Currensea Standard Prepaid Card – Best Travel Cards

A new fintech company which I was introduced to earlier this year. Currensea Standard Prepaid Card…

It has won a few awards over current 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 an advantage.

is, effectively, a direct debit travel card. You simply invest as you would on a normal debit card and the cash is taken from your present account– simply without the normal 3% fee.

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

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

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

launch by doing one thing well, and free of charge or cheaper than the competition
add increasingly more features which your existing customers don’t actually need or desire

include fees, restrictions or charges 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 procedure and will hopefully remain there. Monzo, revolut and curve are already in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:

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

That’s it.

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

Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you don’t require a  card, unless you want totally free ATM withdrawals. You can stop checking out now.

However, charge card which offer rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ options which offer a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS potentially for you if:

you do not have a charge card offering 0% FX fees and do not want to impact your credit report by getting another credit card specifically to use abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no charges and just a very little FX mark-up (there is a little fee beyond �,� 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them cash when travelling.

How does  work in practice?
It is, as I stated previously, an extremely simple process. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, worldwide).
Your bank account bank immediately verifies 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 on the currency. adds a 0.5% fee if you have the totally free card. There are no fees if you have among their paid cards.
You get an automatic invest notice through the app, if you pick to install it.
The money is drawn from your bank account a few days later on.
Here is an example. With no 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 shows �,� 4.33 arranged to leave my HSBC account a few days later on:.

Transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to take place (often in a various language) while not telling you about the inflated currency conversion charges taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.

In recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other excellent cards Currensea guarantees huge savings (85%) and a great app.

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

What this implies is you can invest cash you have in your existing bank account with less stress over lacking cash and the additional step. That does not imply it is ideal.

In this Currensea review is the good, the bad, the ugly and the options, 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 deal, allowing us to make earnings from our Vital Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our plans, complete details can be discovered on our rates strategies.

Subscription charges.
We charge an annual membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership charge likewise removes all FX markup on transactions.

Interchange.
Every time you invest with your card we receive a small % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be credited you. Currensea Standard Prepaid Card