Currensea Freeze Card – Best Travel Cards

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

It has won a few awards over recent months for what it does (using you an affordable way to invest abroad) but what I like about  is that it is basic as hell. This is a good idea.

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

Oh, and  is free to apply for, which likewise assists.

There are likewise some intriguing travel benefits if you select a paid plan, but the complimentary 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 totally free or cheaper than the competitors
include a growing number of functions which your existing clients do not actually require or want

include charges, charges or restrictions to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Monzo, revolut and curve are already in Phase 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 complimentary direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.

That’s it.

You do not (yet …) earn 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 fees, then you do not require a  card, unless you desire free ATM withdrawals. You can stop reading now.

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

IS potentially for you if:

you don’t have a credit card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you desire a product which allows you to make �,� 500 of foreign currency ATM withdrawals each month with no fees and only a minimal FX mark-up (there is a little fee beyond �,� 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them cash when travelling.

How does  operate in practice?
It is, as I said earlier, a very easy procedure. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, globally).
Your bank account bank automatically validates that you have adequate money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost if you have the totally free card. If you have one of their paid cards, there are no fees.
You get an automated spend notice through the app, if you pick to install it.
The money is taken from your current account a few days later.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.

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

But transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to happen (often in a different language) while not telling you about the exorbitant currency conversion fees occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.

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

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

What this suggests is you can invest money you have in your existing bank account with less stress over running out of money and the additional step. But that does not indicate it is ideal.

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, enabling us to make profits from our Vital Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our strategies, complete information can be discovered on our prices strategies.

Subscription costs.
We charge a yearly subscription charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription cost also removes all FX markup on transactions.

Interchange.
Each time you invest with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Freeze Card