Sidemen Card Currensea – Best Travel Cards

A brand-new fintech company which I was presented to previously this year. Sidemen Card Currensea…

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

is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You merely invest as you would on a typical debit card and the cash is drawn from your current account– just without the normal 3% charge.

Oh, and  is totally free to apply for, which likewise assists.

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

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

launch by doing one thing well, and totally free or less expensive than the competition
add increasingly more features which your existing customers do not really need or want

include restrictions, charges or costs to the feature that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully remain there. Monzo, curve and revolut are currently in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.

That’s it.

You do not (yet …) earn any airline miles or points for utilizing it.

Why would I want to get a card?
If you have a charge 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.

Credit cards which provide rewards and charge 0% FX fees are couple of and far in between. The only ‘miles and points’ alternatives which offer a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS possibly for you if:

you do not have a credit 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 a product which permits you to make �,� 500 of foreign currency ATM withdrawals monthly without any charges and only a minimal FX mark-up (there is a little charge 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 cash when taking a trip.

How does  work in practice?
It is, as I said earlier, a really simple 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 bank account bank automatically confirms that you have sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the complimentary card. There are no charges if you have one of their paid cards.
You get an automatic spend alert by means of the app, if you choose to install it.
The cash is taken from your current account a couple of days later.
Here is an example. With no foreign travel in the journal, I chose to splash 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 couple of 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 (frequently in a different language) while not telling you about the outrageous currency conversion costs occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.

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

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

What this means is you can spend money you have in your existing current account with less fret about running out of money and the additional action. But that does not suggest it is ideal.

In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can choose.

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per deal, allowing us to make revenue from our Essential Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our plans, complete details can be found on our pricing plans.

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

Interchange.
Each time you spend with your card we get a small % of the deal, referred to as interchange, this comes directly from the merchant and will not be credited you. Sidemen Card Currensea