Hsbc Credit Card Currensea Top Up – Best Travel Cards

A new fintech company which I was presented to previously this year. Hsbc Credit Card Currensea Top Up…

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

is, effectively, a direct debit travel card. You just spend as you would on a typical debit card and the cash is taken from your present account– simply without the normal 3% fee.

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

There are also some interesting travel advantages if you select a paid plan, however the totally free strategy works fine. You can apply here.

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

launch by doing something well, and for free or more affordable than the competitors
add a growing number of features which your existing clients do not actually want or require

include charges, costs or restrictions to the feature that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Revolut, monzo and curve are currently in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:

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

That’s it.

You don’t (yet …) make 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 charges, then you do not require a  card, unless you want totally free ATM withdrawals. You can stop reading now.

Credit cards which provide benefits and charge 0% FX fees are couple of and far between. The only ‘points and miles’ options which provide a partial service 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 credit card offering 0% FX fees and do not want to impact your credit report by getting another charge card specifically to utilize abroad
you desire a product which permits you to make �,� 500 of foreign currency ATM withdrawals each month without any costs and just a very little FX mark-up (there is a small cost beyond �,� 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them cash when travelling.

How does  work in practice?
It is, as I stated previously, a very basic process. You utilize 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 automatically verifies that you have adequate money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card,  includes a 0.5% charge. If you have one of their paid cards, there are no fees.
You get an automatic spend notification through the app, if you choose to install it.
The money is taken from your current account a few days later.
Here is an example. With no foreign travel in the diary, I decided 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:.

Converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to occur (typically in a different language) while not telling you about the inflated currency conversion fees taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.

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

However I think the best bit might be what no other card does: connects to your existing high street savings account.

What this indicates is you can spend money you have in your existing bank account with less worry about lacking money and the extra action. That does not suggest it is best.

In this Currensea evaluation is the great, 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 nominal FX markup on our Important Strategy of 0.5% per transaction, permitting us to make revenue from our Essential Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, complete information can be found on our rates strategies.

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

Interchange.
Whenever you spend with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and will not be credited you. Hsbc Credit Card Currensea Top Up