Currensea Load From Credit Card – Best Travel Cards

A brand-new fintech business which I was presented to earlier this year. Currensea Load From Credit Card…

It has won a few awards over recent months for what it does (using you an inexpensive method to invest abroad) but what I like about  is that it is basic as hell. This is an advantage.

is, effectively, a direct debit travel card. You simply invest as you would on a typical debit card and the cash is taken from your existing account– simply without the typical 3% fee.

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

There are also some intriguing travel benefits if you choose a paid strategy, but the free plan works fine. You can use here.

There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing something well, and for free or cheaper than the competition
add a growing number of features which your existing customers do not actually need or desire

include charges, charges or limitations to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Revolut, monzo and curve are currently in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

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

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 credit card offering 0% forex fees, then you do not require a  card, unless you desire free ATM withdrawals. You can stop checking out now.

Nevertheless, charge card which use benefits and charge 0% FX costs are rare. The only ‘miles and points’ alternatives which use a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.

IS potentially for you if:

you do not have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another credit card particularly to use abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals per month without any fees and just a very little FX mark-up (there is a little charge beyond �,� 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them cash when travelling.

How does  work in practice?
It is, as I stated earlier, a very 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 immediately confirms that you have enough 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% charge if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automatic spend notification by means of the app, if you select to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle 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 expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to occur (often in a different language) while not telling you about the inflated currency conversion charges happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

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

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

What this indicates is you can invest money you have in your existing current account with less stress over running out of cash and the additional step. However that does not indicate it is best.

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

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per transaction, enabling us to make income 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 use over the totally free amount on all our plans, full details can be found on our rates strategies.

Membership costs.
We charge an annual subscription fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership cost also removes all FX markup on transactions.

Interchange.
Every time you spend with your card we receive a small % of the transaction, called interchange, this comes directly from the merchant and will not be charged to you. Currensea Load From Credit Card