Currensea Oyster Card – Best Travel Cards

A new fintech company which I was introduced to earlier this year. Currensea Oyster Card…

It has actually won a few awards over recent months for what it does (providing you a low-cost way to invest abroad) however what I like about  is that it is easy as hell. This is a good idea.

is, efficiently, a direct debit travel card. You just spend as you would on a typical debit card and the money is taken from your current account– simply without the typical 3% cost.

Oh, and  is free to obtain, which likewise helps.

There are likewise some interesting travel benefits if you choose a paid strategy, however the free plan works fine. You can apply here.

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

launch by doing something well, and free of charge or more affordable than the competition
add a growing number of functions which your existing clients do not actually want or need

include fees, limitations or charges to the function 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 ideally remain there. Curve, monzo and revolut are already in Phase 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:

It is a totally free direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% cost.

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 fees, then you do not require a  card, unless you want complimentary ATM withdrawals. You can stop checking out now.

Credit cards which use rewards and charge 0% FX charges are few and far between. The only ‘points and miles’ choices which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS perhaps for you if:

you do not have a credit card offering 0% FX costs and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you want a product which permits you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and just a minimal FX mark-up (there is a small cost beyond �,� 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them cash when travelling.

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

You make your purchase in local currency (any currency, worldwide).
Your current account bank immediately validates that you have sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on 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 notice by means of the app, if you select to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the journal, I decided to splash 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:.

But converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (frequently in a various language) while not telling you about the exorbitant currency conversion charges occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.

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

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

What this suggests is you can spend money you have in your existing current account with less worry about lacking cash and the additional step. However that does not suggest it is perfect.

In this Currensea review is the good, 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 Vital Plan of 0.5% per deal, enabling us to make earnings from our Vital Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our strategies, complete details can be discovered on our rates plans.

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

Interchange.
Every time you spend with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Oyster Card