Prepaid Currensea Card – Best Travel Cards

A new fintech company which I was introduced to previously this year. Prepaid Currensea Card…

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

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

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

There are also some intriguing travel benefits if you pick a paid plan, however the complimentary strategy works fine. You can apply here.

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

launch by doing something well, and totally free or more affordable than the competitors
include more and more features which your existing customers do not really desire or need

include charges, restrictions or costs to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Revolut, monzo and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:

It is a free direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.

That’s it.

You don’t (yet …) earn any airline company miles or points for utilizing it.

Why would I wish to get a card?
If you have a charge card offering 0% forex charges, 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 in between. The only ‘miles and points’ alternatives which offer a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.

IS potentially for you if:

you don’t have a charge card offering 0% FX costs and do not want to impact your credit report by getting another credit card specifically to utilize abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals each month without any fees and only 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 basic, easy to understand payment card that will save them money when travelling.

How does  operate in practice?
It is, as I stated previously, an extremely easy procedure. You use 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 automatically validates that you have adequate money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card,  includes a 0.5% fee. If you have one of their paid cards, there are no charges.
You get an automated spend alert through the app, if you select to install it.
The money is taken from your current account a few days later on.
Here is an example. Without any foreign travel in the diary, I chose to splash 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 couple of days later:.

Transforming pounds was expensive.

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 inflated currency conversion costs happening in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.

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

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

What this implies is you can spend cash you have in your existing bank account with less worry about running out of cash and the additional action. That does not mean it is best.

In this Currensea review is the great, the bad, the awful 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 Vital Plan of 0.5% per transaction, permitting us to make earnings from our Necessary 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 complimentary amount on all our plans, full details can be found on our rates strategies.

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

Interchange.
Every time you invest with your card we receive a small % of the deal, known as interchange, this comes directly from the merchant and will not be charged to you. Prepaid Currensea Card