Currensea Card Freeze – Best Travel Cards

A brand-new fintech company which I was introduced to previously this year. Currensea Card Freeze…

It has won a few awards over recent months for what it does (providing you an inexpensive way to invest abroad) however what I like about  is that it is simple as hell. This is an advantage.

is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You simply spend as you would on a regular debit card and the money is taken from your bank account– just without the usual 3% charge.

Oh, and  is complimentary to apply for, which likewise helps.

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

There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing one thing well, and free of charge or less expensive than the competition
add more and more functions which your existing customers do not actually require or want

add charges, fees or restrictions to the feature that made individuals get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Curve, monzo and revolut are already in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:

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

That’s it.

You don’t (yet …) earn any airline company 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 don’t need a  card, unless you desire totally free ATM withdrawals. You can stop reading now.

Credit cards which offer rewards and charge 0% FX costs 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 costs in the Euro zone.

IS possibly for you if:

you don’t have a charge card offering 0% FX fees and do not wish to affect 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 per month without any costs and only a minimal FX mark-up (there is a little charge beyond �,� 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them cash when travelling.

How does  operate in practice?
It is, as I stated earlier, a really easy procedure. You use your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, worldwide).
Your bank account bank immediately validates that you have enough money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% fee if you have the free card. If you have one of their paid cards, there are no costs.
You get an automated invest notification via the app, if you choose to install it.
The cash is taken from your current account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.

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

Transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to occur (often in a different language) while not telling you about the expensive currency conversion fees taking place in the background. Do not get me began. Anyway back to the positives for a bit anyway.

Thankfully in recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards  assures big savings (85%) and an excellent app.

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

What this suggests is you can invest money you have in your existing current account with less stress over running out of cash and the extra action. That does not indicate it is best.

In this Currensea review is the great, 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 nominal FX markup on our Important Strategy of 0.5% per deal, allowing us to make profits from our Necessary 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 totally free amount on all our plans, full details can be found on our rates strategies.

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

Interchange.
Whenever you invest with your card we get a little % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. Currensea Card Freeze