Currensea Card Philippines – Best Travel Cards

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

It has won a couple of awards over current months for what it does (using you an affordable method to spend abroad) however what I like about  is that it is basic as hell. This is an advantage.

is, successfully, a direct debit travel card. You merely invest as you would on a regular debit card and the money is taken from your present account– simply without the normal 3% cost.

Oh, and  is free to get, which also helps.

There are also some intriguing travel advantages if you choose a paid strategy, however the free plan works fine. You can use here.

There is an organization design in fintech which Curve, Revolut, Monzo and so on have actually all followed:

launch by doing one thing well, and totally free or more affordable than the competition
add increasingly more functions which your existing customers do not really desire or need

add limitations, costs or charges to the feature that made individuals get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain there. Curve, Revolut and Monzo are already in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:

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

That’s it.

You do not (yet …) earn any airline company miles or points for utilizing it.

Why would I want to get a card?
If you have a charge card offering 0% forex fees, then you don’t need a  card, unless you want complimentary ATM withdrawals. You can stop reading now.

However, credit cards which use rewards and charge 0% FX charges are rare. The only ‘points and miles’ choices which provide a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS possibly for you if:

you do not 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 want a product which allows you to make �,� 500 of foreign currency ATM withdrawals each month without any fees and just a minimal FX mark-up (there is a little cost beyond �,� 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them cash when taking a trip.

How does  work in practice?
It is, as I stated previously, a very easy process. You utilize 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 confirms that you have sufficient cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card,  adds a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automatic invest notification through the app, if you pick to install it.
The money is drawn from your bank account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which reveals �,� 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 robbery that is almost to occur (typically in a different language) while not telling you about the expensive currency conversion fees taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

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

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

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

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per transaction, allowing us to make earnings from our Vital Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our plans, complete details can be discovered on our pricing plans.

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

Interchange.
Whenever you spend with your card we receive a little % of the transaction, called interchange, this comes straight from the merchant and will not be credited you. Currensea Card Philippines