Pending Card Authorization Request Currensea – Best Travel Cards

A new fintech company which I was introduced to earlier this year. Pending Card Authorization Request Currensea…

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

is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a regular debit card and the cash is taken from your current account– simply without the normal 3% fee.

Oh, and  is free to make an application for, which likewise helps.

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

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

launch by doing something well, and totally free or more affordable than the competitors
include increasingly more functions which your existing customers don’t really want or need

add charges, charges or constraints to the feature that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Monzo, revolut and curve are currently in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

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

That’s it.

You do not (yet …) earn any airline miles or points for using it.

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

Credit cards which provide rewards and charge 0% FX charges are few and far in between. The only ‘points and miles’ choices 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 credit card offering 0% FX fees and do not wish to affect your credit report by getting another credit card particularly to utilize abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals per month without any fees and just a very little FX mark-up (there is a small cost beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them cash when travelling.

How does  work in practice?
It is, as I said earlier, an extremely easy process. You use your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, globally).
Your bank account bank instantly confirms 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 upon the currency. If you have the complimentary card,  includes a 0.5% fee. There are no charges if you have one of their paid cards.
You get an automated invest alert via the app, if you select to install it.
The cash is drawn from your bank account a few days later.
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 pricey.

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

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

I think the best bit may be what no other card does: connects to your existing high street bank account.

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

In this Currensea evaluation is the excellent, 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 nominal FX markup on our Essential Strategy of 0.5% per deal, permitting us to make income from our Essential Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our plans, full details can be found on our rates strategies.

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

Interchange.
Every time you invest with your card we get a little % of the deal, known as interchange, this comes directly from the merchant and won’t be charged to you. Pending Card Authorization Request Currensea