Using Currensea Card – Best Travel Cards

A brand-new fintech company which I was presented to previously this year. Using Currensea Card…

It has actually won a few awards over recent months for what it does (using you a low-cost method to invest abroad) but what I like about  is that it is simple as hell. This is an advantage.

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 cash is taken from your current account– simply without the normal 3% fee.

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

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

There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing one thing well, and totally free or less expensive than the competition
add a growing number of functions which your existing clients do not actually require or desire

add charges, costs or limitations to the function that made people get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Curve, monzo 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 totally free direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.

That’s it.

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

Credit cards which offer benefits and charge 0% FX charges are couple of and far between. The only ‘miles and points’ choices which use a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.

IS potentially for you if:

you do not have a charge card offering 0% FX fees and do not want to impact your credit report by getting another credit card specifically to utilize abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and just a very little FX mark-up (there is a small fee beyond �,� 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires 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 earlier, a really simple procedure. 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 immediately verifies that you have sufficient money 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,  includes a 0.5% fee. There are no charges if you have among their paid cards.
You get an automatic spend notice through the app, if you choose to install it.
The money is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle 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 couple of days later:.

Converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to occur (frequently in a various language) while not telling you about the outrageous currency conversion fees taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyway.

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

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

What this means is you can spend cash you have in your existing bank account with less fret about running out of money and the additional step. That does not indicate it is perfect.

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

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, allowing us to make profits from our Necessary Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, complete information can be found on our pricing plans.

Subscription charges.
We charge a yearly subscription fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription cost also eliminates all FX markup on deals.

Interchange.
Every time you spend with your card we get a small % of the deal, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Using Currensea Card