Currensea Online Card – Best Travel Cards

A brand-new fintech company which I was presented to earlier this year. Currensea Online Card…

It has actually won a few awards over recent months for what it does (using you an affordable 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 in between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a regular debit card and the money is taken from your bank account– just without the usual 3% cost.

Oh, and  is free to look for, which also helps.

There are also some intriguing travel advantages if you select a paid strategy, however the free strategy works fine. You can use here.

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

launch by doing something well, and totally free or more affordable than the competition
add increasingly more features which your existing customers don’t really need or desire

add charges, limitations or charges to the function that made people get your item in the first place, eliminating 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 basic enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:

It is a free direct debit card to use 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 miles or points for utilizing it.

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

Nevertheless, credit cards which use rewards and charge 0% FX costs are scarce. The only ‘points and miles’ alternatives which use a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS possibly for you if:

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

How does  work in practice?
It is, as I stated previously, a very simple 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 automatically validates that you have enough cash 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. If you have one of their paid cards, there are no costs.
You get an automated invest notice via the app, if you pick to install it.
The cash is taken from your bank account a few days later.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and buy 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 few days later:.

However converting pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to take place (typically in a various language) while not telling you about the exorbitant currency conversion fees occurring in the background. Do not get me started. Anyway back to the positives for a bit anyway.

Luckily recently a handful of excellent travel debit cards have actually popped onto the scene … and like other excellent cards  assures big savings (85%) and a fantastic app.

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

What this means is you can invest cash you have in your existing bank account with less worry about lacking money and the additional step. But that does not imply it is ideal.

In this Currensea review is the excellent, 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 Plan of 0.5% per transaction, enabling us to make earnings from our Essential Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our plans, full details can be found on our pricing plans.

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

Interchange.
Every time you spend with your card we receive a little % of the transaction, known as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Online Card