Is Currensea A Visa Card – Best Travel Cards

A new fintech business which I was introduced to previously this year. Is Currensea A Visa Card…

It has actually won a few awards over recent months for what it does (providing you an affordable method to spend abroad) but what I like about  is that it is basic as hell. This is a good idea.

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

Oh, and  is free to get, which also helps.

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

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

launch by doing something well, and totally free or more affordable than the competition
include increasingly more features which your existing customers don’t actually desire or need

include costs, charges or constraints to the function that made people get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will ideally remain there. Revolut, monzo and curve are currently in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:

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

That’s it.

You do not (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% foreign exchange charges, then you don’t require a  card, unless you desire free ATM withdrawals. You can stop reading now.

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

IS perhaps for you if:

you do not have a charge card offering 0% FX costs and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals monthly without any costs and just a very little FX mark-up (there is a small charge beyond �,� 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them cash when taking a trip.

How does  operate in practice?
It is, as I stated previously, a very simple 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 current account bank automatically confirms that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% fee if you have the free card. If you have one of their paid cards, there are no charges.
You get an automated invest notice by means of the app, if you pick to install it.
The cash is taken from your bank account a couple of days later on.
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 shows �,� 4.33 scheduled to leave my HSBC account a few days later:.

However transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to happen (frequently in a various language) while not telling you about the outrageous currency conversion costs happening in the background. Do not get me began. Anyway back to the positives for a bit anyhow.

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

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

What this indicates is you can invest money you have in your existing bank account with less worry about lacking cash and the extra step. But that does not suggest 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, enabling us to make profits from our Necessary Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our strategies, complete information can be discovered on our prices strategies.

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

Interchange.
Each time you invest with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and will not be charged to you. Is Currensea A Visa Card