Currensea Card Accept Forgein Currencies – Best Travel Cards

A new fintech company which I was introduced to previously this year. Currensea Card Accept Forgein Currencies…

It has actually won a couple of awards over current months for what it does (offering you an affordable way to spend abroad) but what I like about  is that it is simple as hell. This is a good idea.

is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You simply invest as you would on a regular debit card and the cash is taken from your current account– simply without the typical 3% charge.

Oh, and  is complimentary to get, which likewise helps.

There are also some fascinating travel advantages if you select a paid strategy, however the totally free plan works fine. You can apply here.

There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:

launch by doing something well, and free of charge or less expensive than the competitors
include increasingly more functions which your existing consumers do not actually need or want

add fees, limitations or charges to the feature that made individuals 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. Monzo, revolut and curve are already in Stage 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 use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.

That’s it.

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

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

However, credit cards which provide rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ choices which provide a partial service 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 fees 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 each month without any fees and only a very little FX mark-up (there is a small fee beyond �,� 500).
you want an item for you, your adult children, parents, partner or anyone 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 easy 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 current account bank instantly confirms that you have adequate cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% fee if you have the free card. There are no fees if you have among their paid cards.
You get an automatic invest notification by means of the app, if you select to install it.
The money is taken from your current account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.

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

However converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (typically in a various language) while not telling you about the expensive currency conversion costs occurring in the background. Do not get me started. Anyway back to the positives for a bit anyway.

Luckily in recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other excellent cards  assures huge savings (85%) and a fantastic app.

I think the finest bit might 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 stress over running out of money and the additional action. But that does not mean it is best.

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

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per transaction, enabling us to make income from our Important Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our strategies, full details can be discovered on our rates strategies.

Subscription charges.
We charge an annual subscription fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership fee also removes all FX markup on deals.

Interchange.
Every time you spend with your card we get a little % of the transaction, known as interchange, this comes straight from the merchant and won’t be credited you. Currensea Card Accept Forgein Currencies