Refund To Currensea Card – Best Travel Cards

A new fintech company which I was introduced to earlier this year. Refund To Currensea Card…

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

is, successfully, a direct debit travel card. You just spend as you would on a normal debit card and the cash is taken from your existing account– simply without the normal 3% cost.

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

There are also some fascinating travel benefits if you choose a paid plan, but the complimentary strategy works fine. You can use here.

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

launch by doing something well, and for free or less expensive than the competitors
add more and more features which your existing clients don’t truly need or want

include limitations, costs or charges to the feature that made people get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Monzo, curve 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 totally free direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.

That’s it.

You do not (yet …) make 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 complimentary ATM withdrawals. You can stop checking out now.

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

IS perhaps for you if:

you don’t have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another credit card specifically to use abroad
you desire a product which allows 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, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them money when taking a trip.

How does  operate in practice?
It is, as I stated previously, a very basic procedure. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, globally).
Your current account bank automatically validates 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. adds a 0.5% fee if you have the free card. There are no charges if you have one of their paid cards.
You get an automatic spend notice through the app, if you select to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to sprinkle 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:.

Converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to occur (typically in a various language) while not telling you about the expensive currency conversion costs taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.

Thankfully over the last few years a handful of great travel debit cards have popped onto the scene … and like other great cards  guarantees huge savings (85%) and an excellent app.

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

What this means is you can invest money you have in your existing current account with less worry about running out of cash and the extra step. That does not indicate it is perfect.

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per transaction, allowing us to make income from our Necessary Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our plans, complete information can be discovered on our pricing plans.

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

Interchange.
Each time you spend with your card we get a little % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Refund To Currensea Card