Card Metal Currensea – Best Travel Cards

A new fintech business which I was presented to earlier this year. Card Metal Currensea…

It has actually won a couple of awards over recent months for what it does (offering you an inexpensive method to spend abroad) however what I like about  is that it is simple as hell. This is a good thing.

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 simply spend as you would on a normal debit card and the money is taken from your bank account– just without the typical 3% charge.

Oh, and  is free to look for, which likewise helps.

There are also some intriguing travel advantages if you select a paid strategy, however the complimentary strategy works fine. You can apply here.

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

launch by doing one thing well, and free of charge or less expensive than the competition
include a growing number of functions which your existing clients don’t truly need or desire

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

It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.

That’s it.

You do not (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 costs, then you do not need a  card, unless you want totally free ATM withdrawals. You can stop reading now.

However, charge card which offer benefits and charge 0% FX charges are rare. The only ‘miles and points’ options which offer a partial service are the Virgin Atlantic charge card which have 0% FX charges 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 credit card particularly to use abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals per month with no fees and only a very little FX mark-up (there is a small charge beyond �,� 500).
you desire an item for you, your adult kids, parents, 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  work in practice?
It is, as I said earlier, a very basic 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 bank account bank immediately verifies that you have sufficient money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card,  includes a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automatic invest alert through the app, if you choose to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. Without any foreign travel in the journal, 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 set up to leave my HSBC account a few days later:.

Transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to occur (often in a various language) while not telling you about the expensive currency conversion charges occurring in the background. Do not get me started. Anyway back to the positives for a bit anyhow.

Fortunately recently a handful of great travel debit cards have popped onto the scene … and like other great cards  promises huge cost savings (85%) and a fantastic app.

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

What this means is you can spend money you have in your existing current account with less worry about running out of cash and the extra step. That does not indicate 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 Plan of 0.5% per transaction, enabling us to make revenue from our Essential Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, full details can be found on our pricing strategies.

Subscription costs.
We charge an annual subscription fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription cost also removes all FX markup on deals.

Interchange.
Each time you spend with your card we receive a little % of the deal, referred to as interchange, this comes straight from the merchant and will not be charged to you. Card Metal Currensea