Lost Phobe Currensea Card – Best Travel Cards

A new fintech business which I was introduced to earlier this year. Lost Phobe Currensea Card…

It has actually won a couple of awards over recent months for what it does (providing you a low-cost way to spend abroad) but what I like about  is that it is simple as hell. This is an advantage.

is, efficiently, a direct debit travel card. You merely spend as you would on a regular debit card and the cash is taken from your current account– just without the typical 3% cost.

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

There are likewise some interesting travel advantages if you choose a paid strategy, however the free strategy works fine. You can apply here.

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

launch by doing something well, and totally free or less expensive than the competition
add more and more features which your existing customers do not really require or desire

include charges, charges or constraints to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Monzo, curve and revolut 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 free direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% charge.

That’s it.

You don’t (yet …) make any airline miles or points for utilizing it.

Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t need a  card, unless you desire free ATM withdrawals. You can stop reading now.

Nevertheless, charge card which use rewards and charge 0% FX fees are few and far between. The only ‘points and miles’ choices which offer a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS possibly for you if:

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

How does  work in practice?
It is, as I stated previously, an extremely easy procedure. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, worldwide).
Your current account bank instantly verifies that you have adequate cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% cost if you have the totally free card. If you have one of their paid cards, there are no charges.
You get an automated spend notice by means of the app, if you pick to install it.
The cash is taken from your current 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 reveals �,� 4.33 scheduled to leave my HSBC account a few days later on:.

Transforming pounds was costly.

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

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

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

What this means is you can invest cash you have in your existing current account with less stress over running out of money and the extra step. However that does not mean it is perfect.

In this Currensea evaluation is the good, the bad, the ugly and the options, so that you can decide.

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per transaction, allowing us to make revenue from our Essential Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our strategies, complete information can be found on our prices plans.

Membership fees.
We charge an annual membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership charge likewise removes all FX markup on deals.

Interchange.
Whenever you spend with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and won’t be charged to you. Lost Phobe Currensea Card