Currensea Vs Post Office – Best Travel Cards

A brand-new fintech company which I was presented to earlier this year. Currensea Vs Post Office…

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

is, efficiently, a direct debit travel card. You just spend as you would on a normal debit card and the cash is taken from your existing account– just without the typical 3% charge.

Oh, and  is totally free to get, which likewise helps.

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

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

launch by doing one thing well, and totally free or less expensive than the competition
include a growing number of functions which your existing consumers don’t really need or desire

add charges, constraints or charges to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are currently in Stage 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:

It is a complimentary direct debit card to use abroad and which automatically 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 company miles or points for utilizing it.

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

Nevertheless, credit cards which use rewards and charge 0% FX fees are rare. The only ‘points and miles’ options which offer 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 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 allows you to make �,� 500 of foreign currency ATM withdrawals monthly without any fees and just a minimal FX mark-up (there is a small fee beyond �,� 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them cash when travelling.

How does  operate in practice?
It is, as I stated earlier, a really simple process. You utilize 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 automatically confirms that you have adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card,  adds a 0.5% charge. There are no fees if you have among their paid cards.
You get an automated spend alert through the app, if you pick to install it.
The cash is taken from your bank account a few days later.
Here is an example. With no foreign travel in the diary, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which reveals �,� 4.33 scheduled to leave my HSBC account a few days later:.

But transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to happen (frequently in a different language) while not telling you about the exorbitant currency conversion fees occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

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

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

What this implies is you can spend money you have in your existing bank account with less fret about running out of money and the additional action. But that does not imply it is ideal.

In this Currensea evaluation is the good, the bad, the unsightly 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 Essential Strategy of 0.5% per transaction, allowing us to make earnings from our Essential Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our plans, full information can be found on our prices plans.

Subscription charges.
We charge an annual membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription fee also removes all FX markup on transactions.

Interchange.
Each time you spend with your card we receive a little % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Vs Post Office