Currensea Rose Gold Card – Best Travel Cards

A new fintech business which I was introduced to previously this year. Currensea Rose Gold Card…

It has won a few awards over recent months for what it does (offering you a low-cost method to spend abroad) but what I like about  is that it is easy as hell. This is a good thing.

is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You simply invest as you would on a normal debit card and the cash is drawn from your bank account– simply without the normal 3% fee.

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

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

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

launch by doing something well, and totally free or cheaper than the competitors
add a growing number of features which your existing customers do not actually need or want

add fees, charges or limitations to the function that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Revolut, curve and monzo are already 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 recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.

That’s it.

You don’t (yet …) make any airline miles or points for using it.

Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not require a  card, unless you want complimentary ATM withdrawals. You can stop reading now.

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

IS potentially for you if:

you don’t have a charge card offering 0% FX costs and do not want to impact your credit report by getting another credit card particularly to use abroad
you desire a product which allows you to make �,� 500 of foreign currency ATM withdrawals each month without any fees and only a very little FX mark-up (there is a little fee beyond �,� 500).
you want an item for you, your adult kids, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them cash when taking a trip.

How does  operate in practice?
It is, as I said previously, a really easy procedure. You use 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 immediately validates that you have enough money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card,  includes a 0.5% cost. If you have one of their paid cards, there are no costs.
You get an automatic spend alert 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 scheduled to leave my HSBC account a couple of days later:.

Transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to happen (often in a various language) while not telling you about the outrageous currency conversion charges occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

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

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

What this indicates is you can spend cash you have in your existing current account with less fret about running out of cash and the extra step. But that does not indicate it is perfect.

In this Currensea review is the excellent, 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 small FX markup on our Important Strategy of 0.5% per transaction, allowing us to make earnings from our Vital Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our plans, complete information can be discovered on our pricing strategies.

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

Interchange.
Every time you spend with your card we get a little % of the deal, known as interchange, this comes directly from the merchant and will not be charged to you. Currensea Rose Gold Card