Currensea Metal Card Lounge Access – Best Travel Cards

A new fintech company which I was introduced to previously this year. Currensea Metal Card Lounge Access…

It has won a couple of awards over recent months for what it does (using you a low-priced way to spend abroad) but what I like about  is that it is easy as hell. This is a good idea.

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

Oh, and  is totally free to obtain, which also assists.

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

There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:

launch by doing something well, and totally free or cheaper than the competition
add increasingly more features which your existing clients do not truly want or require

add charges, constraints or charges to the feature that made individuals get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will ideally remain there. Monzo, curve and revolut are currently in Phase 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 immediately charges all purchases to your existing current account in Sterling, less a small 0.5% fee.

That’s it.

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

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

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

IS potentially for you if:

you do not have a credit card offering 0% FX fees and do not wish to affect 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 monthly without any fees and only 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 requires a basic, easy to understand payment card that will conserve them money when travelling.

How does  operate in practice?
It is, as I said previously, an extremely 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, globally).
Your current account bank automatically validates that you have enough 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,  includes a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automatic invest alert 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. With no 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 arranged to leave my HSBC account a couple of days later:.

Transforming pounds was pricey.

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

Luckily recently a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards  guarantees huge cost savings (85%) and a great app.

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

What this implies is you can invest money you have in your existing current account with less stress over running out of money and the extra action. However that does not suggest it is ideal.

In this Currensea review is the good, 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 Necessary Plan of 0.5% per deal, allowing us to make earnings from our Important Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, complete information can be found on our rates strategies.

Subscription charges.
We charge an annual subscription charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription charge also gets rid of all FX markup on transactions.

Interchange.
Every time you spend with your card we get a small % of the deal, called interchange, this comes directly from the merchant and will not be credited you. Currensea Metal Card Lounge Access