Currensea Card Refer A Friend – Best Travel Cards

A brand-new fintech business which I was presented to earlier this year. Currensea Card Refer A Friend…

It has actually won a couple of awards over current months for what it does (offering you a low-priced method to spend abroad) however what I like about  is that it is simple 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 just invest as you would on a normal debit card and the cash is drawn from your current account– just without the typical 3% fee.

Oh, and  is totally free to apply for, which also assists.

There are also some intriguing travel benefits if you select a paid strategy, but the free strategy works fine. You can use here.

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

launch by doing one thing well, and totally free or less expensive than the competition
add increasingly more functions which your existing clients do not truly require or desire

add fees, charges or restrictions 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 ideally remain there. Revolut, monzo and curve are already in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

It is a complimentary direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.

That’s it.

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

Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not need a  card, unless you desire complimentary ATM withdrawals. You can stop checking out now.

However, credit cards which offer benefits and charge 0% FX fees are rare. The only ‘points and miles’ options which offer a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS perhaps for you if:

you don’t have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another charge card specifically to use abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals monthly with no fees and only a very little FX mark-up (there is a small charge beyond �,� 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them cash when travelling.

How does  operate in practice?
It is, as I stated previously, a really basic 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 automatically verifies that you have adequate money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% fee if you have the totally free card. There are no charges if you have one of their paid cards.
You get an automated invest notification through the app, if you select to install it.
The cash is taken from your bank account a couple of days later.
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 shows �,� 4.33 arranged to leave my HSBC account a few days later:.

However transforming pounds was expensive.

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

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

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

What this implies is you can invest cash you have in your existing bank account with less worry about lacking cash and the extra step. However that does not mean it is best.

In this Currensea evaluation 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 Vital Strategy of 0.5% per deal, permitting us to make earnings from our Essential Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, full information can be found on our pricing strategies.

Subscription charges.
We charge a yearly subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription charge likewise removes all FX markup on deals.

Interchange.
Every time you spend with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and will not be credited you. Currensea Card Refer A Friend