Currensea Add A Payment Card – Best Travel Cards

A new fintech business which I was introduced to previously this year. Currensea Add A Payment Card…

It has actually won a couple of awards over recent months for what it does (using you a low-priced method to invest abroad) however what I like about  is that it is easy as hell. This is a good thing.

is, successfully, a direct debit travel card. You just invest as you would on a typical debit card and the cash is taken from your existing account– just without the normal 3% fee.

Oh, and  is free to get, which also helps.

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

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

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

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

It is a free direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 0.5% cost.

That’s it.

You don’t (yet …) make any airline company miles or points for utilizing it.

Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you don’t require a  card, unless you want free ATM withdrawals. You can stop reading now.

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

IS potentially for you if:

you do not have a credit card offering 0% FX costs and do not want to affect your credit report by getting another charge card specifically to use abroad
you desire a product which permits you to make �,� 500 of foreign currency ATM withdrawals each month with no fees and only a minimal FX mark-up (there is a small cost beyond �,� 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them money when travelling.

How does  work in practice?
It is, as I said earlier, an extremely basic procedure. You use your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, internationally).
Your bank account bank instantly validates that you have adequate money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card,  adds a 0.5% fee. There are no costs if you have among their paid cards.
You get an automatic invest notice through the app, if you choose to install it.
The cash is taken from your bank account a few days later.
Here is an example. With no foreign travel in the diary, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which reveals �,� 4.33 set up to leave my HSBC account a couple of days later on:.

Transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to happen (often in a various language) while not telling you about the inflated currency conversion fees taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.

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

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

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

In this Currensea review is the great, the bad, the unsightly 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 Essential Strategy of 0.5% per deal, enabling us to make earnings from our Essential Strategy whilst remaining 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 information can be discovered on our rates plans.

Membership costs.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership fee likewise removes all FX markup on deals.

Interchange.
Each time you invest with your card we get a little % of the deal, referred to as interchange, this comes directly from the merchant and will not be credited you. Currensea Add A Payment Card