Currensea Romania Card – Best Travel Cards

A brand-new fintech business which I was presented to previously this year. Currensea Romania Card…

It has won a couple of awards over current months for what it does (providing you a low-cost way to spend abroad) but what I like about  is that it is basic as hell. This is an advantage.

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

Oh, and  is totally free to apply for, which likewise assists.

There are also some fascinating travel advantages if you pick a paid strategy, however the free strategy works fine. You can apply here.

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

launch by doing one thing well, and for free or more affordable than the competition
include more and more functions which your existing customers do not really want or require

include charges, constraints or charges to the function that made people get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will ideally remain there. Curve, Revolut and Monzo are currently in Phase 3 …
is simple 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 utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.

That’s it.

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

Why would I want to get a card?
If you have a credit card offering 0% forex costs, then you don’t need a  card, unless you desire complimentary ATM withdrawals. You can stop checking out now.

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

IS perhaps for you if:

you don’t have a charge card offering 0% FX fees and do not wish to impact 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 each month with no charges and just a minimal FX mark-up (there is a little cost beyond �,� 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them cash when travelling.

How does  operate in practice?
It is, as I said earlier, a really easy process. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, worldwide).
Your current account bank automatically validates that you have adequate 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. adds a 0.5% cost if you have the free card. If you have one of their paid cards, there are no fees.
You get an automated invest alert by means of the app, if you select to install it.
The money is taken from your bank account a few days later.
Here is an example. Without any foreign travel in the journal, I chose to splash out and purchase 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:.

However transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to take place (frequently in a different language) while not telling you about the inflated currency conversion charges happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.

Luckily recently a handful of great travel debit cards have popped onto the scene … and like other great cards  promises big cost savings (85%) and an excellent app.

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

What this indicates is you can spend money you have in your existing bank account with less worry about lacking cash and the additional action. That does not imply it is perfect.

In this Currensea review is the excellent, the bad, the awful and the alternatives, so that you can decide.

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per deal, permitting us to make revenue from our Essential Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our plans, full details can be found on our rates plans.

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

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