Currensea Frozen Card – Best Travel Cards

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

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

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

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

There are also some interesting travel benefits if you choose a paid strategy, but the totally free plan works fine. You can use here.

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

launch by doing something well, and free of charge or more affordable than the competitors
include more and more features which your existing customers do not really need or desire

include fees, restrictions or charges to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:

It is a complimentary direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.

That’s it.

You don’t (yet …) earn any airline miles or points for using it.

Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not require a  card, unless you want complimentary ATM withdrawals. You can stop reading now.

Nevertheless, credit cards which provide benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ choices which use 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 charge card offering 0% FX fees and do not wish to impact your credit report by getting another credit card particularly to use abroad
you want a product which allows you to make �,� 500 of foreign currency ATM withdrawals each month without any charges and only a very little FX mark-up (there is a little fee beyond �,� 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them money when taking a trip.

How does  work in practice?
It is, as I said previously, a really 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, globally).
Your current account bank instantly validates that you have sufficient cash 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 totally free card,  includes a 0.5% charge. There are no fees if you have among their paid cards.
You get an automatic spend notice by means of the app, if you select 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 shows �,� 4.33 arranged to leave my HSBC account a couple of days later:.

However transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to take place (frequently in a different language) while not telling you about the exorbitant currency conversion charges happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.

In current years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards Currensea guarantees huge savings (85%) and an excellent app.

But I believe the best bit might be what no other card does: links to your existing high street savings 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 additional action. But that does not indicate it is best.

In this Currensea evaluation is the good, 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 Vital Plan of 0.5% per deal, enabling us to make profits from our Vital Plan whilst remaining 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 discovered on our pricing strategies.

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

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