Currensea Card Transfer Limit – Best Travel Cards

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

It has actually won a couple of awards over recent months for what it does (offering you an inexpensive method to spend abroad) however what I like about  is that it is simple as hell. This is an advantage.

is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You just spend as you would on a normal debit card and the cash is drawn from your current account– simply without the usual 3% cost.

Oh, and  is totally free to request, which likewise helps.

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

There is a business 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 consumers don’t truly require or desire

include charges, limitations or fees to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Curve, monzo and revolut are already in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:

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

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 costs, then you don’t require a  card, unless you desire complimentary ATM withdrawals. You can stop checking out now.

Credit cards which offer benefits and charge 0% FX fees are few and far in between. The only ‘miles and points’ choices which use a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.

IS possibly for you if:

you don’t have a credit card offering 0% FX charges and do not want to affect your credit report by getting another charge card specifically to use abroad
you desire an item which permits you to make �,� 500 of foreign currency ATM withdrawals monthly without any fees and just a minimal FX mark-up (there is a little cost beyond �,� 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them money when taking a trip.

How does  work in practice?
It is, as I stated earlier, a really simple 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 current account bank immediately validates that you have adequate money 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 totally free card,  adds a 0.5% fee. There are no fees if you have one of their paid cards.
You get an automatic invest notification through the app, if you select to install it.
The money is drawn from your current account a couple of days later.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.

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

However converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to take place (often in a different language) while not telling you about the exorbitant currency conversion charges happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.

Luckily in the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards  promises big savings (85%) and an excellent app.

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

What this suggests is you can spend cash you have in your existing current account with less fret about lacking money and the additional step. That does not indicate it is ideal.

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

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

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

Interchange.
Every time you invest with your card we receive a small % of the transaction, called interchange, this comes directly from the merchant and will not be credited you. Currensea Card Transfer Limit