Currensea Transfer To Card – Best Travel Cards

A new fintech company which I was presented to previously this year. Currensea Transfer To Card…

It has actually won a few awards over recent months for what it does (offering you an affordable method to spend abroad) however what I like about  is that it is simple as hell. This is an advantage.

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

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

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

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

launch by doing something well, and for free or less expensive than the competitors
add a growing number of functions which your existing customers do not really desire or require

include limitations, costs or charges to the feature that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain there. Revolut, curve and monzo are already in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:

It is a free direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.

That’s it.

You don’t (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% foreign exchange fees, then you don’t need a  card, unless you desire complimentary ATM withdrawals. You can stop reading now.

Nevertheless, credit cards which use rewards and charge 0% FX charges are rare. The only ‘points and miles’ alternatives which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.

IS potentially for you if:

you don’t have a credit 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 allows you to make �,� 500 of foreign currency ATM withdrawals per month with no costs and only a minimal FX mark-up (there is a small fee beyond �,� 500).
you desire an item for you, your adult kids, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them cash when travelling.

How does  operate in practice?
It is, as I said previously, a really easy procedure. You utilize 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 instantly 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 on the currency. If you have the free card,  includes a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automated spend notification via the app, if you select to install it.
The money is drawn from your bank account a few days later on.
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 scheduled to leave my HSBC account a few days later:.

But transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to happen (often in a different language) while not telling you about the outrageous currency conversion fees taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.

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

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

What this suggests is you can spend cash you have in your existing bank account with less fret about running out of money and the extra step. But that does not mean it is best.

In this Currensea evaluation is the good, the bad, the ugly and the options, so that you can decide.

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, allowing us to make income from our Essential Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our plans, full details can be found on our prices plans.

Subscription costs.
We charge an annual membership cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership charge also gets rid of all FX markup on deals.

Interchange.
Whenever you spend with your card we get a small % of the transaction, referred to as interchange, this comes straight from the merchant and will not be credited you. Currensea Transfer To Card