Is Currensea Card Good – Best Travel Cards

A brand-new fintech business which I was presented to previously this year. Is Currensea Card Good…

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

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

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

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

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

launch by doing one thing well, and for free or less expensive than the competition
add a growing number of functions which your existing consumers don’t really need or desire

add constraints, charges or charges to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Curve, monzo and revolut are currently in Stage 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 use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.

That’s it.

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

Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you do not require a  card, unless you want totally free ATM withdrawals. You can stop checking out now.

Nevertheless, charge card which offer benefits and charge 0% FX costs are scarce. The only ‘points and miles’ alternatives which use a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.

IS perhaps for you if:

you do not have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another charge card specifically to use abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals per month with no charges and just a minimal FX mark-up (there is a little charge beyond �,� 500).
you desire a product for you, your adult kids, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them cash when travelling.

How does  work in practice?
It is, as I said previously, an extremely 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 immediately confirms that you have sufficient cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% fee if you have the totally free card. There are no costs if you have one of their paid cards.
You get an automatic 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. Without any foreign travel in the diary, I chose to sprinkle 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 few days later:.

But transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to happen (typically in a different language) while not telling you about the exorbitant currency conversion costs happening in the background. Do not get me started. Anyway back to the positives for a bit anyway.

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

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

What this indicates is you can spend money you have in your existing bank account with less fret about lacking money and the extra action. That does not mean it is perfect.

In this Currensea review is the great, the bad, the ugly and the alternatives, so that you can choose.

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make revenue from our Vital Plan whilst remaining 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 plans, full information can be found on our prices plans.

Subscription fees.
We charge a yearly subscription charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership cost also removes all FX markup on deals.

Interchange.
Whenever you invest with your card we receive a small % of the deal, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Is Currensea Card Good