Currensea Card Payment Declined – Best Travel Cards

A new fintech business which I was presented to previously this year. Currensea Card Payment Declined…

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

is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You merely invest as you would on a regular debit card and the cash is drawn from your bank account– just without the typical 3% fee.

Oh, and  is free to get, which likewise assists.

There are likewise some interesting travel advantages if you pick a paid strategy, but the free plan works fine. You can use here.

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

launch by doing one thing well, and totally free or more affordable than the competitors
include a growing number of functions which your existing clients do not truly desire or need

add constraints, costs or charges to the function that made people get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Monzo, curve and revolut are already in Phase 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 free direct debit card to utilize abroad and which immediately charges all purchases to your existing current 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 wish to get a card?
If you have a charge card offering 0% forex fees, then you don’t require a  card, unless you want free ATM withdrawals. You can stop checking out now.

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

IS possibly for you if:

you do not have a credit card offering 0% FX costs and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals each month with no fees and just a very little FX mark-up (there is a small fee beyond �,� 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them cash when taking a trip.

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

You make your purchase in local currency (any currency, internationally).
Your current account bank instantly confirms that you have adequate money 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 totally free card,  adds a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automated spend notification via 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. With no 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 scheduled to leave my HSBC account a few days later on:.

Transforming pounds was expensive.

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

Fortunately over the last few years a handful of terrific travel debit cards have popped onto the scene … and like other fantastic cards  assures big cost savings (85%) and an excellent app.

But I think the best bit might be what no other card does: links to your existing high street savings account.

What this indicates is you can spend money you have in your existing bank account with less fret about lacking cash and the extra action. But that does not imply it is best.

In this Currensea review is the good, the bad, the ugly and the options, so that you can decide.

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

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

Interchange.
Each time you invest with your card we get a small % of the transaction, called interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Payment Declined