About Currensea Card – Best Travel Cards

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

It has won a few awards over recent months for what it does (offering you an inexpensive way to invest abroad) but what I like about  is that it is basic as hell. This is an advantage.

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 regular debit card and the money is drawn from your bank account– just without the typical 3% fee.

Oh, and  is complimentary to apply for, which likewise helps.

There are also some intriguing travel advantages if you select a paid plan, however the free strategy works fine. You can use here.

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

launch by doing something well, and totally free or cheaper than the competition
include increasingly more functions which your existing clients don’t truly want or require

include costs, restrictions or charges to the feature that made individuals get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Monzo, revolut and curve are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:

It is a totally free direct debit card to utilize abroad and which instantly recharges 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 company miles or points for utilizing it.

Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t need a  card, unless you want free ATM withdrawals. You can stop reading now.

However, credit cards which use rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ alternatives which offer a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.

IS perhaps for you if:

you do not have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals per month with no fees and just a minimal FX mark-up (there is a small fee beyond �,� 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them money when taking a trip.

How does  work in practice?
It is, as I said previously, a very simple process. You use 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 automatically 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 on the currency. adds a 0.5% charge if you have the free card. 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 drawn from your current account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and purchase 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:.

Transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to take place (frequently in a different language) while not telling you about the exorbitant currency conversion costs happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.

In current years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea assures big cost savings (85%) and a great app.

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

What this implies is you can spend money you have in your existing bank account with less stress over lacking money and the additional action. That does not imply it is best.

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, enabling us to make revenue from our Necessary Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our strategies, complete information can be found on our pricing plans.

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

Interchange.
Whenever you spend with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. About Currensea Card