Currensea Top Up Debit Card – Best Travel Cards

A brand-new fintech business which I was presented to previously this year. Currensea Top Up Debit Card…

It has actually won a couple of awards over current months for what it does (providing you a low-cost way to invest abroad) but what I like about  is that it is simple as hell. This is a good idea.

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

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

There are also some intriguing travel benefits if you choose a paid strategy, however the free strategy works fine. You can apply here.

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

launch by doing something well, and totally free or less expensive than the competitors
include a growing number of functions which your existing consumers do not truly need or want

add costs, limitations or charges to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully stay there. Curve, monzo and revolut are already in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:

It is a complimentary direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.

That’s it.

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

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

Credit cards which provide benefits and charge 0% FX charges are couple of and far between. The only ‘miles and points’ choices which provide a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS possibly for you if:

you don’t have a charge card offering 0% FX charges and do not want to impact your credit report by getting another credit card particularly to utilize abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals per month without any charges and only a minimal FX mark-up (there is a little cost beyond �,� 500).
you desire a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs 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 very basic 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 instantly validates that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the free card. There are no fees if you have among their paid cards.
You get an automated spend alert by means of the app, if you choose to install it.
The money is taken from your current account a few days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle 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 couple of days later on:.

But converting pounds was pricey.

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

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

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

What this suggests is you can spend money you have in your existing bank account with less stress over lacking money and the additional step. That does not suggest it is best.

In this Currensea review is the excellent, the bad, the unsightly 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 Vital Plan of 0.5% per deal, enabling us to make income from our Essential Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our plans, complete information can be found on our rates strategies.

Subscription charges.
We charge a yearly subscription charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership cost also removes all FX markup on transactions.

Interchange.
Every time you invest with your card we receive a little % of the transaction, referred to as interchange, this comes straight from the merchant and will not be credited you. Currensea Top Up Debit Card