Changing Top Up Card On Currensea – Best Travel Cards

A new fintech business which I was introduced to earlier this year. Changing Top Up Card On Currensea…

It has won a couple of awards over recent months for what it does (using you an inexpensive way to spend abroad) however what I like about  is that it is basic as hell. This is an advantage.

is, effectively, 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 invest as you would on a regular debit card and the money is taken from your bank account– simply without the normal 3% charge.

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

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

There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:

launch by doing something well, and for free or more affordable than the competition
include a growing number of features which your existing clients do not actually need or want

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

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

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 do not need a  card, unless you want free ATM withdrawals. You can stop checking out now.

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

IS perhaps for you if:

you don’t have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another charge card specifically to use abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any fees and only a minimal FX mark-up (there is a little fee beyond �,� 500).
you desire a product 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 travelling.

How does  operate in practice?
It is, as I said previously, a very basic process. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, globally).
Your current account bank immediately verifies 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. includes a 0.5% cost if you have the complimentary card. There are no charges if you have one of their paid cards.
You get an automatic spend notification through the app, if you pick to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. Without any foreign travel in the journal, I chose to splash 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 couple of days later:.

But transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to take place (frequently in a different language) while not telling you about the expensive currency conversion charges taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyway.

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

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

What this indicates is you can spend cash you have in your existing current account with less stress over running out of money and the extra step. However that does not indicate it is best.

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

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, enabling us to make income from our Essential Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our strategies, full details can be discovered on our prices plans.

Membership charges.
We charge a yearly subscription charge 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.
Whenever you invest with your card we receive a small % of the deal, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Changing Top Up Card On Currensea