Is Currensea A Credit Or Debit Card – Best Travel Cards

A new fintech company which I was introduced to previously this year. Is Currensea A Credit Or Debit Card…

It has won a couple of awards over current months for what it does (offering you an affordable way to spend abroad) but what I like about  is that it is easy as hell. This is an advantage.

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

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

There are also some intriguing travel benefits if you pick a paid strategy, but the complimentary strategy works fine. You can apply here.

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

launch by doing something well, and totally free or less expensive than the competitors
include more and more functions which your existing clients don’t actually want or require

include constraints, charges or costs to the function that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will ideally stay there. Curve, Revolut and Monzo are already in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:

It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.

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 credit card offering 0% forex costs, then you don’t need a  card, unless you want totally free ATM withdrawals. You can stop reading now.

Nevertheless, credit cards which provide rewards and charge 0% FX fees are rare. The only ‘points and miles’ options which provide a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.

IS perhaps for you if:

you do not have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another charge card specifically to use abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals per month without any fees and just a minimal FX mark-up (there is a little cost beyond �,� 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them money when travelling.

How does  operate in practice?
It is, as I said previously, a really easy procedure. 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 automatically validates that you have enough 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. includes a 0.5% cost if you have the free card. If you have one of their paid cards, there are no charges.
You get an automatic spend notification via the app, if you choose to install it.
The cash is taken from your current account a few days later.
Here is an example. Without any foreign travel in the diary, I decided to splash out and purchase 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 couple of days later on:.

Transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to take place (frequently in a different language) while not telling you about the expensive currency conversion costs happening in the background. Do not get me started. Anyway back to the positives for a bit anyhow.

Luckily in the last few years a handful of excellent travel debit cards have popped onto the scene … and like other terrific cards  promises huge savings (85%) and a fantastic app.

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

What this implies is you can spend money you have in your existing bank account with less fret about lacking money and the additional step. However that does not indicate it is ideal.

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

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per transaction, allowing us to make earnings from our Essential Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our strategies, complete details can be discovered on our prices plans.

Membership costs.
We charge a yearly membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription charge also removes all FX markup on transactions.

Interchange.
Each time you spend with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Is Currensea A Credit Or Debit Card