Where Can I Spend My Currensea Card – Best Travel Cards

A new fintech company which I was introduced to previously this year. Where Can I Spend My Currensea Card…

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

is, efficiently, 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 simply invest as you would on a typical debit card and the cash is drawn from your current account– just without the normal 3% fee.

Oh, and  is totally free to make an application for, which likewise helps.

There are also some interesting travel benefits if you pick a paid strategy, however the free plan works fine. You can use here.

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

launch by doing something well, and totally free or cheaper than the competitors
include a growing number of functions which your existing customers do not actually need or want

add fees, limitations or charges to the feature that made people get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully stay there. Monzo, curve and revolut are currently in Stage 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 use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.

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% forex costs, then you don’t need a  card, unless you desire free ATM withdrawals. You can stop checking out now.

Nevertheless, credit cards which offer rewards and charge 0% FX charges are scarce. The only ‘miles and points’ choices which offer a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS possibly for you if:

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

How does  operate in practice?
It is, as I stated previously, a really simple procedure. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, worldwide).
Your current account bank instantly validates that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% charge if you have the totally free card. There are no charges if you have one of their paid cards.
You get an automated spend notice via the app, if you pick to install it.
The money is taken from your current account a couple of days later.
Here is an example. Without any foreign travel in the journal, I chose 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 few days later:.

However converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to take place (often in a various language) while not telling you about the inflated currency conversion fees occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.

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

But I think the very best bit might be what no other card does: connects to your existing high street savings account.

What this suggests is you can spend cash you have in your existing current account with less worry about running out of money and the additional step. However that does not suggest it is ideal.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, permitting us to make profits from our Vital Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our plans, complete information can be found on our rates strategies.

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

Interchange.
Whenever you invest with your card we receive a small % of the transaction, known as interchange, this comes straight from the merchant and won’t be credited you. Where Can I Spend My Currensea Card