Currensea Card Use – Best Travel Cards

A new fintech company which I was presented to previously this year. Currensea Card Use…

It has actually won a couple of awards over recent months for what it does (offering you a low-priced way to invest abroad) but what I like about  is that it is simple as hell. This is a good thing.

is, efficiently, 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 merely spend as you would on a typical debit card and the cash is drawn from your current account– just without the usual 3% fee.

Oh, and  is complimentary to request, which likewise assists.

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

There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing something well, and totally free or more affordable than the competition
add increasingly more features which your existing consumers do not really need or want

add fees, charges or constraints 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 process and will hopefully remain there. Monzo, revolut and curve are currently in Stage 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:

It is a totally free direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.

That’s it.

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

Why would I wish 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 reading now.

Credit cards which offer rewards and charge 0% FX fees are couple of and far in between. The only ‘miles and points’ options which offer a partial option are the Virgin Atlantic charge card which have 0% FX costs 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 affect your credit report by getting another credit card specifically to use abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals monthly without any fees and only a very little FX mark-up (there is a little cost beyond �,� 500).
you desire a product for you, your adult kids, parents, partner or anyone else in your life who needs a basic, easy to understand payment card that will save them money when travelling.

How does  operate in practice?
It is, as I stated earlier, a very simple procedure. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, internationally).
Your bank account bank instantly confirms that you have enough money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the totally free card. There are no charges if you have one of their paid cards.
You get an automated spend notice through the app, if you choose to install it.
The cash is drawn from your current account a few days later.
Here is an example. With no foreign travel in the journal, 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 couple of days later:.

Converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to occur (often in a different language) while not telling you about the outrageous currency conversion charges happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.

Thankfully over the last few years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards  promises big savings (85%) and a terrific app.

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

What this suggests is you can spend cash you have in your existing bank account with less worry about running out of cash and the additional step. That does not mean it is ideal.

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, enabling us to make income from our Important Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our strategies, complete details can be discovered on our rates plans.

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

Interchange.
Whenever you spend with your card we receive a small % of the deal, known as interchange, this comes directly from the merchant and won’t be credited you. Currensea Card Use