Best Way To Use Currensea Card – Best Travel Cards

A new fintech business which I was presented to previously this year. Best Way To Use Currensea Card…

It has won a couple of awards over recent months for what it does (providing you a low-priced way to invest abroad) but what I like about  is that it is basic 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 just invest as you would on a typical debit card and the money is taken from your current account– just without the usual 3% fee.

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

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

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

launch by doing one thing well, and for free or cheaper than the competitors
include a growing number of features which your existing consumers don’t truly desire or need

add charges, charges or constraints to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Monzo, curve and revolut are currently in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:

It is a complimentary direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.

That’s it.

You don’t (yet …) earn 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 charges, then you do not require a  card, unless you desire complimentary ATM withdrawals. You can stop checking out now.

Credit cards which provide rewards and charge 0% FX fees are few and far in between. The only ‘miles and points’ options which provide a partial solution 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 credit card offering 0% FX fees and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no fees and just a very little FX mark-up (there is a small fee beyond �,� 500).
you want an item for you, your adult children, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them money when taking a trip.

How does  work in practice?
It is, as I said earlier, a very easy 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 validates 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 upon the currency. adds a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automated spend alert through the app, if you pick to install it.
The money is taken from your current account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I chose to splash out and buy 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:.

However transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to occur (frequently in a various language) while not telling you about the exorbitant currency conversion charges occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.

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

I think the finest bit may 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 worry about running out of cash and the additional action. However that does not indicate it is perfect.

In this Currensea evaluation is the great, the bad, the awful and the options, so that you can choose.

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, allowing us to make revenue from our Important Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our plans, complete details 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 Strategy. The membership charge also removes all FX markup on transactions.

Interchange.
Each time you spend with your card we receive a small % of the deal, referred to as interchange, this comes straight from the merchant and will not be credited you. Best Way To Use Currensea Card