Currensea Credit Card Or Debit Card – Best Travel Cards

A new fintech business which I was introduced to previously this year. Currensea Credit Card Or Debit Card…

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

is, efficiently, a direct debit travel card. You merely invest as you would on a normal debit card and the money is taken from your existing account– just without the normal 3% charge.

Oh, and  is totally free to apply for, which also assists.

There are also some interesting travel benefits if you select 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 actually all followed:

launch by doing something well, and free of charge or more affordable than the competition
add a growing number of features which your existing customers do not actually want or require

add charges, restrictions or fees to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Revolut, curve and monzo are currently in Stage 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:

It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing current 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 credit card offering 0% forex fees, then you do not require a  card, unless you want totally free ATM withdrawals. You can stop checking out now.

Credit cards which offer rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ choices which use a partial service 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 costs and do not wish to impact your credit report by getting another charge card particularly to utilize abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals per month with no charges and just a very little FX mark-up (there is a small cost beyond �,� 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them money when taking a trip.

How does  work 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, worldwide).
Your bank account bank instantly verifies that you have adequate cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on 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 spend notification via the app, if you choose to install it.
The money is drawn from your current account a few days later on.
Here is an example. Without any foreign travel in the journal, I decided to splash 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:.

Converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to take place (frequently in a different language) while not telling you about the inflated currency conversion charges happening in the background. Do not get me started. Anyway back to the positives for a bit anyway.

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

However I believe 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 invest cash you have in your existing bank account with less fret about running out of cash and the extra action. That does not suggest it is ideal.

In this Currensea evaluation is the good, the bad, the unsightly and the alternatives, so that you can choose.

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per deal, enabling us to make profits from our Vital Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, complete details can be found on our pricing plans.

Subscription fees.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership fee likewise gets rid of all FX markup on deals.

Interchange.
Each time you spend with your card we receive a little % of the transaction, referred to as interchange, this comes straight from the merchant and will not be credited you. Currensea Credit Card Or Debit Card