Does Currensea Work As An Oyster Card – Best Travel Cards

A brand-new fintech company which I was introduced to earlier this year. Does Currensea Work As An Oyster Card…

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

is, efficiently, 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 cash is taken from your current account– just without the typical 3% fee.

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

There are also some fascinating travel advantages if you select a paid plan, however the complimentary 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 something well, and free of charge or cheaper than the competition
include more and more functions which your existing consumers do not truly desire or need

include fees, limitations or charges to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Monzo, revolut and curve are currently in Stage 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the club 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 little 0.5% cost.

That’s it.

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

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

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

IS perhaps for you if:

you do not have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another charge card particularly to utilize abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and just a very little FX mark-up (there is a small charge beyond �,� 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them money when travelling.

How does  work in practice?
It is, as I stated earlier, a really easy process. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, worldwide).
Your current account bank immediately confirms 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. includes a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automatic spend notification via the app, if you choose to install it.
The money is taken from your current 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 reveals �,� 4.33 scheduled to leave my HSBC account a few days later:.

Transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to take place (often in a various language) while not telling you about the inflated currency conversion costs occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.

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

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

What this means is you can invest money you have in your existing current account with less worry about running out of money and the additional action. 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 small FX markup on our Important Plan of 0.5% per transaction, permitting us to make earnings from our Vital Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our strategies, complete details can be found on our rates plans.

Membership charges.
We charge an annual subscription cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership fee likewise removes all FX markup on deals.

Interchange.
Whenever you spend with your card we get a small % of the deal, referred to as interchange, this comes straight from the merchant and will not be credited you. Does Currensea Work As An Oyster Card