Free Metal Currensea Card – Best Travel Cards

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

It has won a few awards over current months for what it does (using you an affordable way to spend abroad) however what I like about  is that it is basic as hell. This is a good thing.

is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You just invest as you would on a normal debit card and the money is drawn from your current account– just without the usual 3% fee.

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

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

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

launch by doing one thing well, and for free or cheaper than the competitors
include a growing number of features which your existing customers don’t truly desire or need

add fees, limitations or charges 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 process and will ideally remain there. Curve, Revolut and Monzo are currently in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:

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

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 charge card offering 0% forex fees, then you do not require a  card, unless you desire complimentary ATM withdrawals. You can stop reading now.

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

IS possibly for you if:

you do not have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you want a product which allows you to make �,� 500 of foreign currency ATM withdrawals each month without any costs and just 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 requires an easy, easy to understand payment card that will save them money when travelling.

How does  operate in practice?
It is, as I said earlier, a very easy process. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, globally).
Your current account bank immediately confirms that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the free card. If you have one of their paid cards, there are no charges.
You get an automated invest notice by means of the app, if you select to install it.
The money is taken from your bank account a couple of days later on.
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 few days later:.

However transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (often in a various language) while not telling you about the inflated currency conversion charges occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.

Fortunately recently a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards  promises huge savings (85%) and a great app.

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

What this suggests is you can invest money you have in your existing bank account with less worry about running out of money and the additional step. But that does not mean it is ideal.

In this Currensea evaluation is the good, the bad, the unsightly 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 Essential Plan of 0.5% per transaction, allowing us to make income from our Vital Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our plans, full details can be found on our pricing strategies.

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

Interchange.
Whenever you spend with your card we get a little % of the transaction, called interchange, this comes directly from the merchant and will not be charged to you. Free Metal Currensea Card