Currensea Shared Card – Best Travel Cards

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

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

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

Oh, and  is free to apply for, which likewise helps.

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

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

launch by doing one thing well, and totally free or more affordable than the competitors
add more and more features which your existing consumers do not truly want or require

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

It is a complimentary direct debit card to utilize abroad and which immediately recharges 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 miles or points for utilizing it.

Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not need a  card, unless you desire complimentary ATM withdrawals. You can stop checking out now.

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

IS potentially for you if:

you do not have a charge card offering 0% FX fees and do not wish to impact 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 each month without any charges and only a very little FX mark-up (there is a small charge beyond �,� 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them money when taking a trip.

How does  work in practice?
It is, as I said previously, 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 verifies 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 totally free card. There are no charges if you have among their paid cards.
You get an automatic spend notification through the app, if you select to install it.
The cash is taken from your current account a couple of days later on.
Here is an example. Without any foreign travel in the diary, 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 scheduled to leave my HSBC account a few days later:.

Converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to take place (often in a different language) while not telling you about the expensive currency conversion fees taking place in the background. Do not get me started. Anyway back to the positives for a bit anyhow.

Thankfully over the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards  promises huge savings (85%) and a fantastic app.

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

What this means is you can spend cash you have in your existing current account with less stress over running out of cash and the additional action. But that does not imply it is ideal.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, permitting us to make profits from our Vital Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our plans, full details can be discovered on our prices strategies.

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

Interchange.
Each time you spend with your card we receive a small % of the deal, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Shared Card