Currensea Group Vault Card – Best Travel Cards

A new fintech company which I was introduced to previously this year. Currensea Group Vault Card…

It has won a few 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 basic as hell. This is a good idea.

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

Oh, and  is totally free to get, which likewise assists.

There are also some intriguing travel benefits if you pick a paid plan, however the complimentary plan works fine. You can use 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 cheaper than the competition
add increasingly more features which your existing consumers don’t actually want or need

include constraints, charges or charges to the function that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Monzo, revolut and curve are already in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:

It is a complimentary direct debit card to use abroad and which automatically 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 miles or points for using it.

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

Nevertheless, charge card which provide rewards and charge 0% FX fees are few and far between. The only ‘miles and points’ 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 do not have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another charge card specifically to use abroad
you want a product which permits you to make �,� 500 of foreign currency ATM withdrawals each month with no charges and just a very little FX mark-up (there is a small fee beyond �,� 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them cash when taking a trip.

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

You make your purchase in regional currency (any currency, internationally).
Your current account bank instantly confirms that you have sufficient cash in your account and authorises the transaction.
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% cost. There are no charges if you have among their paid cards.
You get an automated spend notice through the app, if you choose to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, I chose to splash 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 on:.

However transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to take place (often in a different language) while not telling you about the outrageous currency conversion fees occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.

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

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

What this means is you can spend money you have in your existing bank account with less stress over running out of cash and the additional step. However that does not mean it is best.

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per transaction, allowing us to make income from our Necessary Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our plans, complete details can be discovered on our rates plans.

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

Interchange.
Whenever you spend with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and won’t be credited you. Currensea Group Vault Card