Alimentare Card Currensea Cash – Best Travel Cards

A new fintech company which I was introduced to earlier this year. Alimentare Card Currensea Cash…

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

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

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

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

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

launch by doing something well, and for free or more affordable than the competition
add increasingly more features which your existing customers don’t actually require or want

include constraints, charges or costs to the function that made people get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Revolut, monzo and curve are currently in Phase 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 free 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 don’t (yet …) earn any airline miles or points for utilizing it.

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

Credit cards which provide benefits and charge 0% FX charges are few and far in between. The only ‘miles and points’ alternatives which offer a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.

IS perhaps for you if:

you don’t have a credit card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to use abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly with no charges and only a very little FX mark-up (there is a small fee beyond �,� 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them money when taking a trip.

How does  operate in practice?
It is, as I said earlier, a very basic process. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, worldwide).
Your current account bank instantly confirms that you have sufficient 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 complimentary card,  includes a 0.5% fee. There are no charges if you have one of their paid cards.
You get an automated invest notice through the app, if you pick to install it.
The cash is drawn from your current account a few days later.
Here is an example. Without any 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:.

Transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to happen (typically in a various language) while not telling you about the outrageous currency conversion costs taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyway.

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

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

What this implies is you can invest cash you have in your existing bank account with less worry about lacking cash and the additional action. That does not mean it is best.

In this Currensea review is the excellent, 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 Essential Plan of 0.5% per deal, allowing us to make earnings from our Important Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our plans, full information can be discovered on our rates plans.

Subscription fees.
We charge a yearly subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription fee likewise removes all FX markup on transactions.

Interchange.
Whenever you invest with your card we receive a small % of the deal, known as interchange, this comes directly from the merchant and will not be credited you. Alimentare Card Currensea Cash