First Purchase Currensea Card – Best Travel Cards

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

It has won a few awards over recent months for what it does (offering you an affordable way to invest abroad) but what I like about  is that it is basic as hell. This is a good idea.

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

Oh, and  is totally free to request, which likewise helps.

There are likewise some interesting travel advantages if you pick a paid strategy, however the free strategy works fine. You can use here.

There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing one thing well, and for free or more affordable than the competitors
add more and more functions which your existing clients do not really require or want

include charges, costs or constraints to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will ideally remain there. Curve, monzo and revolut are currently 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 bank account in Sterling, less a small 0.5% fee.

That’s it.

You do not (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% forex costs, then you do not need a  card, unless you desire free ATM withdrawals. You can stop checking out now.

Nevertheless, charge card which provide rewards and charge 0% FX charges are few and far between. The only ‘points and miles’ options which provide a partial option 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 charge card offering 0% FX costs and do not want to affect your credit report by getting another charge card particularly to use abroad
you want a product which allows you to make �,� 500 of foreign currency ATM withdrawals each month without any costs and only a minimal FX mark-up (there is a small cost beyond �,� 500).
you want an item for you, your adult children, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them money when taking a trip.

How does  operate in practice?
It is, as I said earlier, 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 bank account bank instantly validates that you have sufficient money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the free card. There are no fees if you have one of their paid cards.
You get an automated spend alert by means of the app, if you choose to install it.
The money is drawn from your current account a few days later.
Here is an example. With no foreign travel in the journal, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.

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

However converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to occur (frequently in a various language) while not telling you about the exorbitant currency conversion fees happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.

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

But I think 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 worry about lacking money and the additional step. That does not suggest it is ideal.

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

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, permitting us to make profits from our Important Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our plans, full details can be found on our rates plans.

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

Interchange.
Each time you spend with your card we get a little % of the deal, referred to as interchange, this comes straight from the merchant and won’t be credited you. First Purchase Currensea Card