Current Account Currensea Credit Card – Best Travel Cards

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

It has won a few awards over current months for what it does (providing you a low-cost method to spend abroad) however what I like about  is that it is easy as hell. This is a good idea.

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

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

There are also some intriguing travel advantages if you choose a paid plan, but the free plan works fine. You can apply here.

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

launch by doing one thing well, and totally free or cheaper than the competition
include more and more functions which your existing customers do not really want or need

add constraints, costs or charges to the function that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain there. Monzo, curve and revolut are currently in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:

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

That’s it.

You do not (yet …) make 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% foreign exchange costs, then you do not require a  card, unless you desire complimentary ATM withdrawals. You can stop checking out now.

Credit cards which offer rewards and charge 0% FX charges are couple of and far in between. The only ‘miles and points’ options which use a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.

IS perhaps for you if:

you don’t have a credit card offering 0% FX fees and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you desire a product which permits you to make �,� 500 of foreign currency ATM withdrawals per month with no costs and only a very little FX mark-up (there is a little 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 money when taking a trip.

How does  work in practice?
It is, as I said previously, a really simple process. You use 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 immediately validates 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% fee. If you have one of their paid cards, there are no charges.
You get an automated invest alert by means of the app, if you pick to install it.
The money is taken from your current account a couple of days later on.
Here is an example. With no 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 reveals �,� 4.33 arranged 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 daytime robbery that is almost to take place (frequently in a different language) while not telling you about the expensive currency conversion charges occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

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

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

What this means is you can spend cash you have in your existing current account with less stress over running out of cash and the additional action. 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 choose.

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per transaction, enabling us to make profits from our Necessary Plan 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 free amount on all our strategies, full details can be found on our rates plans.

Membership fees.
We charge an annual subscription fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership fee likewise gets rid of all FX markup on transactions.

Interchange.
Every time you spend with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and won’t be charged to you. Current Account Currensea Credit Card