Pros And Cons Of Currensea Card – Best Travel Cards

A new fintech business which I was introduced to earlier this year. Pros And Cons Of Currensea Card…

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

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

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

There are likewise some interesting travel advantages if you select a paid strategy, but the totally free plan works fine. You can use here.

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

launch by doing one thing well, and totally free or more affordable than the competitors
include a growing number of functions which your existing consumers do not actually need or want

include constraints, fees or charges to the feature that made people get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Revolut, monzo and curve are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:

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

That’s it.

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

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

However, charge card which use rewards and charge 0% FX charges are few and far between. The only ‘points and miles’ options which provide a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS perhaps for you if:

you don’t have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another charge card specifically to use abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any costs and only a minimal FX mark-up (there is a little fee beyond �,� 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them cash when taking a trip.

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

You make your purchase in local currency (any currency, worldwide).
Your current account bank immediately validates that you have sufficient 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 totally free card,  adds a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automatic invest alert via the app, if you choose to install it.
The cash is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the diary, I decided to sprinkle 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 pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to occur (often in a different language) while not telling you about the expensive currency conversion fees occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.

In current years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards Currensea promises big savings (85%) and a terrific app.

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

What this means is you can spend money you have in your existing current account with less worry about lacking cash and the additional step. That does not suggest it is ideal.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, allowing us to make profits from our Necessary Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our strategies, full information can be discovered on our pricing strategies.

Subscription costs.
We charge a yearly membership charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership fee also removes all FX markup on transactions.

Interchange.
Whenever you invest with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and will not be charged to you. Pros And Cons Of Currensea Card