Currensea Space Grey Card – Best Travel Cards

A new fintech business which I was presented to earlier this year. Currensea Space Grey Card…

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

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

Oh, and  is totally free to get, which likewise assists.

There are likewise some fascinating travel benefits if you select a paid plan, but the free plan works fine. You can use here.

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

launch by doing something well, and for free or less expensive than the competition
add a growing number of features which your existing clients don’t truly require or desire

include fees, constraints or charges to the feature that made people 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. Revolut, monzo and curve are currently in Phase 3 …
is basic 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 utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.

That’s it.

You don’t (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 charges, then you don’t need a  card, unless you want free ATM withdrawals. You can stop reading now.

Nevertheless, charge card which provide benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ alternatives which use a partial solution are the Virgin Atlantic charge card which have 0% FX costs 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 affect your credit report by getting another charge card specifically to use abroad
you want a product which allows you to make �,� 500 of foreign currency ATM withdrawals per month with no charges and only a very little FX mark-up (there is a small fee beyond �,� 500).
you want a product for you, your adult children, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them money when travelling.

How does  operate in practice?
It is, as I stated previously, a very basic procedure. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, globally).
Your current account bank automatically verifies that you have enough 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. If you have the complimentary card,  adds a 0.5% charge. There are no charges if you have among their paid cards.
You get an automated invest notification via the app, if you pick to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I chose 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 on:.

Transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to take place (typically in a various language) while not telling you about the outrageous currency conversion costs taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.

Thankfully recently a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards  guarantees big cost savings (85%) and a terrific app.

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

What this indicates is you can invest money you have in your existing current account with less worry about lacking cash and the additional action. But that does not suggest it is best.

In this Currensea evaluation is the great, 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 nominal FX markup on our Necessary Plan of 0.5% per transaction, enabling us to make earnings from our Necessary Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our strategies, full information can be found on our prices strategies.

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

Interchange.
Every 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 credited you. Currensea Space Grey Card