Currensea Change Top Up Card – Best Travel Cards

A new fintech business which I was introduced to previously this year. Currensea Change Top Up Card…

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

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

Oh, and  is free to get, which also assists.

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

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

launch by doing one thing well, and totally free or less expensive than the competitors
add a growing number of functions which your existing clients do not actually desire or need

add constraints, fees or charges to the feature that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Curve, Revolut and Monzo are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the bar 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% fee.

That’s it.

You do not (yet …) earn any airline 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 don’t need a  card, unless you desire totally free ATM withdrawals. You can stop checking out now.

Nevertheless, charge card which offer benefits and charge 0% FX fees are scarce. The only ‘points and miles’ alternatives which provide 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 charge card offering 0% FX fees and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals per month without any costs and only a very little FX mark-up (there is a little charge beyond �,� 500).
you want an item for you, your adult children, moms and dads, 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 said earlier, an extremely simple process. You use your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, worldwide).
Your bank account bank instantly validates that you have adequate 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. If you have the complimentary card,  includes a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automated invest alert by means of the app, if you pick to install it.
The cash is drawn from your bank account a few days later.
Here is an example. Without any foreign travel in the journal, I decided to splash out and purchase 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 on:.

However converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to happen (frequently in a various language) while not telling you about the outrageous currency conversion costs happening in the background. Don’t get me started. Anyway back to the positives for a bit anyway.

In recent years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards Currensea promises big cost savings (85%) and a terrific app.

However 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 money you have in your existing bank account with less stress over lacking money and the additional action. But that does not indicate it is best.

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

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, permitting us to make profits from our Necessary Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our strategies, complete information can be found on our prices strategies.

Membership costs.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription cost likewise gets rid of all FX markup on transactions.

Interchange.
Every time you invest with your card we receive a little % of the deal, known as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Change Top Up Card