Every Currensea Card – Best Travel Cards

A brand-new fintech business which I was introduced to earlier this year. Every Currensea Card…

It has won a couple of awards over current months for what it does (providing you an affordable method to invest abroad) however what I like about  is that it is simple as hell. This is a good idea.

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

Oh, and  is totally free to obtain, which also helps.

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

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

launch by doing something well, and totally free or less expensive than the competition
add a growing number of functions which your existing customers do not truly want or need

include constraints, charges or fees to the feature that made people get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Monzo, revolut and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:

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

That’s it.

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

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

However, charge card which provide benefits and charge 0% FX fees are scarce. The only ‘miles and points’ alternatives which use a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.

IS potentially for you if:

you don’t have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another credit card particularly to use abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals per month without any charges and only a minimal FX mark-up (there is a small fee beyond �,� 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them cash when travelling.

How does  work in practice?
It is, as I said earlier, an extremely basic procedure. You use your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, internationally).
Your bank account bank automatically verifies 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 complimentary card,  includes a 0.5% charge. There are no costs if you have among their paid cards.
You get an automatic invest notice via the app, if you pick to install it.
The money is taken from your bank account a few days later.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle 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:.

But converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to take place (frequently in a different language) while not telling you about the exorbitant currency conversion charges taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.

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

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

What this implies is you can invest money you have in your existing current account with less stress over lacking money and the additional step. But that does not suggest it is perfect.

In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can choose.

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, enabling us to make profits from our Essential Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our strategies, complete details can be discovered on our rates strategies.

Membership charges.
We charge an annual membership cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription charge also eliminates all FX markup on transactions.

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