Premium Card Currensea Visa – Best Travel Cards

A brand-new fintech business which I was presented to earlier this year. Premium Card Currensea Visa…

It has 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 easy as hell. This is a good thing.

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

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

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

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

launch by doing something well, and for free or cheaper than the competition
add more and more features which your existing consumers don’t actually require or desire

add restrictions, charges or costs 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, monzo and revolut are already in Phase 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 immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% cost.

That’s it.

You do not (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 charges, then you do not need a  card, unless you want complimentary ATM withdrawals. You can stop reading now.

Credit cards which use benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ options which provide a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS potentially for you if:

you don’t have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another credit card particularly to use abroad
you desire an item which permits you to make �,� 500 of foreign currency ATM withdrawals monthly with no fees and just a very little FX mark-up (there is a small charge beyond �,� 500).
you desire a product for you, your adult kids, parents, 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 said previously, an extremely 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, worldwide).
Your bank account bank instantly verifies that you have sufficient money 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 totally free card,  includes a 0.5% charge. There are no costs if you have among their paid cards.
You get an automated invest notification through the app, if you pick to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. With no 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 reveals �,� 4.33 arranged to leave my HSBC account a few days later:.

But converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to happen (frequently in a different language) while not telling you about the outrageous currency conversion charges taking place in the background. Do not get me started. Anyway back to the positives for a bit anyhow.

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

I think 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 worry about running out of money and the additional step. That does not suggest it is best.

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

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per transaction, permitting us to make profits from our Vital Plan whilst remaining more affordable than other prepaid 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 discovered on our pricing plans.

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

Interchange.
Each time you invest with your card we receive a small % of the deal, called interchange, this comes straight from the merchant and will not be charged to you. Premium Card Currensea Visa