Currensea Card Cash Withdrawal – Best Travel Cards

A brand-new fintech business which I was introduced to previously this year. Currensea Card Cash Withdrawal…

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

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

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

There are also some fascinating travel advantages if you pick a paid strategy, but the complimentary plan works fine. You can use here.

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

launch by doing one thing well, and for free or cheaper than the competitors
include increasingly more functions which your existing customers don’t really require or want

include charges, constraints or charges to the feature that made people get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Revolut, curve and monzo are already in Phase 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:

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

That’s it.

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

Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not need a  card, unless you want complimentary ATM withdrawals. You can stop checking out now.

Credit cards which provide benefits and charge 0% FX fees are few and far in between. The only ‘miles and points’ options which use a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.

IS possibly for you if:

you don’t have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another charge card particularly to utilize abroad
you desire an item 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 charge beyond �,� 500).
you desire an item for you, your adult kids, moms and dads, 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  work in practice?
It is, as I stated earlier, a really easy process. You utilize 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 immediately validates that you have enough money 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 totally free card,  adds a 0.5% charge. There are no costs if you have one of their paid cards.
You get an automatic invest notice through the app, if you select to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.

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

Converting pounds was expensive.

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

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

I believe the finest bit may be what no other card does: connects to your existing high street bank account.

What this suggests is you can invest cash you have in your existing current account with less stress over lacking cash and the additional step. That does not suggest it is best.

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

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, allowing us to make revenue from our Necessary Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our strategies, full details can be discovered on our prices plans.

Membership charges.
We charge an annual subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription fee also eliminates all FX markup on transactions.

Interchange.
Each time you spend with your card we receive a small % of the transaction, called interchange, this comes directly from the merchant and won’t be credited you. Currensea Card Cash Withdrawal