Currensea Cant Read Card – Best Travel Cards

A brand-new fintech company which I was presented to earlier this year. Currensea Cant Read Card…

It has won a few awards over recent months for what it does (providing you a low-priced method to invest abroad) but what I like about  is that it is easy as hell. This is an advantage.

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

Oh, and  is free to request, which also assists.

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

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

launch by doing something well, and totally free or less expensive than the competition
add increasingly more features which your existing customers don’t truly desire or need

add charges, charges or restrictions to the function that made people get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Curve, monzo and revolut are currently in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:

It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.

That’s it.

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

Why would I want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not require a  card, unless you desire free ATM withdrawals. You can stop checking out now.

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

IS possibly for you if:

you do not have a charge card offering 0% FX charges and do not want 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 per month without any costs and only a minimal FX mark-up (there is a little cost beyond �,� 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them cash when taking a trip.

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

You make your purchase in local currency (any currency, globally).
Your current account bank instantly verifies that you have sufficient cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card,  includes a 0.5% fee. If you have one of their paid cards, there are no charges.
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 on.
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 few days later:.

But converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to occur (often in a different language) while not telling you about the outrageous currency conversion costs happening in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.

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

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

What this means is you can invest money you have in your existing current account with less fret about lacking money and the additional step. However that does not imply it is ideal.

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

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per deal, allowing us to make profits from our Important Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our plans, full information can be found on our pricing strategies.

Subscription fees.
We charge an annual membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription fee also gets rid of all FX markup on deals.

Interchange.
Every time you invest with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Currensea Cant Read Card