Add Card Currensea – Best Travel Cards

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

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

is, efficiently, 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 spend as you would on a typical debit card and the money is drawn from your bank account– just without the normal 3% cost.

Oh, and  is totally free to get, which likewise assists.

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

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

launch by doing one thing well, and for free or more affordable than the competition
add more and more functions which your existing customers don’t truly need or want

include constraints, charges or costs to the function that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will ideally remain there. Monzo, revolut and curve are currently in Stage 3 …
is easy enough that it passes my ‘Can you discuss 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 charges all purchases to your existing current account in Sterling, less a small 0.5% cost.

That’s it.

You do not (yet …) make any airline miles or points for using it.

Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not need a  card, unless you desire free ATM withdrawals. You can stop checking out now.

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

IS potentially for you if:

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

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

You make your purchase in local currency (any currency, worldwide).
Your bank account bank instantly confirms that you have enough cash in your account and authorises the deal.
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% charge. There are no costs if you have among their paid cards.
You get an automated invest alert via the app, if you choose to install it.
The cash is drawn from your current account a couple of days later on.
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 couple of days later on:.

But converting pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to happen (frequently in a various language) while not telling you about the exorbitant currency conversion costs taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.

Thankfully in the last few years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards  promises huge cost savings (85%) and a fantastic app.

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

What this indicates is you can spend money you have in your existing current account with less stress over running out of money and the additional step. That does not indicate it is ideal.

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 Necessary Strategy of 0.5% per transaction, allowing us to make profits from our Important Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our plans, full details can be found on our pricing plans.

Membership charges.
We charge a yearly subscription fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership cost also gets rid of all FX markup on transactions.

Interchange.
Every time you spend with your card we get a little % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. Add Card Currensea