Benefits Of Using A Currensea Card – Best Travel Cards

A brand-new fintech company which I was introduced to earlier this year. Benefits Of Using A Currensea Card…

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

is, successfully, 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 merely spend as you would on a regular debit card and the cash is drawn from your bank account– simply without the usual 3% charge.

Oh, and  is totally free to obtain, which also assists.

There are also some intriguing travel benefits if you select a paid plan, but the complimentary strategy works fine. You can use here.

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

launch by doing something well, and free of charge or cheaper than the competitors
include more and more features which your existing consumers don’t really desire or need

include limitations, costs or charges to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Monzo, revolut and curve are already in Phase 3 …
is basic 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 automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.

That’s it.

You do not (yet …) earn any airline company 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 require a  card, unless you desire totally free ATM withdrawals. You can stop reading now.

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

IS possibly for you if:

you do not have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another charge card particularly to use abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals per month without any fees and just a minimal FX mark-up (there is a small cost beyond �,� 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who needs 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 really easy process. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, globally).
Your current account bank immediately verifies that you have sufficient money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card,  adds a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automated invest alert through the app, if you pick to install it.
The money is taken from your current account a couple of days later.
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 shows �,� 4.33 arranged to leave my HSBC account a few days later on:.

Converting pounds was costly.

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

Luckily over the last few years a handful of great travel debit cards have actually popped onto the scene … and like other excellent cards  promises big savings (85%) and a great 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 spend cash you have in your existing bank account with less stress over running out of cash and the extra action. But that does not indicate it is perfect.

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

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per deal, enabling us to make revenue from our Important Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our strategies, complete details can be found on our rates strategies.

Membership costs.
We charge a yearly subscription fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership fee also gets rid of all FX markup on deals.

Interchange.
Each time you invest with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and won’t be charged to you. Benefits Of Using A Currensea Card