Joint Currensea Card – Best Travel Cards

A brand-new fintech business which I was introduced to previously this year. Joint Currensea Card…

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

is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a regular debit card and the cash is drawn from your current account– just without the normal 3% cost.

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

There are also some interesting travel benefits if you pick a paid plan, but the free plan works fine. You can use here.

There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing one thing well, and totally free or cheaper than the competition
include increasingly more functions which your existing customers don’t truly require or want

add charges, costs or limitations to the function that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Revolut, monzo and curve are currently in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

It is a complimentary direct debit card to use abroad and which instantly 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 miles or points for utilizing it.

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

However, charge card which provide benefits and charge 0% FX costs are scarce. The only ‘miles and points’ options which provide a partial service 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 charge card offering 0% FX charges and do not want to impact your credit report by getting another charge card specifically to use abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any charges and just a very little FX mark-up (there is a small cost beyond �,� 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them money when taking a trip.

How does  operate in practice?
It is, as I said earlier, a very simple procedure. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, globally).
Your current account bank automatically confirms that you have sufficient money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% charge if you have the free card. There are no fees if you have one of their paid cards.
You get an automated spend notice by means of the app, if you select to install it.
The cash is taken from your bank account a few days later.
Here is an example. With no foreign travel in the diary, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which reveals �,� 4.33 set up to leave my HSBC account a couple of days later:.

But converting pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to occur (typically in a various language) while not telling you about the exorbitant currency conversion costs happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.

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

I think the finest bit may 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 fret about lacking money and the additional step. That does not indicate it is best.

In this Currensea evaluation is the excellent, 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 small FX markup on our Important Strategy of 0.5% per deal, allowing us to make earnings from our Essential Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our plans, complete details can be found on our rates strategies.

Subscription fees.
We charge an annual subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership charge likewise gets rid of all FX markup on transactions.

Interchange.
Every time you invest with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Joint Currensea Card