Currensea Credit Card Portugal – Best Travel Cards

A brand-new fintech business which I was presented to previously this year. Currensea Credit Card Portugal…

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

is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You merely spend as you would on a normal debit card and the money is drawn from your bank account– just without the usual 3% charge.

Oh, and  is free to apply for, which also helps.

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

There is a company model in fintech which Curve, Revolut, Monzo etc have actually all followed:

launch by doing one thing well, and free of charge or cheaper than the competition
add increasingly more features which your existing customers do not truly need or desire

add charges, charges or limitations 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 procedure and will ideally stay there. Revolut, curve and monzo are currently in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

It is a totally free direct debit card to utilize abroad and which immediately charges 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 company miles or points for using it.

Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not need a  card, unless you want complimentary ATM withdrawals. You can stop checking out now.

However, credit cards which use benefits and charge 0% FX charges are rare. The only ‘miles and points’ options which provide a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS potentially for you if:

you do not have a credit 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 allows you to make �,� 500 of foreign currency ATM withdrawals per month with no fees and just a very little FX mark-up (there is a small charge beyond �,� 500).
you desire a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs a simple, 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, an extremely simple procedure. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, worldwide).
Your bank account bank automatically verifies that you have sufficient money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card,  adds a 0.5% fee. If you have one of their paid cards, there are no fees.
You get an automatic spend alert via the app, if you select to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and purchase 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:.

But converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to happen (often in a various language) while not telling you about the expensive currency conversion charges happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.

In current years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea assures huge cost savings (85%) and a great app.

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

What this means is you can spend cash you have in your existing bank account with less worry about running out of money and the additional step. But that does not indicate it is ideal.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, enabling us to make revenue from our Essential 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 information can be discovered on our rates plans.

Membership charges.
We charge an annual membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription fee also removes all FX markup on deals.

Interchange.
Each time you invest with your card we get a little % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Currensea Credit Card Portugal