Using Currensea Card Overseas – Best Travel Cards

A brand-new fintech business which I was presented to earlier this year. Using Currensea Card Overseas…

It has actually won a few awards over recent months for what it does (using you a low-priced way to invest abroad) however what I like about  is that it is basic as hell. This is an advantage.

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 just spend as you would on a regular debit card and the money is taken from your current account– just without the normal 3% fee.

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

There are likewise some interesting travel advantages if you pick a paid strategy, however the free strategy 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 something well, and for free or cheaper than the competition
include more and more functions which your existing consumers do not actually want or need

include restrictions, charges or costs to the function that made people get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Revolut, monzo and curve are already in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:

It is a totally free direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.

That’s it.

You do not (yet …) make any airline miles or points for using it.

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

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

IS potentially for you if:

you don’t have a credit card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to use abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals each month without any costs and only a very little FX mark-up (there is a small cost beyond �,� 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them cash when taking a trip.

How does  operate in practice?
It is, as I said previously, an extremely basic 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 validates that you have sufficient money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the totally free card. There are no costs if you have one of their paid cards.
You get an automatic spend notice by means of the app, if you select to install it.
The money is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I decided to splash out and buy 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 couple of days later on:.

Transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to happen (often in a various language) while not telling you about the inflated currency conversion charges happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.

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

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

What this implies is you can invest cash you have in your existing bank account with less worry about running out of money and the extra step. That does not imply it is best.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, enabling us to make earnings from our Necessary Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, full details can be discovered on our pricing strategies.

Subscription charges.
We charge a yearly subscription fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription fee likewise eliminates all FX markup on deals.

Interchange.
Whenever you invest with your card we get a small % of the transaction, called interchange, this comes straight from the merchant and will not be credited you. Using Currensea Card Overseas