Currensea Contact – Best Travel Cards

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

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

is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You simply invest as you would on a typical debit card and the money is taken from your current account– simply without the usual 3% charge.

Oh, and  is complimentary to make an application for, which also assists.

There are also some fascinating travel advantages if you pick a paid strategy, but the complimentary plan works fine. You can use here.

There is a service model 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 a growing number of features which your existing clients do not really require or desire

include restrictions, charges or charges to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will ideally stay there. Revolut, monzo and curve are already in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:

It is a totally free direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.

That’s it.

You do not (yet …) make any airline miles or points for utilizing it.

Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you don’t need a  card, unless you want free ATM withdrawals. You can stop checking out now.

Credit cards which provide rewards and charge 0% FX costs are few and far in between. The only ‘miles and points’ options which offer a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.

IS possibly for you if:

you don’t have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another charge card specifically to utilize abroad
you want a product which permits you to make �,� 500 of foreign currency ATM withdrawals per month with no costs and only a minimal FX mark-up (there is a small fee beyond �,� 500).
you desire an item 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 cash when travelling.

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

You make your purchase in regional currency (any currency, worldwide).
Your current account bank instantly validates 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. If you have the complimentary card,  includes a 0.5% cost. If you have one of their paid cards, there are no costs.
You get an automatic invest notice through the app, if you choose to install it.
The money is drawn from your bank account a few days later.
Here is an example. With no foreign travel in the journal, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.

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

Transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to occur (frequently in a different language) while not telling you about the inflated currency conversion costs taking place in the background. Do not get me started. Anyhow 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 terrific cards Currensea promises big cost savings (85%) and a fantastic app.

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

What this suggests is you can invest cash you have in your existing current account with less fret about lacking cash and the extra action. However that does not mean it is best.

In this Currensea review is the great, the bad, the awful and the alternatives, so that you can choose.

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, enabling us to make income from our Important Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, complete details can be found on our rates strategies.

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

Interchange.
Whenever you invest with your card we receive a little % of the transaction, called interchange, this comes straight from the merchant and will not be credited you. Currensea Contact