Currensea Infinite Card – Best Travel Cards

A new fintech business which I was introduced to earlier this year. Currensea Infinite Card…

It has won a couple of awards over current months for what it does (providing you a low-cost way to invest abroad) but what I like about  is that it is easy as hell. This is an advantage.

is, successfully, a direct debit travel card. You simply invest as you would on a normal debit card and the money is taken from your current account– simply without the normal 3% cost.

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

There are also some intriguing travel benefits if you pick a paid plan, however the totally free plan works fine. You can apply here.

There is a company design in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing one thing well, and free of charge or cheaper than the competitors
add increasingly more features which your existing clients don’t really need or want

add charges, costs or constraints to the feature 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 ideally remain there. Curve, Revolut and Monzo 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 free direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.

That’s it.

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

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

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

IS potentially for you if:

you do not have a credit card offering 0% FX charges and do not want to impact your credit report by getting another charge card specifically to use abroad
you desire an item which permits you to make �,� 500 of foreign currency ATM withdrawals per month with no costs and only a minimal FX mark-up (there is a small fee beyond �,� 500).
you desire a product for you, your adult kids, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them money when travelling.

How does  work in practice?
It is, as I said earlier, a really easy process. 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 instantly validates that you have sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card,  adds a 0.5% charge. There are no fees if you have one of their paid cards.
You get an automatic invest notice through the app, if you pick to install it.
The cash is taken from your current account a few days later on.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.

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

But transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to occur (frequently in a different language) while not telling you about the inflated currency conversion costs occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

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

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

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

In this Currensea review is the great, 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 small FX markup on our Necessary Strategy of 0.5% per deal, allowing us to make revenue from our Vital Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, full details can be discovered on our prices plans.

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

Interchange.
Every time you invest with your card we receive a small % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Currensea Infinite Card