Refer A Friend Currensea Card – Best Travel Cards

A new fintech company which I was presented to previously this year. Refer A Friend Currensea Card…

It has won a few awards over current months for what it does (providing you a low-cost way to invest abroad) however what I like about  is that it is basic as hell. This is an advantage.

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

Oh, and  is totally free to request, which likewise assists.

There are likewise some intriguing travel benefits if you select a paid strategy, but the free strategy works fine. You can use here.

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

launch by doing something well, and free of charge or cheaper than the competitors
add a growing number of features which your existing clients do not truly need or desire

include charges, constraints or costs to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Revolut, monzo and curve are already in Phase 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 automatically charges all purchases to your existing bank account in Sterling, less a small 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 credit card offering 0% forex costs, then you do not need a  card, unless you want free ATM withdrawals. You can stop reading now.

Credit cards which provide rewards and charge 0% FX costs are few and far in between. The only ‘points and miles’ alternatives which provide a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS potentially for you if:

you do not have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card particularly to use abroad
you want an item which enables 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 cost beyond �,� 500).
you want an item for you, your adult children, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them cash when taking a trip.

How does  work in practice?
It is, as I said previously, an extremely easy procedure. You utilize 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 instantly verifies that you have enough cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% cost if you have the free card. If you have one of their paid cards, there are no costs.
You get an automatic spend notification via the app, if you choose to install it.
The money is drawn from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, 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 scheduled to leave my HSBC account a couple of days later on:.

Converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to take place (typically in a different language) while not telling you about the outrageous currency conversion charges occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.

Fortunately recently a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards  assures big cost savings (85%) and a great app.

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

What this means is you can invest cash you have in your existing current account with less stress over lacking money and the extra action. That does not imply it is ideal.

In this Currensea evaluation is the excellent, the bad, the awful and the options, so that you can decide.

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, permitting us to make income from our Vital Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our plans, full details can be found on our pricing plans.

Membership fees.
We charge a yearly membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription fee likewise gets rid of all FX markup on transactions.

Interchange.
Every time you spend with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Refer A Friend Currensea Card