I Accidentally Ordered A Currensea Card – Best Travel Cards

A new fintech business which I was presented to previously this year. I Accidentally Ordered A Currensea Card…

It has actually won a few awards over current months for what it does (providing you an inexpensive way to invest abroad) however what I like about  is that it is simple as hell. This is a good idea.

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

Oh, and  is complimentary to apply for, which also helps.

There are also some fascinating travel benefits if you select a paid plan, but the totally free plan works fine. You can apply here.

There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:

launch by doing something well, and for free or more affordable than the competitors
include increasingly more functions which your existing clients don’t truly want or require

add limitations, charges or fees to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will ideally remain there. Monzo, revolut and curve are currently in Phase 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 free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.

That’s it.

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

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

Nevertheless, charge card which use benefits and charge 0% FX fees are scarce. The only ‘miles and points’ choices which provide a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS possibly for you if:

you do not have a charge card offering 0% FX costs and do not want to impact your credit report by getting another credit card particularly to use abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and only a very little FX mark-up (there is a small cost beyond �,� 500).
you want 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 easy process. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, worldwide).
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. includes a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automated spend notification via the app, if you choose to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which shows �,� 4.33 arranged to leave my HSBC account a couple of days later:.

But converting pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to take place (often in a various language) while not telling you about the outrageous currency conversion charges taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.

Thankfully over the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other excellent cards  promises big cost savings (85%) and a great app.

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

What this suggests is you can spend cash you have in your existing current account with less stress over running out of money and the extra action. But that does not suggest it is ideal.

In this Currensea review 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 Vital Strategy of 0.5% per deal, permitting us to make profits from our Vital Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our plans, complete details can be found on our rates plans.

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

Interchange.
Every time you spend with your card we receive a little % of the deal, known as interchange, this comes directly from the merchant and will not be credited you. I Accidentally Ordered A Currensea Card