Free Card Payment Currensea – Best Travel Cards

A new fintech company which I was introduced to earlier this year. Free Card Payment Currensea…

It has won a couple of awards over current months for what it does (using you a low-priced method to spend abroad) but what I like about  is that it is easy as hell. This is an advantage.

is, successfully, 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 simply invest as you would on a normal debit card and the cash is drawn from your bank account– just without the normal 3% charge.

Oh, and  is complimentary to look for, which likewise assists.

There are also some intriguing travel benefits if you pick a paid plan, but the free strategy works fine. You can apply here.

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

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

add charges, restrictions or charges to the function that made individuals get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully stay there. Monzo, curve and revolut are already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:

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

That’s it.

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

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

Credit cards which use benefits and charge 0% FX costs are couple of and far between. The only ‘points and miles’ alternatives which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.

IS potentially for you if:

you don’t have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another credit card specifically to use abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals monthly without any costs and just a very little FX mark-up (there is a small charge beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them cash when travelling.

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

You make your purchase in local currency (any currency, internationally).
Your bank account bank automatically verifies that you have enough cash in your account and authorises the deal.
The deal 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 one of their paid cards.
You get an automated invest alert by means of the app, if you select to install it.
The cash is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the journal, 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 arranged to leave my HSBC account a couple of days later:.

Transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to occur (frequently in a different language) while not telling you about the outrageous currency conversion costs occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.

Fortunately over the last few years a handful of great travel debit cards have popped onto the scene … and like other excellent cards  assures big savings (85%) and a terrific app.

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

What this implies is you can invest money you have in your existing current account with less worry about running out of money and the additional step. That does not mean it is perfect.

In this Currensea evaluation is the good, the bad, the awful 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 deal, allowing us to make earnings from our Important Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our strategies, complete details can be discovered on our rates plans.

Subscription costs.
We charge a yearly subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription cost likewise eliminates all FX markup on transactions.

Interchange.
Each time you spend with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and won’t be credited you. Free Card Payment Currensea