Prepaid Travel Card Currensea – Best Travel Cards

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

It has actually won a few awards over recent months for what it does (using you a low-cost method to spend abroad) however what I like about  is that it is basic as hell. This is an advantage.

is, effectively, 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 just spend as you would on a typical debit card and the money is taken from your bank account– simply without the normal 3% fee.

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

There are likewise some fascinating travel advantages if you select a paid strategy, but the free strategy works fine. You can apply here.

There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing one thing well, and free of charge or more affordable than the competition
include increasingly more functions which your existing customers don’t actually desire or need

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

It is a complimentary direct debit card to use abroad and which automatically recharges all purchases to your existing bank 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 credit card offering 0% foreign exchange charges, then you don’t need a  card, unless you desire totally free ATM withdrawals. You can stop checking out now.

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

IS perhaps for you if:

you do not have a credit card offering 0% FX costs and do not want to affect your credit report by getting another charge card specifically to use abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no fees and just a minimal FX mark-up (there is a little fee beyond �,� 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them money when taking a trip.

How does  operate in practice?
It is, as I said previously, an extremely basic procedure. You use 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 automatically validates that you have sufficient 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 totally free card,  includes a 0.5% fee. There are no charges if you have among their paid cards.
You get an automatic spend alert through the app, if you select to install it.
The money is taken from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, 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 set up to leave my HSBC account a couple of days later on:.

Converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to occur (frequently in a different language) while not telling you about the exorbitant currency conversion costs occurring in the background. Do not get me started. Anyway back to the positives for a bit anyway.

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

But I believe the very best bit might be what no other card does: connects to your existing high street checking account.

What this means is you can invest cash you have in your existing bank account with less fret about lacking cash and the extra action. However that does not suggest it is perfect.

In this Currensea evaluation is the excellent, 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 small FX markup on our Vital Strategy of 0.5% per deal, permitting us to make earnings from our Vital Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, full details can be discovered on our pricing plans.

Subscription costs.
We charge an annual subscription charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership charge also removes all FX markup on transactions.

Interchange.
Each time you invest with your card we receive a small % of the transaction, known as interchange, this comes straight from the merchant and will not be charged to you. Prepaid Travel Card Currensea