Currensea Card Temporary Hold – Best Travel Cards

A new fintech business which I was introduced to previously this year. Currensea Card Temporary Hold…

It has won a few awards over current months for what it does (using 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, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just spend as you would on a regular debit card and the money is taken from your current account– simply without the usual 3% charge.

Oh, and  is totally free to obtain, which also helps.

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

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

launch by doing one thing well, and for free or less expensive than the competition
add increasingly more functions which your existing consumers don’t actually want or require

add charges, constraints or fees 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 hopefully stay there. Monzo, curve and revolut 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 free direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 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% foreign exchange fees, then you do not require a  card, unless you desire free ATM withdrawals. You can stop reading now.

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

IS perhaps for you if:

you do not have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another credit card particularly to utilize abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals monthly without any charges and just a very little 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 requires a simple, easy to understand payment card that will save them money when travelling.

How does  operate in practice?
It is, as I stated earlier, a really 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, globally).
Your current account bank automatically validates that you have sufficient cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automated invest notice via the app, if you pick to install it.
The cash is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the diary, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.

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

Converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to happen (typically in a different language) while not telling you about the exorbitant currency conversion charges taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

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

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

What this suggests is you can invest cash you have in your existing bank account with less worry about lacking cash and the additional action. However that does not indicate it is best.

In this Currensea evaluation is the great, 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 Important Plan of 0.5% per transaction, permitting us to make earnings from our Important Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our strategies, complete information can be found on our rates strategies.

Membership charges.
We charge a yearly subscription charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription fee also eliminates 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 credited you. Currensea Card Temporary Hold