Elite Currensea Download – Best Travel Cards

A new fintech business which I was introduced to earlier this year. Elite Currensea Download…

It has actually won a few awards over recent months for what it does (offering you a low-cost way to spend abroad) however what I like about  is that it is basic as hell. This is a good thing.

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

Oh, and  is complimentary to apply for, which also helps.

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

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

launch by doing something well, and free of charge or less expensive than the competition
add more and more features which your existing consumers do not actually need or desire

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

It is a totally free direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.

That’s it.

You do not (yet …) earn any airline 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 want complimentary ATM withdrawals. You can stop reading now.

Nevertheless, charge card which provide rewards and charge 0% FX charges are rare. The only ‘points and miles’ alternatives which offer a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.

IS potentially for you if:

you do not have a charge card offering 0% FX fees and do not want 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 each month without any fees and just a minimal FX mark-up (there is a little fee beyond �,� 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them money when taking a trip.

How does  work in practice?
It is, as I said previously, a very basic process. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, globally).
Your bank account bank automatically validates that you have sufficient money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automated spend notice via the app, if you pick to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. With no 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 scheduled to leave my HSBC account a couple of days later on:.

But converting pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to take place (frequently in a various language) while not telling you about the outrageous currency conversion fees taking place in the background. Do not get me started. Anyway back to the positives for a bit anyway.

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

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

What this indicates is you can invest money you have in your existing current account with less fret about lacking cash and the additional step. That does not imply it is perfect.

In this Currensea review is the good, the bad, the awful and the options, so that you can decide.

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, enabling us to make income from our Necessary 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, complete details can be found on our rates plans.

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

Interchange.
Each time you spend with your card we receive a little % of the transaction, known as interchange, this comes straight from the merchant and will not be charged to you. Elite Currensea Download