Old Currensea Card – Best Travel Cards

A brand-new fintech company which I was introduced to earlier this year. Old Currensea Card…

It has actually won a few awards over current months for what it does (offering you a low-cost way to invest abroad) but what I like about  is that it is basic as hell. This is a good idea.

is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a typical debit card and the cash is taken from your current account– just without the normal 3% cost.

Oh, and  is totally free to obtain, which likewise helps.

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

There is an organization design 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 competitors
add increasingly more functions which your existing customers do not truly require or want

add charges, limitations or fees to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Curve, Revolut and Monzo are currently in Stage 3 …
is basic 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 instantly charges all purchases to your existing current account in Sterling, less a little 0.5% charge.

That’s it.

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

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

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

IS possibly for you if:

you don’t have a credit card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to use abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly without any charges and just a minimal FX mark-up (there is a little charge beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who requires 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, a very basic procedure. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, globally).
Your bank account bank automatically validates that you have sufficient money 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% charge if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automated invest notice via the app, if you pick to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I chose 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 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 (typically in a various language) while not telling you about the expensive currency conversion charges occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.

Fortunately over the last few 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 great app.

I believe the best bit may 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 current account with less fret about lacking cash and the additional step. That does not imply it is perfect.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, enabling us to make revenue 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 usage over the free amount on all our strategies, full details can be found on our prices plans.

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

Interchange.
Each time you invest with your card we get a little % of the deal, referred to as interchange, this comes straight from the merchant and will not be charged to you. Old Currensea Card