The Currensea Card – Best Travel Cards

A new fintech business which I was introduced to earlier this year. The Currensea Card…

It has won a few awards over current months for what it does (using you a low-cost way to spend 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 typical debit card and the cash is taken from your current account– just without the typical 3% cost.

Oh, and  is free to make an application for, which also helps.

There are likewise some fascinating travel advantages if you pick a paid strategy, but the free strategy works fine. You can apply here.

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

launch by doing something well, and totally free or cheaper than the competitors
add increasingly more functions which your existing clients do not truly need or want

add costs, constraints or charges to the feature that made individuals get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will ideally remain there. Monzo, revolut and curve are currently in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:

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

That’s it.

You do not (yet …) make 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 charges, then you do not need a  card, unless you desire totally free ATM withdrawals. You can stop checking out now.

However, credit cards which provide benefits and charge 0% FX fees are rare. The only ‘miles and points’ options which offer 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 costs and do not wish to affect your credit report by getting another charge card specifically to use abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals monthly without any costs and only a minimal FX mark-up (there is a small fee beyond �,� 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them cash when taking a trip.

How does  operate in practice?
It is, as I said earlier, a very basic 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 instantly confirms that you have enough money in your account and authorises the transaction.
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% fee. There are no charges if you have among their paid cards.
You get an automatic invest notice via the app, if you select to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which shows �,� 4.33 scheduled to leave my HSBC account a few days later:.

However transforming pounds was expensive.

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

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

However I believe the very 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 stress over lacking cash and the extra step. That does not indicate it is perfect.

In this Currensea review is the great, the bad, the unsightly 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 Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our plans, full details can be discovered on our rates plans.

Subscription costs.
We charge a yearly membership charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership fee likewise gets rid of all FX markup on deals.

Interchange.
Every time you invest with your card we get a small % of the transaction, referred to as interchange, this comes straight from the merchant and will not be charged to you. The Currensea Card