Cum Fac Card Currensea – Best Travel Cards

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

It has actually won a few awards over recent months for what it does (using you an inexpensive way to spend abroad) but what I like about  is that it is easy as hell. This is a good thing.

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

Oh, and  is complimentary to apply for, which also helps.

There are likewise some intriguing travel benefits if you choose a paid plan, however the complimentary strategy works fine. You can use here.

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

launch by doing something well, and totally free or cheaper than the competitors
add increasingly more features which your existing customers don’t actually require or desire

add restrictions, costs or charges to the feature that made people get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Curve, Revolut 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 immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.

That’s it.

You do not (yet …) make any airline miles or points for using it.

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

Nevertheless, charge card which offer benefits and charge 0% FX charges are rare. The only ‘miles and points’ options which offer a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.

IS potentially 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 credit card specifically to use abroad
you want a product which permits you to make �,� 500 of foreign currency ATM withdrawals each month with no charges and only a minimal FX mark-up (there is a small fee beyond �,� 500).
you desire a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them money when taking a trip.

How does  operate in practice?
It is, as I said earlier, an extremely 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, globally).
Your bank account bank immediately confirms that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on 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 automated spend alert through the app, if you choose to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, I chose to sprinkle 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 few days later:.

Converting pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to occur (typically in a different language) while not telling you about the outrageous currency conversion fees 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 terrific travel debit cards have actually popped onto the scene … and like other great cards Currensea assures huge cost savings (85%) and a great app.

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

What this means is you can invest money you have in your existing current account with less worry about lacking cash and the extra action. However that does not suggest it is perfect.

In this Currensea review is the good, 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 Vital Plan of 0.5% per transaction, permitting us to make income from our Necessary Plan whilst staying 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 plans, complete details can be discovered on our pricing strategies.

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

Interchange.
Every time you spend with your card we get a small % of the deal, called interchange, this comes directly from the merchant and will not be credited you. Cum Fac Card Currensea