Currensea International Card – Best Travel Cards

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

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

is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You merely spend as you would on a regular debit card and the cash is drawn from your bank account– simply without the typical 3% charge.

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

There are likewise some fascinating travel benefits if you select a paid plan, but the totally free plan works fine. You can use here.

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

launch by doing something well, and free of charge or more affordable than the competitors
add increasingly more functions which your existing clients don’t really need or desire

include charges, restrictions or costs to the function that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain there. Revolut, curve and monzo are currently in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:

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

That’s it.

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

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

However, credit cards which offer rewards and charge 0% FX costs are scarce. The only ‘miles and points’ choices which provide a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS perhaps for you if:

you don’t have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another credit card particularly to utilize abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no charges and only a very little FX mark-up (there is a small fee beyond �,� 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them cash when taking a trip.

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

You make your purchase in regional currency (any currency, worldwide).
Your current account bank immediately verifies that you have sufficient money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% fee if you have the complimentary card. There are no charges if you have among their paid cards.
You get an automated spend notice via the app, if you pick to install it.
The cash is taken from your bank account a few days later on.
Here is an example. Without any 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 shows �,� 4.33 set up to leave my HSBC account a couple of days later:.

Converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to occur (typically in a different language) while not telling you about the inflated currency conversion costs happening in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.

Luckily in the last few years a handful of terrific travel debit cards have popped onto the scene … and like other great cards  assures huge savings (85%) and a great app.

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

What this indicates is you can spend cash you have in your existing current account with less worry about lacking cash and the additional step. But that does not indicate it is best.

In this Currensea evaluation is the great, the bad, the unsightly and the alternatives, so that you can decide.

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

Membership fees.
We charge a yearly membership charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership cost also removes all FX markup on deals.

Interchange.
Every time you invest with your card we get a little % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea International Card