My Currensea Card Has Arrived – Best Travel Cards

A brand-new fintech company which I was presented to previously this year. My Currensea Card Has Arrived…

It has actually won a couple of awards over recent months for what it does (offering you an affordable method to invest abroad) however what I like about  is that it is basic as hell. This is a good idea.

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 normal debit card and the cash is drawn from your current account– simply without the typical 3% cost.

Oh, and  is free to look for, which also helps.

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

There is a business model in fintech which Curve, Revolut, Monzo and so on have actually all followed:

launch by doing something well, and totally free or cheaper than the competition
add more and more functions which your existing customers do not actually desire or need

include charges, charges or restrictions to the function that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Curve, Revolut and Monzo are currently in Stage 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

It is a free direct debit card to utilize abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 0.5% fee.

That’s it.

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

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

Credit cards which provide benefits and charge 0% FX costs are couple of and far between. The only ‘points and miles’ alternatives which offer a partial service 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 credit card offering 0% FX fees and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals per month with no costs and only a minimal FX mark-up (there is a small charge beyond �,� 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them money when taking a trip.

How does  work in practice?
It is, as I said earlier, a really simple 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 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 complimentary card,  includes a 0.5% charge. There are no costs if you have one of their paid cards.
You get an automatic invest alert by means of the app, if you select to install it.
The money is drawn from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle 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 few days later:.

However transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to occur (often in a different language) while not telling you about the inflated currency conversion fees taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

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

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

What this indicates is you can spend money you have in your existing bank account with less fret about running out of cash and the extra action. That does not suggest it is ideal.

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

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

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

Interchange.
Whenever you spend with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and won’t be credited you. My Currensea Card Has Arrived