Currensea Us Credit Card – Best Travel Cards

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

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

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

Oh, and  is free to get, which also helps.

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

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

launch by doing one thing well, and for free or cheaper than the competition
include more and more functions which your existing consumers don’t actually require or desire

include charges, fees or constraints to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Curve, monzo and revolut are already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:

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

That’s it.

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

Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not need a  card, unless you desire totally free ATM withdrawals. You can stop checking out now.

Credit cards which provide benefits and charge 0% FX fees are few and far between. The only ‘miles and points’ alternatives which use a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS possibly for you if:

you do not have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another credit card specifically to use abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals per month without any fees and just a minimal FX mark-up (there is a little fee beyond �,� 500).
you desire an item for you, your adult kids, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them cash when taking a trip.

How does  work in practice?
It is, as I stated previously, an extremely 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, internationally).
Your bank account bank immediately verifies that you have adequate money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card,  includes a 0.5% cost. There are no costs if you have one of their paid cards.
You get an automated invest notification via the app, if you pick to install it.
The money is taken from your bank account a couple of days later.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and purchase 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:.

Transforming pounds was costly.

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 charges taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyway.

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

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

What this implies is you can spend money you have in your existing current account with less stress over running out of money and the additional action. But that does not suggest it is perfect.

In this Currensea evaluation is the excellent, the bad, the unsightly and the alternatives, so that you can choose.

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, permitting us to make income from our Necessary Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our plans, complete details can be found on our prices strategies.

Membership fees.
We charge an annual membership charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership charge also removes all FX markup on deals.

Interchange.
Each time you spend with your card we get a little % of the deal, known as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Us Credit Card