Currensea India – Best Travel Cards

A new fintech business which I was presented to previously this year. Currensea India…

It has won a couple of awards over current months for what it does (using 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, effectively, 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 simply spend as you would on a normal debit card and the cash is taken from your current account– just without the usual 3% charge.

Oh, and  is totally free to request, which also helps.

There are likewise some fascinating travel benefits if you choose a paid plan, but the complimentary strategy 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 for free or less expensive than the competitors
include more and more functions which your existing consumers do not actually desire or require

add fees, constraints or charges to the function that made people get your item in the first place, getting rid of 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 basic 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 recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.

That’s it.

You do not (yet …) make any airline company miles or points for using it.

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

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

IS possibly for you if:

you do not have a credit card offering 0% FX costs and do not want to affect your credit report by getting another charge card particularly to utilize abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals per month without any fees and just a minimal FX mark-up (there is a little cost beyond �,� 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who needs a basic, 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, a really simple process. You use 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 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. includes a 0.5% cost if you have the free card. There are no costs if you have one of their paid cards.
You get an automatic invest notification via the app, if you pick to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. Without any foreign travel in the journal, 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 set up 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 daylight burglary that is almost to take place (typically in a various language) while not telling you about the inflated currency conversion charges occurring in the background. Do not get me started. Anyway back to the positives for a bit anyhow.

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

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

In this Currensea review is the good, the bad, the ugly 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 Essential Plan of 0.5% per deal, enabling us to make profits from our Necessary Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our strategies, complete details can be discovered on our rates plans.

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

Interchange.
Whenever you spend with your card we receive a little % of the deal, called interchange, this comes straight from the merchant and won’t be credited you. Currensea India