Currensea Travel Card Review – Best Travel Cards

A brand-new fintech company which I was presented to earlier this year. Currensea Travel Card Review…

It has actually won a few awards over current months for what it does (using you a low-priced way 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. You just invest as you would on a typical debit card and the money is taken from your present account– just without the usual 3% charge.

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

There are also some intriguing travel advantages if you choose a paid plan, but the totally free plan works fine. You can use here.

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

launch by doing one thing well, and for free or less expensive than the competition
include more and more features which your existing customers do not actually desire or require

include constraints, charges or fees to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Curve, Revolut and Monzo are already in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:

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

That’s it.

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

Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not require a  card, unless you want free ATM withdrawals. You can stop reading now.

Credit cards which use rewards and charge 0% FX charges are couple of and far between. The only ‘miles and points’ choices which provide a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.

IS possibly for you if:

you don’t have a charge card offering 0% FX costs and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any costs and just a very little FX mark-up (there is a small charge beyond �,� 500).
you want an item for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them cash when travelling.

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

You make your purchase in local currency (any currency, internationally).
Your bank account bank instantly validates that you have sufficient money 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 complimentary card,  adds a 0.5% charge. There are no charges if you have one of their paid cards.
You get an automated spend notification through the app, if you choose to install it.
The cash is taken from your current account a couple of days later.
Here is an example. With no foreign travel in the journal, I chose to splash 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 few days later on:.

However transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to occur (typically in a various language) while not telling you about the exorbitant currency conversion costs happening in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.

Thankfully over the last few years a handful of great travel debit cards have actually popped onto the scene … and like other terrific cards  promises big savings (85%) and a fantastic app.

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

What this means is you can spend money you have in your existing current account with less stress over lacking cash and the additional step. However that does not mean it is best.

In this Currensea review is the excellent, 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 Vital Plan of 0.5% per transaction, enabling us to make profits from our Important Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our strategies, complete information can be found on our rates strategies.

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

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