Card Currensea Visa – Best Travel Cards

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

It has won a few awards over recent months for what it does (offering you a low-priced way to spend abroad) however what I like about  is that it is easy as hell. This is a good idea.

is, effectively, a direct debit travel card. You just spend as you would on a normal debit card and the money is taken from your present account– just without the normal 3% charge.

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

There are also some fascinating travel benefits if you pick a paid plan, however the free strategy works fine. You can apply here.

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

launch by doing something well, and for free or cheaper than the competitors
include a growing number of features which your existing customers don’t really need or want

include charges, limitations or charges to the function that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Curve, Revolut and Monzo are already in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club 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 …) make any airline company miles or points for using it.

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

Credit cards which offer benefits and charge 0% FX costs are couple of 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 fees in the Euro zone.

IS possibly for you if:

you do not have a charge card offering 0% FX fees and do not want to affect your credit report by getting another charge card specifically to use abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals each month without any fees and just a very little FX mark-up (there is a little cost beyond �,� 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them money when travelling.

How does  operate in practice?
It is, as I said earlier, a very 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, internationally).
Your current account bank immediately validates that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% cost if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automatic invest notice via the app, if you choose to install it.
The money is drawn from your bank account a few days later.
Here is an example. With no foreign travel in the diary, 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 couple of days later on:.

Converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to take place (typically in a different language) while not telling you about the outrageous currency conversion charges happening in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.

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

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

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

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per transaction, permitting us to make earnings from our Vital Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our strategies, complete details can be discovered on our rates plans.

Subscription charges.
We charge an annual membership cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription cost also removes all FX markup on transactions.

Interchange.
Every time you spend with your card we receive a small % of the transaction, known as interchange, this comes directly from the merchant and will not be charged to you. Card Currensea Visa