Currensea Card Payment Fee – Best Travel Cards

A brand-new fintech business which I was introduced to previously this year. Currensea Card Payment Fee…

It has won a few awards over current months for what it does (offering you a low-cost way to invest abroad) however what I like about  is that it is easy as hell. This is a good idea.

is, efficiently, a direct debit travel card. You just spend as you would on a normal debit card and the cash is taken from your current account– just without the normal 3% charge.

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

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

There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:

launch by doing something well, and free of charge or more affordable than the competitors
add increasingly more functions which your existing customers do not actually want or need

add costs, constraints or charges to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Revolut, curve and monzo are currently in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:

It is a 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 …) 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% foreign exchange charges, then you don’t require a  card, unless you want free ATM withdrawals. You can stop reading now.

Credit cards which use rewards and charge 0% FX charges are couple of and far in between. The only ‘points and miles’ choices which use a partial option 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 charges and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you desire a product which permits you to make �,� 500 of foreign currency ATM withdrawals per month with no costs and just a minimal FX mark-up (there is a little fee beyond �,� 500).
you desire a product for you, your adult kids, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them money when travelling.

How does  operate in practice?
It is, as I stated earlier, a really 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 immediately validates that you have adequate 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% fee if you have the free card. If you have one of their paid cards, there are no charges.
You get an automatic invest alert through the app, if you choose to install it.
The cash is taken from your bank account a few days later.
Here is an example. With no foreign travel in the diary, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.

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

Converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (frequently in a different language) while not telling you about the inflated currency conversion charges occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

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

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

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

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

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make profits from our Necessary Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our plans, complete information can be discovered on our rates plans.

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

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