Currensea Youth Card – Best Travel Cards

A brand-new fintech company which I was presented to earlier this year. Currensea Youth Card…

It has actually won a couple of awards over recent months for what it does (offering you a low-cost 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 bank account. There is nothing to top-up or prepay. You just spend as you would on a regular debit card and the money is drawn from your current account– simply without the normal 3% charge.

Oh, and  is complimentary to request, which likewise assists.

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

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

launch by doing one thing well, and totally free or less expensive than the competition
add increasingly more features which your existing clients do not actually desire or need

include charges, charges or constraints to the function that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Curve, Revolut and Monzo are already in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

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

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 charge card offering 0% foreign exchange fees, then you don’t require a  card, unless you want totally free ATM withdrawals. You can stop checking out now.

Credit cards which provide rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ options which offer a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.

IS potentially for you if:

you do not have a credit card offering 0% FX charges and do not want to affect your credit report by getting another credit card specifically to use abroad
you want a product which permits you to make �,� 500 of foreign currency ATM withdrawals each month with no fees and only a minimal FX mark-up (there is a small charge beyond �,� 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them cash when taking a trip.

How does  work in practice?
It is, as I said previously, an extremely basic 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 current account bank automatically verifies that you have enough money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card,  includes a 0.5% charge. There are no charges if you have one of their paid cards.
You get an automated spend alert through the app, if you choose to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the diary, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which reveals �,� 4.33 set up to leave my HSBC account a few days later on:.

Transforming pounds was expensive.

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

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

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

What this means is you can spend money you have in your existing bank account with less worry about lacking money and the extra action. But that does not mean it is ideal.

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

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per deal, enabling us to make earnings from our Vital Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our strategies, full information can be found on our pricing strategies.

Subscription charges.
We charge a yearly subscription fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership fee likewise gets rid of all FX markup on deals.

Interchange.
Every time you spend with your card we receive a small % of the transaction, called interchange, this comes straight from the merchant and won’t be credited you. Currensea Youth Card