Using A Credit Card To Top Up Currensea – Best Travel Cards

A new fintech business which I was introduced to earlier this year. Using A Credit Card To Top Up Currensea…

It has won a few awards over current months for what it does (using you an affordable method 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. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You simply invest as you would on a typical debit card and the money is drawn from your bank account– simply without the normal 3% fee.

Oh, and  is free to request, which also helps.

There are also some interesting travel advantages if you choose a paid plan, however the free strategy works fine. You can apply 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 for free or more affordable than the competitors
add a growing number of features which your existing customers don’t really require or want

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

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

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% foreign exchange fees, then you don’t require a  card, unless you desire free ATM withdrawals. You can stop checking out now.

Nevertheless, charge card which offer benefits and charge 0% FX charges are scarce. The only ‘points and miles’ alternatives which provide a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.

IS perhaps 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 charge card specifically to use abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals each month without any charges and only a minimal FX mark-up (there is a little fee beyond �,� 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them money when travelling.

How does  operate in practice?
It is, as I said previously, a really easy process. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, worldwide).
Your current account bank automatically validates that you have adequate cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card,  adds a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automated invest alert through the app, if you choose to install it.
The money is taken from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I decided to splash out and purchase 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 few days later:.

However converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to happen (typically in a various language) while not telling you about the expensive currency conversion charges happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.

Thankfully over the last few years a handful of terrific travel debit cards have popped onto the scene … and like other fantastic cards  assures huge cost 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 indicates is you can spend cash you have in your existing current account with less fret about lacking money and the extra action. But that does not mean it is perfect.

In this Currensea review is the great, the bad, the awful 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 Vital Plan of 0.5% per transaction, enabling us to make earnings from our Essential Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our strategies, complete information can be found on our rates strategies.

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

Interchange.
Every time you invest with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. Using A Credit Card To Top Up Currensea