Currensea Holiday Card – Best Travel Cards

A new fintech company which I was presented to earlier this year. Currensea Holiday Card…

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

is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You just invest as you would on a regular debit card and the cash is taken from your current account– simply without the normal 3% cost.

Oh, and  is complimentary to request, which also assists.

There are likewise some interesting travel advantages if you pick a paid plan, however the totally free plan works fine. You can use here.

There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing one thing well, and totally free or more affordable than the competition
include more and more functions which your existing customers don’t actually want or require

add costs, charges or limitations to the function that made individuals get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Curve, monzo and revolut are already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:

It is a free direct debit card to use abroad and which automatically charges all purchases to your existing bank 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% forex charges, then you don’t need a  card, unless you want totally free ATM withdrawals. You can stop reading now.

Credit cards which provide benefits and charge 0% FX fees are couple of and far in between. The only ‘miles and points’ alternatives which offer a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.

IS perhaps for you if:

you do not have a charge card offering 0% FX fees and do not wish to impact 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 each month with no charges and just a minimal FX mark-up (there is a little charge beyond �,� 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them money when travelling.

How does  operate in practice?
It is, as I said earlier, an extremely basic procedure. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, globally).
Your current account bank automatically validates that you have adequate money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the free card. There are no fees if you have one of their paid cards.
You get an automated spend alert through the app, if you select to install it.
The money is drawn from your current account a couple of days later on.
Here is an example. With no foreign travel in the diary, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.

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

However converting pounds was costly.

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 inflated currency conversion costs happening in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.

Thankfully over the last few years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards  promises huge cost savings (85%) and an excellent app.

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

What this indicates is you can invest money you have in your existing bank account with less worry about running out of cash and the extra step. That does not imply it is best.

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

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

Subscription fees.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership cost also eliminates all FX markup on transactions.

Interchange.
Whenever you spend with your card we get a small % of the transaction, referred to as interchange, this comes directly from the merchant and will not be charged to you. Currensea Holiday Card