Currensea Card Samsung Pay – Best Travel Cards

A new fintech business which I was introduced to earlier this year. Currensea Card Samsung Pay…

It has won a few awards over recent months for what it does (using you an affordable method to spend abroad) but what I like about  is that it is basic as hell. This is a good idea.

is, effectively, a direct debit travel card. You merely invest as you would on a normal debit card and the cash is taken from your current account– simply without the usual 3% cost.

Oh, and  is free to apply for, which also helps.

There are also some intriguing travel benefits if you pick a paid strategy, however the free plan works fine. You can apply here.

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

launch by doing one thing well, and for free or less expensive than the competitors
include increasingly more functions which your existing customers do not really desire or require

add charges, limitations or charges to the feature that made people get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Revolut, monzo and curve are already in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:

It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.

That’s it.

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

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

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

IS potentially for you if:

you do not have a charge card offering 0% FX fees and do not wish to affect your credit report by getting another charge card particularly to use abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no costs and just a minimal FX mark-up (there is a small cost beyond �,� 500).
you want an item for you, your adult kids, moms and dads, partner or anyone 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 said previously, a very easy procedure. You use your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, globally).
Your current account bank automatically confirms that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card,  includes a 0.5% charge. There are no charges if you have among their paid cards.
You get an automated spend notice via the app, if you select to install it.
The money is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and buy 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:.

Converting pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to happen (typically in a different language) while not telling you about the outrageous currency conversion charges happening in the background. Do not get me began. Anyway back to the positives for a bit anyway.

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

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

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

In this Currensea review is the good, the bad, the awful and the alternatives, so that you can choose.

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, allowing us to make income from our Vital Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our strategies, full information can be found on our rates strategies.

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

Interchange.
Whenever you invest 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 Samsung Pay