Currensea Card Declined But Still Charged – Best Travel Cards

A new fintech business which I was introduced to previously this year. Currensea Card Declined But Still Charged…

It has won a couple of awards over recent months for what it does (using you an inexpensive way to invest abroad) however what I like about  is that it is easy as hell. This is a good idea.

is, effectively, a direct debit travel card. You simply spend as you would on a typical debit card and the money is taken from your present account– simply without the normal 3% fee.

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

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

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

launch by doing one thing well, and for free or more affordable than the competition
include a growing number of functions which your existing clients don’t actually require or desire

add charges, restrictions or charges to the function that made individuals get your item 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 Phase 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 use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.

That’s it.

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

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

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

IS perhaps for you if:

you don’t have a charge card offering 0% FX charges and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly with no charges and just a very little FX mark-up (there is a small cost beyond �,� 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them money when travelling.

How does  work in practice?
It is, as I said previously, a very simple process. You use 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. If you have the complimentary card,  adds a 0.5% charge. There are no fees if you have among their paid cards.
You get an automatic invest alert through the app, if you pick to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. Without any 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 shows �,� 4.33 arranged to leave my HSBC account a couple of days later:.

However transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to occur (frequently in a different language) while not telling you about the expensive currency conversion costs occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

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

But I believe the best bit might be what no other card does: connects to your existing high street checking account.

What this suggests is you can invest money you have in your existing current account with less stress over lacking cash and the additional action. However that does not imply it is ideal.

In this Currensea review is the good, 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 small FX markup on our Vital Strategy of 0.5% per deal, permitting us to make income from our Vital Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our plans, complete details can be found on our pricing plans.

Membership fees.
We charge a yearly membership cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription charge also removes all FX markup on deals.

Interchange.
Each time you invest with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and will not be credited you. Currensea Card Declined But Still Charged