Should I Get A Currensea Card For Spending Abroad – Best Travel Cards

A new fintech business which I was introduced to earlier this year. Should I Get A Currensea Card For Spending Abroad…

It has won a couple of awards over current months for what it does (offering you a low-priced method to spend abroad) however what I like about  is that it is easy as hell. This is a good idea.

is, effectively, a direct debit travel card. You just invest as you would on a normal debit card and the money is taken from your present account– just without the typical 3% charge.

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

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

There is an organization design in fintech which Curve, Revolut, Monzo and so on have all followed:

launch by doing something well, and for free or less expensive than the competitors
add more and more functions which your existing consumers do not truly want or require

include charges, constraints or charges to the feature that made people get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will ideally remain there. Curve, Revolut and Monzo are currently in Stage 3 …
is basic enough that it passes my ‘Can you explain 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 little 0.5% charge.

That’s it.

You don’t (yet …) earn any airline miles or points for using it.

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

However, charge card which use rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ alternatives which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.

IS perhaps for you if:

you don’t have a credit card offering 0% FX fees and do not want to affect your credit report by getting another charge card particularly to use abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals monthly without any fees and just a very little FX mark-up (there is a small fee beyond �,� 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them money when travelling.

How does  operate in practice?
It is, as I stated previously, an extremely easy process. 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 bank account bank instantly confirms 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. includes a 0.5% fee if you have the complimentary card. There are no costs if you have one of their paid cards.
You get an automatic spend notice through the app, if you pick to install it.
The money is taken from your bank account a few days later.
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 shows �,� 4.33 arranged to leave my HSBC account a few days later:.

However transforming pounds was expensive.

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

In current years a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards Currensea assures big savings (85%) and a terrific app.

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

What this implies is you can spend money you have in your existing bank account with less fret about lacking cash and the extra step. However that does not mean it is ideal.

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

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, enabling us to make profits from our Vital Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our strategies, full details can be found on our rates plans.

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

Interchange.
Whenever you spend with your card we receive a little % of the deal, referred to as interchange, this comes directly from the merchant and will not be credited you. Should I Get A Currensea Card For Spending Abroad