Currensea Card Avis – Best Travel Cards

A new fintech business which I was introduced to earlier this year. Currensea Card Avis…

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

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

Oh, and  is complimentary to request, which likewise assists.

There are also some intriguing travel benefits if you select a paid strategy, but the totally free strategy works fine. You can use here.

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

launch by doing something well, and totally free or more affordable than the competitors
add a growing number of features which your existing consumers do not actually require or want

add restrictions, charges or charges to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Curve, Revolut and Monzo are currently in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:

It is a complimentary direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.

That’s it.

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

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

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

IS potentially for you if:

you do not have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another charge card particularly to use abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals each month with no fees and just a minimal FX mark-up (there is a little charge beyond �,� 500).
you want a product for you, your adult kids, moms and dads, 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 stated 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, internationally).
Your current account bank instantly confirms 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. adds a 0.5% charge if you have the complimentary card. There are no fees if you have among their paid cards.
You get an automatic spend notification through the app, if you select to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. With no foreign travel in the journal, 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 arranged 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 daylight break-in that is practically to happen (typically in a different language) while not telling you about the outrageous currency conversion fees occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.

In current years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards Currensea guarantees big cost savings (85%) and a terrific app.

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

What this means is you can spend money you have in your existing bank account with less fret about running out of cash and the extra action. But that does not imply it is perfect.

In this Currensea review is the excellent, 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 small FX markup on our Essential Strategy of 0.5% per transaction, enabling us to make profits from our Important Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our strategies, complete information can be discovered on our pricing plans.

Membership costs.
We charge a yearly subscription fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription cost likewise eliminates all FX markup on deals.

Interchange.
Every time you spend with your card we receive a small % of the deal, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Card Avis