What Do I Need To Get A Currensea Card – Best Travel Cards

A new fintech company which I was presented to previously this year. What Do I Need To Get A Currensea Card…

It has won a few awards over current months for what it does (using you a low-priced way to spend abroad) but what I like about  is that it is simple as hell. This is a good thing.

is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a regular debit card and the cash is drawn from your current account– simply without the typical 3% cost.

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

There are also some fascinating travel benefits if you choose a paid plan, however the free plan works fine. You can apply here.

There is a company 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
include increasingly more functions which your existing clients don’t truly want or need

include fees, restrictions or charges to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will ideally stay there. Curve, Revolut and Monzo are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

It is a free direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.

That’s it.

You do not (yet …) make 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.

However, credit cards which provide rewards and charge 0% FX fees are rare. The only ‘points and miles’ choices which provide a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS potentially for you if:

you do not have a charge card offering 0% FX costs and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals each month without any costs and only a very little FX mark-up (there is a little cost beyond �,� 500).
you desire a product for you, your adult kids, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them cash when travelling.

How does  work in practice?
It is, as I stated previously, a very simple procedure. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, internationally).
Your current account bank immediately validates that you have enough cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card,  adds a 0.5% cost. If you have one of their paid cards, there are no costs.
You get an automated spend notification by means of the app, if you pick 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 journal, 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 set up to leave my HSBC account a couple of days later:.

However transforming pounds was costly.

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

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

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

What this indicates is you can invest money you have in your existing bank account with less worry about running out of money and the additional step. That does not mean it is best.

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

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, enabling us to make profits from our Important Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, complete details can be discovered on our pricing strategies.

Membership costs.
We charge an annual subscription fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership cost also eliminates all FX markup on transactions.

Interchange.
Whenever you spend with your card we get a little % of the deal, called interchange, this comes straight from the merchant and will not be charged to you. What Do I Need To Get A Currensea Card