Find Currensea Card – Best Travel Cards

A brand-new fintech business which I was introduced to earlier this year. Find Currensea 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) but what I like about  is that it is basic as hell. This is an advantage.

is, effectively, a direct debit travel card. You just spend as you would on a regular debit card and the money is taken from your existing account– simply without the typical 3% cost.

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

There are likewise some fascinating travel benefits if you choose a paid strategy, but the complimentary strategy works fine. You can use here.

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

launch by doing something well, and free of charge or more affordable than the competitors
include increasingly more features which your existing customers do not really desire or require

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

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

That’s it.

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

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

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

IS potentially for you if:

you do not have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no charges and only a minimal FX mark-up (there is a small fee beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them money when travelling.

How does  operate in practice?
It is, as I stated previously, a very basic process. 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 current account bank automatically verifies that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card,  includes a 0.5% fee. There are no charges if you have one of their paid cards.
You get an automatic invest notice via the app, if you choose to install it.
The money is drawn from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.

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

However transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to occur (often in a different language) while not telling you about the exorbitant currency conversion charges occurring in the background. Do not get me started. Anyway back to the positives for a bit anyhow.

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

But 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 bank account with less fret about running out of cash and the additional step. That does not indicate it is ideal.

In this Currensea evaluation is the great, the bad, the ugly and the alternatives, so that you can decide.

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 Vital Strategy whilst remaining much cheaper 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, complete information can be discovered on our prices plans.

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

Interchange.
Each time you invest with your card we get a little % of the transaction, referred to as interchange, this comes straight from the merchant and will not be charged to you. Find Currensea Card