Foreign Currency Card Currensea – Best Travel Cards

A new fintech business which I was introduced to previously this year. Foreign Currency Card Currensea…

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

is, effectively, a direct debit travel card. You simply invest as you would on a typical debit card and the cash is taken from your present account– simply without the usual 3% charge.

Oh, and  is totally free to obtain, which likewise assists.

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

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

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

add charges, charges or limitations to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Revolut, curve and monzo are already in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:

It is a complimentary direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.

That’s it.

You do not (yet …) make any airline miles or points for utilizing it.

Why would I want to get a card?
If you have a credit card offering 0% forex costs, then you don’t require a  card, unless you desire complimentary ATM withdrawals. You can stop checking out now.

However, charge card which provide benefits and charge 0% FX fees are rare. The only ‘points and miles’ options which offer a partial option are the Virgin Atlantic charge card which have 0% FX charges 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 affect your credit report by getting another charge card particularly to use abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no charges and only a very little FX mark-up (there is a little charge beyond �,� 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them cash when taking a trip.

How does  operate in practice?
It is, as I said previously, a very basic 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 current account bank automatically confirms that you have adequate 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. adds a 0.5% charge if you have the totally free card. If you have one of their paid cards, there are no fees.
You get an automatic invest alert by means of the app, if you pick to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.

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

But converting pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to happen (frequently in a different language) while not telling you about the outrageous currency conversion charges occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.

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

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

What this indicates is you can invest cash you have in your existing bank account with less stress over running out of cash and the additional action. That does not indicate it is perfect.

In this Currensea review is the good, the bad, the unsightly 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 Important Strategy of 0.5% per deal, enabling us to make earnings from our Necessary Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our plans, full details can be found on our pricing plans.

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

Interchange.
Every time you invest with your card we receive a little % of the deal, referred to as interchange, this comes straight from the merchant and will not be charged to you. Foreign Currency Card Currensea