How Do I Get A Rainbow Currensea Card – Best Travel Cards

A brand-new fintech company which I was presented to earlier this year. How Do I Get A Rainbow Currensea Card…

It has actually won a couple of awards over recent months for what it does (using you a low-cost method to spend abroad) however what I like about  is that it is simple as hell. This is a good thing.

is, efficiently, a direct debit travel card. You simply invest as you would on a regular debit card and the cash is taken from your current account– just without the typical 3% cost.

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

There are likewise some intriguing travel benefits if you pick a paid strategy, however the totally free strategy works fine. You can apply here.

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

launch by doing one thing well, and for free or less expensive than the competition
add increasingly more features which your existing customers don’t truly desire or require

add costs, charges or constraints to the feature that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Revolut, monzo and curve are already in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:

It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% cost.

That’s it.

You don’t (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 desire totally free ATM withdrawals. You can stop checking out now.

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

IS perhaps for you if:

you don’t have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another charge card specifically to utilize abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals per month with no charges and just a very little FX mark-up (there is a small fee beyond �,� 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will save them money when taking a trip.

How does  work in practice?
It is, as I said previously, an extremely 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, globally).
Your current account bank instantly confirms that you have adequate cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card,  includes a 0.5% fee. There are no charges if you have among their paid cards.
You get an automated invest notification through the app, if you pick to install it.
The cash is drawn from your current account a few days later.
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 scheduled to leave my HSBC account a couple of days later on:.

Converting pounds was expensive.

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

Luckily in recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards  promises huge cost savings (85%) and an excellent 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 current account with less stress over running out of money and the extra action. But that does not imply it is perfect.

In this Currensea evaluation is the great, the bad, the awful 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 Important Plan of 0.5% per deal, permitting us to make profits from our Vital Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our strategies, full details can be found on our prices strategies.

Subscription fees.
We charge a yearly membership cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership charge likewise gets rid of all FX markup on transactions.

Interchange.
Every time you invest with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be credited you. How Do I Get A Rainbow Currensea Card