Currensea Send Card Abroad – Best Travel Cards

A new fintech company which I was introduced to previously this year. Currensea Send Card Abroad…

It has actually won a few awards over current months for what it does (offering you an affordable way to spend abroad) however what I like about  is that it is easy as hell. This is a good idea.

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

Oh, and  is complimentary to apply for, which likewise assists.

There are also some intriguing travel benefits if you choose a paid strategy, but the complimentary plan works fine. You can use here.

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

launch by doing something well, and for free or less expensive than the competitors
add increasingly more features which your existing clients do not really want or need

include charges, restrictions or charges to the function that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully stay there. Monzo, revolut and curve are already in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:

It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.

That’s it.

You don’t (yet …) earn 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 fees, then you do not need a  card, unless you want totally free ATM withdrawals. You can stop checking out now.

However, charge card which use benefits and charge 0% FX charges are scarce. The only ‘points and miles’ choices which offer a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.

IS possibly 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 credit card particularly to use abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals each month with no fees and only a very little FX mark-up (there is a little cost beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them cash when taking a trip.

How does  work in practice?
It is, as I stated earlier, a really simple process. 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 confirms that you have sufficient cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% charge if you have the totally free card. There are no charges if you have one of their paid cards.
You get an automatic spend notification by means of the app, if you pick to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. Without any foreign travel in the diary, I decided to splash out and purchase 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:.

Converting pounds was pricey.

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

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

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

What this implies is you can invest cash you have in your existing bank account with less fret about running out of cash and the additional step. However that does not imply it is best.

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per deal, enabling us to make income from our Vital Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our plans, complete details can be discovered on our prices strategies.

Membership costs.
We charge a yearly membership charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription fee also gets rid of all FX markup on transactions.

Interchange.
Every time you invest with your card we get a little % of the transaction, referred to as interchange, this comes directly from the merchant and will not be credited you. Currensea Send Card Abroad