Currensea Visa Credit Card – Best Travel Cards

A brand-new fintech business which I was presented to earlier this year. Currensea Visa Credit Card…

It has actually won a couple of awards over current months for what it does (offering you a low-priced way to spend abroad) but what I like about  is that it is simple as hell. This is an advantage.

is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You just invest as you would on a normal debit card and the money is taken from your bank account– simply without the typical 3% charge.

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

There are also some fascinating travel benefits if you select a paid plan, but the totally free plan works fine. You can apply here.

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

launch by doing one thing well, and for free or cheaper than the competitors
add increasingly more functions which your existing consumers don’t truly require or desire

include costs, restrictions or charges to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Revolut, curve and monzo are currently in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:

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

That’s it.

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

Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you do not need a  card, unless you desire complimentary ATM withdrawals. You can stop reading now.

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

IS possibly for you if:

you do not have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another credit card particularly to utilize abroad
you desire an item which permits you to make �,� 500 of foreign currency ATM withdrawals per month without any charges and only a very little FX mark-up (there is a little charge beyond �,� 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them money when travelling.

How does  work in practice?
It is, as I stated 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 current account bank immediately verifies that you have enough money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the complimentary card. There are no fees if you have one of their paid cards.
You get an automated spend notice through the app, if you select to install it.
The money is taken from your bank account a couple of days later on.
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 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 daytime robbery that is just about to take place (often in a various language) while not telling you about the expensive currency conversion costs occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.

Luckily in the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards  promises huge savings (85%) and an excellent app.

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

What this means is you can spend cash you have in your existing current account with less stress over running out of cash and the additional step. But that does not imply it is perfect.

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

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, allowing us to make revenue from our Important Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, full details can be found on our rates strategies.

Membership fees.
We charge a yearly membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription charge likewise gets rid of all FX markup on deals.

Interchange.
Every time you invest with your card we receive a little % of the transaction, referred to as interchange, this comes directly from the merchant and will not be credited you. Currensea Visa Credit Card