How Currensea Works – Best Travel Cards

A brand-new fintech business which I was presented to earlier this year. How Currensea Works…

It has actually won a couple of awards over recent months for what it does (offering you an affordable way to invest abroad) however 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 absolutely nothing to top-up or prepay. You just invest as you would on a normal debit card and the money is drawn from your bank account– simply without the normal 3% cost.

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

There are also some fascinating travel advantages if you choose a paid strategy, however the totally free strategy works fine. You can use here.

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

launch by doing one thing well, and for free or more affordable than the competition
include increasingly more features which your existing consumers don’t truly need or desire

add charges, fees or limitations to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Revolut, curve and monzo are currently in Phase 3 …
is simple 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 instantly charges all purchases to your existing current account in Sterling, less a small 0.5% cost.

That’s it.

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

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

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

IS perhaps for you if:

you don’t have a credit card offering 0% FX fees and do not want to affect your credit report by getting another charge card particularly to use abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly with no charges and only a minimal FX mark-up (there is a little charge beyond �,� 500).
you desire a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them cash when travelling.

How does  operate in practice?
It is, as I stated earlier, an extremely basic procedure. 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 immediately validates that you have sufficient cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% fee if you have the free card. If you have one of their paid cards, there are no charges.
You get an automatic invest notice through the app, if you choose 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 decided to sprinkle out and buy 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:.

But converting pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to happen (often in a different language) while not telling you about the inflated currency conversion charges happening in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.

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

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

What this suggests is you can spend money you have in your existing bank account with less fret about lacking money and the extra step. However that does not indicate it is best.

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

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per deal, enabling us to make revenue from our Important Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, full information can be found on our pricing plans.

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

Interchange.
Each time you invest with your card we get a small % of the transaction, called interchange, this comes straight from the merchant and will not be charged to you. How Currensea Works