Grab Currensea Card – Best Travel Cards

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

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

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

Oh, and  is complimentary to request, which likewise helps.

There are also some intriguing travel advantages if you choose a paid plan, but the complimentary strategy 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 something well, and for free or less expensive than the competition
add a growing number of features which your existing clients don’t really want or require

add costs, constraints or charges 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 procedure and will hopefully stay there. Monzo, curve and revolut are currently in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the pub 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 little 0.5% charge.

That’s it.

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

Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t need a  card, unless you desire free ATM withdrawals. You can stop checking out now.

However, charge card which provide rewards and charge 0% FX fees are rare. The only ‘miles and points’ options which provide a partial solution 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 fees and do not want to affect your credit report by getting another credit card particularly to use abroad
you want a product which allows you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and just a minimal FX mark-up (there is a little charge beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them money when travelling.

How does  operate in practice?
It is, as I said earlier, a very basic procedure. 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 automatically verifies that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card,  adds a 0.5% fee. If you have one of their paid cards, there are no charges.
You get an automated spend notification through the app, if you pick to install it.
The money is drawn from your bank account a few days later.
Here is an example. Without any foreign travel in the journal, 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 arranged to leave my HSBC account a few days later:.

But converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to occur (frequently in a various language) while not telling you about the exorbitant currency conversion charges taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

Fortunately in recent years a handful of great travel debit cards have actually popped onto the scene … and like other great cards  guarantees huge cost savings (85%) and a terrific app.

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

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

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 small FX markup on our Vital Plan of 0.5% per transaction, permitting us to make income 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 complimentary quantity on all our plans, full details can be found on our pricing plans.

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

Interchange.
Every time you invest with your card we get a small % of the transaction, referred to as interchange, this comes straight from the merchant and will not be credited you. Grab Currensea Card