Exceet Card Ag Currensea – Best Travel Cards

A new fintech company which I was presented to previously this year. Exceet Card Ag Currensea…

It has won a couple of awards over current months for what it does (providing you a low-cost way to spend abroad) however what I like about  is that it is basic as hell. This is an advantage.

is, successfully, a direct debit travel card. You merely invest as you would on a typical debit card and the money is taken from your present account– just without the normal 3% fee.

Oh, and  is totally free to get, which also assists.

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

There is an organization design in fintech which Curve, Revolut, Monzo etc have actually all followed:

launch by doing something well, and totally free or less expensive than the competition
include more and more features which your existing clients don’t actually want or require

add charges, charges or limitations to the feature that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Curve, monzo and revolut are already in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:

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

That’s it.

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

Why would I want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you don’t need a  card, unless you want free ATM withdrawals. You can stop reading now.

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

IS possibly 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 credit card particularly to utilize abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals per month with no fees and just a very little FX mark-up (there is a little charge beyond �,� 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them money when taking a trip.

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

You make your purchase in regional currency (any currency, globally).
Your bank account bank immediately verifies that you have enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card,  includes a 0.5% charge. There are no costs if you have among their paid cards.
You get an automatic spend notification by means of the app, if you choose to install it.
The cash is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the diary, I chose to splash 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 couple of days later:.

Converting pounds was expensive.

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

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

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

What this means is you can spend cash you have in your existing current account with less worry about running out of cash and the additional action. That does not suggest it is ideal.

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

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per deal, allowing us to make revenue from our Important Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our strategies, complete information can be discovered on our pricing plans.

Subscription charges.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership cost also gets rid of all FX markup on transactions.

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