Currensea Card Wilko – Best Travel Cards

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

It has won a few awards over current months for what it does (offering you an affordable method to invest abroad) however what I like about  is that it is basic as hell. This is a good thing.

is, effectively, a direct debit travel card. You simply spend as you would on a typical debit card and the money is taken from your current account– just without the typical 3% charge.

Oh, and  is totally free to make an application for, which likewise helps.

There are also some interesting travel advantages if you select a paid plan, however the free plan works fine. You can apply here.

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

launch by doing something well, and for free or more affordable than the competition
add a growing number of features which your existing clients don’t really desire or need

add charges, constraints or costs 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 ideally stay there. Monzo, curve and revolut are currently 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 instantly charges all purchases to your existing current account in Sterling, less a small 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 credit card offering 0% foreign exchange charges, then you do not need a  card, unless you desire free ATM withdrawals. You can stop checking out now.

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

IS potentially for you if:

you don’t have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another charge card particularly to use abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and just a minimal FX mark-up (there is a little fee beyond �,� 500).
you desire a product for you, your adult children, parents, partner or anybody 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 said previously, a really basic process. 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 bank account bank automatically verifies that you have adequate cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% fee if you have the complimentary card. There are no fees if you have one of their paid cards.
You get an automated invest notification via the app, if you select to install it.
The cash is drawn from your current account a few days later.
Here is an example. Without any foreign travel in the diary, I chose 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 couple of days later on:.

But transforming pounds was expensive.

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

Luckily over the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards  promises huge cost savings (85%) and a fantastic app.

I believe the best 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 current account with less worry about lacking cash and the extra action. That does not imply it is best.

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

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, permitting us to make income from our Important Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our plans, complete details can be discovered on our prices strategies.

Membership costs.
We charge a yearly membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription cost also gets rid of all FX markup on deals.

Interchange.
Every time you spend with your card we get a small % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. Currensea Card Wilko