Currensea Two Accounts One Card – Best Travel Cards

A brand-new fintech business which I was presented to earlier this year. Currensea Two Accounts One Card…

It has actually won a few awards over current months for what it does (using you a low-priced method to invest abroad) but what I like about  is that it is basic as hell. This is an advantage.

is, effectively, a direct debit travel card. You merely invest as you would on a typical debit card and the cash is taken from your existing account– simply without the typical 3% charge.

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

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

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

launch by doing one thing well, and for free or less expensive than the competitors
include more and more functions which your existing clients do not actually want or require

include charges, costs or limitations to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Revolut, monzo and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:

It is a totally free direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.

That’s it.

You don’t (yet …) earn any airline miles or points for using it.

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

Credit cards which offer rewards and charge 0% FX costs are couple of and far between. The only ‘miles and points’ alternatives which offer a partial option 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 affect your credit report by getting another charge card specifically to utilize abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any costs and just a very little FX mark-up (there is a little cost beyond �,� 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them money when travelling.

How does  work in practice?
It is, as I stated previously, an extremely simple process. 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 instantly verifies that you have sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% cost if you have the free card. There are no fees if you have one of their paid cards.
You get an automatic invest alert through the app, if you choose to install it.
The money is drawn from your bank 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 shows �,� 4.33 arranged to leave my HSBC account a few days later:.

Converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to take place (frequently in a different language) while not telling you about the inflated currency conversion costs taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.

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

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

What this suggests is you can invest money you have in your existing current account with less worry about running out of money and the extra step. However that does not mean it is ideal.

In this Currensea review is the excellent, 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 small FX markup on our Important Strategy of 0.5% per transaction, permitting us to make profits from our Vital Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, full details can be found on our rates strategies.

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

Interchange.
Every time you spend with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and will not be charged to you. Currensea Two Accounts One Card