Currensea Bank Debit Card – Best Travel Cards

A brand-new fintech company which I was presented to previously this year. Currensea Bank Debit Card…

It has won a few awards over recent months for what it does (using you a low-cost way to spend abroad) but what I like about  is that it is easy 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 current account. There is nothing to top-up or prepay. You just invest as you would on a normal debit card and the cash is drawn from your current account– just without the usual 3% cost.

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

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

There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:

launch by doing one thing well, and for free or cheaper than the competition
include more and more functions which your existing clients do not actually want or need

add charges, limitations or costs to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will ideally stay there. Curve, monzo and revolut are already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:

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

That’s it.

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

Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you do not require a  card, unless you desire free ATM withdrawals. You can stop checking out now.

However, credit cards which provide rewards and charge 0% FX fees are scarce. The only ‘points and miles’ options which use a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.

IS perhaps for you if:

you do not have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another credit card specifically to use abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals per month without any charges and only a minimal FX mark-up (there is a little charge beyond �,� 500).
you desire a product for you, your adult kids, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them cash when travelling.

How does  work in practice?
It is, as I said previously, a very simple process. You utilize 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 confirms that you have enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost if you have the free card. There are no costs if you have one of their paid cards.
You get an automated spend notice via the app, if you select to install it.
The cash is taken from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, I decided to sprinkle 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 few days later on:.

However transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to happen (frequently in a various language) while not telling you about the outrageous currency conversion charges happening in the background. Don’t get me started. Anyway back to the positives for a bit anyway.

In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other terrific cards Currensea guarantees huge savings (85%) and an excellent app.

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

What this indicates is you can spend money you have in your existing current account with less stress over lacking cash and the extra action. That does not indicate it is best.

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 Important Strategy of 0.5% per deal, enabling us to make revenue 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 usage over the complimentary quantity on all our strategies, complete details can be discovered on our rates plans.

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

Interchange.
Whenever 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 credited you. Currensea Bank Debit Card