Currensea Card Design – Best Travel Cards

A new fintech business which I was introduced to previously this year. Currensea Card Design…

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

is, efficiently, a direct debit travel card. You merely invest as you would on a normal debit card and the money is taken from your existing account– simply without the typical 3% charge.

Oh, and  is totally free to request, which also assists.

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

There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:

launch by doing one thing well, and free of charge or less expensive than the competitors
include a growing number of functions which your existing consumers don’t truly desire or need

add restrictions, charges or charges to the function that made individuals get your item in the first place, eliminating any competitive advantage
is presently 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 pub in 30 seconds?’ test:

It is a totally free direct debit card to use abroad and which immediately recharges all purchases to your existing current 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 charge card offering 0% foreign exchange costs, then you don’t require a  card, unless you desire complimentary ATM withdrawals. You can stop reading now.

However, credit cards which use rewards and charge 0% FX fees are few and far between. The only ‘miles and points’ alternatives which use 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 charge card offering 0% FX fees and do not want to affect your credit report by getting another credit card specifically to use abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals per month without any costs and only a very little FX mark-up (there is a little cost beyond �,� 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them cash when taking a trip.

How does  work in practice?
It is, as I stated earlier, a very basic process. You use 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 validates that you have adequate cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% cost if you have the complimentary card. There are no fees if you have one of their paid cards.
You get an automated invest notification through the app, if you choose to install it.
The money is taken from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.

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

Converting pounds was pricey.

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

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

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

What this suggests is you can invest money you have in your existing current account with less worry about running out of cash and the additional action. That does not suggest it is ideal.

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

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per deal, enabling us to make profits from our Vital Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our plans, complete information can be discovered on our pricing strategies.

Membership fees.
We charge a yearly membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership fee also gets rid of all FX markup on transactions.

Interchange.
Each time you invest with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Currensea Card Design