Renew Currensea Card – Best Travel Cards

A new fintech business which I was introduced to previously this year. Renew Currensea Card…

It has won a couple of awards over recent months for what it does (providing you a low-cost way to invest abroad) however what I like about  is that it is simple as hell. This is a good thing.

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

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

There are likewise some fascinating travel advantages if you pick a paid plan, but the complimentary plan works fine. You can use here.

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

launch by doing one thing well, and for free or cheaper than the competition
add more and more functions which your existing clients do not really desire or need

include constraints, charges or charges to the function that made individuals 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. Revolut, monzo and curve are already in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub 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% 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% forex charges, then you don’t require a  card, unless you desire complimentary ATM withdrawals. You can stop reading now.

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

IS perhaps for you if:

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

How does  work 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, globally).
Your current account bank instantly confirms that you have sufficient cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% charge if you have the free card. If you have one of their paid cards, there are no costs.
You get an automated invest notice via the app, if you select to install it.
The money is taken from your current account a few days later.
Here is an example. With no foreign travel in the diary, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which shows �,� 4.33 arranged to leave my HSBC account a couple of days later:.

Converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to occur (typically in a various language) while not telling you about the inflated currency conversion charges occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

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

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

What this indicates is you can invest money you have in your existing bank account with less stress over lacking money and the extra step. But that does not mean it is best.

In this Currensea evaluation is the great, the bad, the awful and the alternatives, so that you can choose.

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, permitting us to make profits from our Essential Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, complete details can be discovered on our pricing strategies.

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

Interchange.
Every time you spend with your card we get a small % of the deal, called interchange, this comes straight from the merchant and will not be credited you. Renew Currensea Card