Tesco Credit Card Currensea – Best Travel Cards

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

It has won a few awards over recent months for what it does (providing you an inexpensive way to invest abroad) however what I like about  is that it is simple as hell. This is an advantage.

is, effectively, a direct debit travel card. You merely spend as you would on a typical debit card and the cash is taken from your present account– simply without the normal 3% fee.

Oh, and  is totally free to get, which also assists.

There are likewise some interesting travel benefits if you choose a paid plan, however the totally 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 something well, and free of charge or more affordable than the competition
add more and more functions which your existing customers don’t truly desire or require

add costs, charges or constraints to the function that made individuals get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will ideally remain there. Monzo, revolut and curve are currently in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:

It is a complimentary direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.

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 fees, then you do not need a  card, unless you desire totally free ATM withdrawals. You can stop reading now.

However, credit cards which use benefits and charge 0% FX fees are scarce. The only ‘points and miles’ options which provide a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.

IS potentially for you if:

you do not have a credit card offering 0% FX charges and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals monthly without any fees and only a very little FX mark-up (there is a little cost beyond �,� 500).
you desire a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them cash when travelling.

How does  operate in practice?
It is, as I said earlier, a really basic process. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, internationally).
Your current account bank immediately confirms that you have enough money in your account and authorises the deal.
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 free card. There are no charges if you have one of their paid cards.
You get an automatic invest notice via the app, if you choose to install it.
The money is taken from your current account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.

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

However converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to take place (often in a different language) while not telling you about the expensive currency conversion costs occurring in the background. Do not get me began. Anyway back to the positives for a bit anyhow.

Fortunately over the last few years a handful of great travel debit cards have popped onto the scene … and like other terrific cards  assures big savings (85%) and a fantastic app.

I think the finest 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 worry about lacking cash and the extra action. But that does not indicate it is best.

In this Currensea review is the excellent, 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 nominal FX markup on our Vital Strategy of 0.5% per deal, enabling us to make income from our Vital Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our strategies, complete information can be discovered on our pricing plans.

Subscription charges.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership cost likewise eliminates all FX markup on transactions.

Interchange.
Whenever you invest with your card we get a little % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. Tesco Credit Card Currensea