Best Prepaid Travel Card Like Currensea – Best Travel Cards

A new fintech company which I was presented to earlier this year. Best Prepaid Travel Card Like Currensea…

It has won a couple of awards over current months for what it does (offering you a low-cost way to invest abroad) but what I like about  is that it is simple as hell. This is a good idea.

is, effectively, a direct debit travel card. You just invest as you would on a regular debit card and the money is taken from your current account– simply without the usual 3% cost.

Oh, and  is free to look for, which also assists.

There are also some intriguing travel advantages if you pick a paid strategy, but the totally free plan works fine. You can apply here.

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

launch by doing something well, and totally free or less expensive than the competitors
add increasingly more functions which your existing customers do not truly desire or need

include charges, limitations or charges to the feature that made individuals get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Revolut, curve and monzo are currently in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:

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

That’s it.

You don’t (yet …) earn any airline company miles or points for using it.

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

Nevertheless, charge card which offer benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ choices which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.

IS possibly for you if:

you don’t have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another credit 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 only a very little FX mark-up (there is a small fee beyond �,� 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them cash when taking a trip.

How does  work in practice?
It is, as I said previously, an extremely 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, internationally).
Your bank account bank automatically 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. adds a 0.5% fee if you have the totally free card. There are no fees if you have among their paid cards.
You get an automatic spend notification via the app, if you select to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and purchase 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 few days later:.

Converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (frequently in a different language) while not telling you about the expensive currency conversion fees occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.

In recent years a handful of fantastic 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 may be what no other card does: connects to your existing high street bank account.

What this means is you can spend cash you have in your existing current account with less stress over lacking money and the extra step. However that does not suggest it is ideal.

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

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, enabling us to make revenue from our Necessary Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our strategies, full information can be found on our rates strategies.

Membership fees.
We charge an annual membership charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription charge also gets rid of 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 charged to you. Best Prepaid Travel Card Like Currensea