Hsbc Credit Card Currensea – Best Travel Cards

A brand-new fintech business which I was presented to earlier this year. Hsbc Credit Card Currensea…

It has won a few awards over current months for what it does (offering you a low-cost way 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. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You just invest as you would on a regular debit card and the cash is drawn from your bank account– simply without the typical 3% fee.

Oh, and  is complimentary to make an application for, which also assists.

There are also some fascinating travel advantages if you pick a paid strategy, but the complimentary strategy works fine. You can use here.

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

launch by doing something well, and totally free or cheaper than the competition
include increasingly more functions which your existing consumers don’t truly need or want

include constraints, charges or charges to the function that made people get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Monzo, revolut and curve are already in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the bar 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 small 0.5% cost.

That’s it.

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

Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you don’t require a  card, unless you want totally free ATM withdrawals. You can stop checking out now.

Nevertheless, charge card which offer benefits and charge 0% FX costs are scarce. The only ‘miles and points’ options which offer a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.

IS perhaps for you if:

you don’t have a charge card offering 0% FX charges and do not want to affect your credit report by getting another credit card particularly to use abroad
you want a product which allows you to make �,� 500 of foreign currency ATM withdrawals monthly without any costs and just a minimal FX mark-up (there is a little cost beyond �,� 500).
you desire 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 cash when travelling.

How does  work in practice?
It is, as I stated previously, an extremely easy 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 current account bank immediately confirms that you have sufficient cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card,  adds a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automated invest notice via the app, if you select to install it.
The cash is taken from your bank account a few days later.
Here is an example. With no foreign travel in the diary, I decided 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 few days later on:.

However converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to occur (typically in a different language) while not telling you about the expensive currency conversion fees happening in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.

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

But I believe the best bit might be what no other card does: links to your existing high street checking account.

What this suggests is you can spend cash you have in your existing current account with less fret about lacking cash and the additional step. That does not mean it is perfect.

In this Currensea review is the great, the bad, the ugly and the alternatives, so that you can decide.

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make revenue from our Necessary Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our plans, complete details can be found on our prices strategies.

Subscription fees.
We charge an annual subscription cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription fee also gets rid of all FX markup on deals.

Interchange.
Each time you spend 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. Hsbc Credit Card Currensea