Currensea Card Delivery – Best Travel Cards

A new fintech company which I was presented to earlier this year. Currensea Card Delivery…

It has actually won a couple of awards over recent months for what it does (offering you a low-cost method to invest abroad) however what I like about  is that it is simple as hell. This is an advantage.

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

Oh, and  is free to obtain, which also helps.

There are likewise some fascinating travel advantages if you select a paid strategy, however the totally free 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 competition
add increasingly more functions which your existing consumers don’t really want or need

add restrictions, charges or fees to the function that made people get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Monzo, curve and revolut are currently in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

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

That’s it.

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

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

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

IS perhaps for you if:

you do not have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another charge card particularly to use abroad
you desire an item which permits you to make �,� 500 of foreign currency ATM withdrawals each month with no costs and just a very little FX mark-up (there is a small cost beyond �,� 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them cash when travelling.

How does  work in practice?
It is, as I said previously, a very basic procedure. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, worldwide).
Your bank account bank instantly verifies that you have enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% charge if you have the complimentary card. There are no fees if you have among their paid cards.
You get an automated spend notification via the app, if you select to install it.
The money is taken from your current account a few days later.
Here is an example. With no foreign travel in the diary, I decided to splash out and buy 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 couple of days later on:.

Transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to happen (often in a different language) while not telling you about the exorbitant currency conversion charges taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.

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

But I think 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 bank account with less worry about lacking cash and the extra action. That does not imply it is ideal.

In this Currensea review is the excellent, 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 Necessary Plan of 0.5% per transaction, permitting us to make revenue from our Essential Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our plans, complete details can be found on our rates plans.

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

Interchange.
Every time you spend with your card we receive a small % of the deal, known as interchange, this comes directly from the merchant and will not be credited you. Currensea Card Delivery