Currensea Track Card – Best Travel Cards

A new fintech company which I was introduced to earlier this year. Currensea Track Card…

It has won a couple of awards over current months for what it does (offering you a low-priced method to spend abroad) but what I like about  is that it is easy as hell. This is a good thing.

is, successfully, 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 invest as you would on a regular debit card and the cash is taken from your current account– just without the normal 3% charge.

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

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

There is a company design in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing something well, and totally free or more affordable than the competitors
include a growing number of features which your existing clients don’t truly want or require

include constraints, charges or costs to the feature that made people get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will ideally remain there. Revolut, curve and monzo are already in Stage 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 immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.

That’s it.

You do not (yet …) make 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 costs, then you do not need a  card, unless you want free ATM withdrawals. You can stop checking out now.

Nevertheless, charge card which offer rewards and charge 0% FX fees are few and far between. The only ‘miles and points’ options which offer a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS possibly for you if:

you do not have a credit card offering 0% FX charges and do not wish to affect your credit report by getting another charge card particularly to utilize abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals each month with no charges and just a minimal FX mark-up (there is a small fee beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them cash when taking a trip.

How does  work in practice?
It is, as I stated previously, a very easy procedure. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, worldwide).
Your current account bank instantly validates that you have sufficient cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card,  adds a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automatic invest notice through the app, if you pick to install it.
The cash 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 splash 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 costly.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to take place (often in a various language) while not telling you about the inflated currency conversion charges taking place in the background. Do not get me started. Anyway back to the positives for a bit anyhow.

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

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

What this implies is you can invest cash you have in your existing current account with less worry about lacking cash and the additional action. However that does not mean it is perfect.

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

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, enabling us to make income from our Important Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our plans, complete information can be found on our pricing plans.

Subscription fees.
We charge a yearly subscription fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership cost also removes all FX markup on transactions.

Interchange.
Each time you invest with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and will not be charged to you. Currensea Track Card