Is Currensea Safe – Best Travel Cards

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

It has actually won a couple of awards over current months for what it does (offering you an affordable way to invest abroad) but what I like about  is that it is easy as hell. This is a good idea.

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 just invest as you would on a normal debit card and the cash is taken from your bank account– just without the usual 3% fee.

Oh, and  is free to get, which likewise assists.

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

There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:

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

include fees, limitations or charges to the feature that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain 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 club in 30 seconds?’ test:

It is a free direct debit card to utilize abroad and which instantly recharges 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 miles or points for using it.

Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you don’t need a  card, unless you want totally free ATM withdrawals. You can stop reading now.

Credit cards which provide benefits and charge 0% FX costs are few and far between. The only ‘miles and points’ options which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS possibly for you if:

you don’t have a charge card offering 0% FX costs and do not want to affect your credit report by getting another credit card particularly to use abroad
you desire an item which permits you to make �,� 500 of foreign currency ATM withdrawals each month without any charges and only a very little FX mark-up (there is a little fee beyond �,� 500).
you desire an item 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 easy process. You use your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, internationally).
Your current account bank automatically verifies that you have adequate 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. If you have the free card,  adds a 0.5% charge. If you have one of their paid cards, there are no fees.
You get an automated spend alert by means of the app, if you choose to install it.
The money is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I chose 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 on:.

Transforming pounds was costly.

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

Thankfully recently a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards  guarantees huge savings (85%) and a great app.

I believe the finest bit might be what no other card does: links to your existing high street bank account.

What this suggests is you can invest money you have in your existing bank account with less stress over lacking money and the extra action. That does not mean it is ideal.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per transaction, permitting us to make earnings from our Vital Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our plans, complete information can be discovered on our rates strategies.

Membership charges.
We charge a yearly membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership fee also eliminates all FX markup on deals.

Interchange.
Whenever you spend with your card we receive a small % of the transaction, known as interchange, this comes straight from the merchant and will not be charged to you. Is Currensea Safe