How To Use Your Currensea Card – Best Travel Cards

A brand-new fintech business which I was presented to earlier this year. How To Use Your Currensea Card…

It has won a couple of awards over recent months for what it does (offering you a low-cost method to spend abroad) but what I like about  is that it is simple as hell. This is a good thing.

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

Oh, and  is free to look for, which also assists.

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

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

launch by doing something well, and for free or less expensive than the competitors
include increasingly more features which your existing consumers don’t actually want or need

add limitations, charges or charges to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Monzo, revolut and curve are already in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:

It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.

That’s it.

You don’t (yet …) make any airline 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 complimentary ATM withdrawals. You can stop checking out now.

Credit cards which use rewards and charge 0% FX charges are couple of and far between. The only ‘miles and points’ options which offer a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS possibly for you if:

you do not have a credit card offering 0% FX fees and do not want to impact your credit report by getting another credit card specifically to use abroad
you desire a product which allows you to make �,� 500 of foreign currency ATM withdrawals per month with no costs and just a very little FX mark-up (there is a small cost beyond �,� 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them cash when taking a trip.

How does  operate in practice?
It is, as I said previously, an extremely simple procedure. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, globally).
Your bank 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 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 spend notice via the app, if you select to install it.
The money is drawn from your current account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and buy 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 costly.

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 happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

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

I believe 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 bank account with less stress over running out of cash and the additional step. But that does not indicate it is ideal.

In this Currensea review is the excellent, the bad, the awful 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 Necessary Plan of 0.5% per deal, enabling us to make income from our Important Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our plans, full details can be discovered on our pricing plans.

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

Interchange.
Whenever you invest with your card we receive a small % of the transaction, called interchange, this comes directly from the merchant and won’t be credited you. How To Use Your Currensea Card