc 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 consumers don’t truly desire or need

add charges, limitations or costs to the function that made people get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Curve, Revolut and Monzo are already in Stage 3 …
is simple 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 automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.

That’s it.

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

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

Credit cards which provide benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ alternatives which offer 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 costs and do not wish to affect your credit report by getting another credit card particularly to use abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals monthly without any costs and just a very little FX mark-up (there is a small charge beyond �,� 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them cash when travelling.

How does  operate in practice?
It is, as I said previously, a very simple procedure. 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 automatically validates that you have adequate money 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 free card,  includes a 0.5% charge. There are no charges if you have one of their paid cards.
You get an automatic invest alert through 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 journal, 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 set up to leave my HSBC account a couple of days later:.

However transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to occur (frequently in a different language) while not telling you about the outrageous currency conversion fees occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.

Thankfully recently a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards  guarantees big savings (85%) and a fantastic app.

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

What this implies is you can spend cash you have in your existing current account with less worry about running out of money and the additional step. That does not mean it is ideal.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, allowing us to make earnings 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 totally free amount on all our plans, complete information can be found on our rates strategies.

Subscription fees.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription charge also eliminates all FX markup on deals.

Interchange.
Whenever you spend with your card we get a small % of the deal, called interchange, this comes straight from the merchant and will not be credited you. Currensea Temporary Card