Currensea Metal Card Review – Best Travel Cards

A new fintech business which I was presented to previously this year. Currensea Metal Card Review…

It has won a few awards over current months for what it does (offering you a low-priced way to invest abroad) but what I like about  is that it is simple as hell. This is a good idea.

is, effectively, a direct debit travel card. You merely spend 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 totally free to request, which likewise helps.

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

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

launch by doing something well, and totally free or cheaper than the competition
include a growing number of features which your existing customers don’t really desire or need

add costs, charges or constraints to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Curve, monzo and revolut are currently in Stage 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 complimentary direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% charge.

That’s it.

You do not (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 fees, then you don’t need a  card, unless you want free ATM withdrawals. You can stop reading now.

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

IS perhaps for you if:

you don’t have a charge card offering 0% FX fees and do not want to affect your credit report by getting another credit card specifically to use abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and just a minimal FX mark-up (there is a little charge beyond �,� 500).
you desire an item for you, your adult kids, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them money when taking a trip.

How does  work in practice?
It is, as I said earlier, a very basic 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 bank account bank automatically confirms that you have sufficient money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card,  adds a 0.5% charge. There are no fees if you have one of their paid cards.
You get an automatic invest alert via the app, if you pick 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 decided to sprinkle out and purchase 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 few days later on:.

But converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to happen (frequently in a different language) while not telling you about the exorbitant currency conversion fees happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.

Thankfully in recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards  promises huge cost savings (85%) and a terrific app.

I think the best bit may 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 fret about running out of cash and the extra action. But that does not mean it is best.

In this Currensea evaluation is the excellent, the bad, the unsightly 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 Essential Strategy of 0.5% per transaction, allowing us to make revenue from our Important Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our plans, full information can be discovered on our rates plans.

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

Interchange.
Every time you invest with your card we get a little % of the deal, called interchange, this comes straight from the merchant and will not be credited you. Currensea Metal Card Review