Currensea Card Invite Friends – Best Travel Cards

A new fintech company which I was presented to previously this year. Currensea Card Invite Friends…

It has actually won a few awards over recent months for what it does (offering you a low-cost way to spend abroad) however what I like about  is that it is basic as hell. This is a good thing.

is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You simply invest as you would on a normal debit card and the money is taken from your current account– simply without the normal 3% fee.

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

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

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

launch by doing something well, and totally free or cheaper than the competitors
include more and more features which your existing customers do not really desire or need

add charges, limitations or costs to the function that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Revolut, curve and monzo are already in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:

It is a complimentary direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.

That’s it.

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

Why would I wish to get a card?
If you have a credit card offering 0% forex charges, then you don’t need a  card, unless you want totally free ATM withdrawals. You can stop checking out now.

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

IS potentially for you if:

you don’t have a charge card offering 0% FX costs and do not want to impact your credit report by getting another charge card specifically to use abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any costs and just a very little FX mark-up (there is a small cost beyond �,� 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will save them money when taking a trip.

How does  operate in practice?
It is, as I said previously, an extremely basic 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 bank account bank immediately confirms that you have sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card,  adds a 0.5% fee. There are no charges if you have among their paid cards.
You get an automated invest notification through the app, if you pick to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. With no foreign travel in the diary, 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 scheduled to leave my HSBC account a few days later on:.

But converting pounds was pricey.

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

Luckily recently a handful of great travel debit cards have actually popped onto the scene … and like other terrific cards  promises huge savings (85%) and a great app.

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

What this indicates is you can invest money you have in your existing current account with less fret about lacking cash and the extra action. However that does not suggest it is perfect.

In this Currensea evaluation is the excellent, the bad, the unsightly and the alternatives, so that you can decide.

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, allowing us to make income from our Vital Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our plans, full information can be discovered on our prices plans.

Subscription costs.
We charge a yearly subscription charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership charge likewise eliminates all FX markup on deals.

Interchange.
Whenever you invest with your card we receive a small % of the deal, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Invite Friends