Apply For A Currensea Card – Best Travel Cards

A new fintech company which I was presented to earlier this year. Apply For A Currensea Card…

It has won a couple of awards over recent months for what it does (offering you a low-cost way to invest abroad) but what I like about  is that it is easy as hell. This is a good thing.

is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You just spend as you would on a regular debit card and the cash is taken from your current account– just without the usual 3% charge.

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

There are also some intriguing travel advantages if you select a paid plan, but the free strategy 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 for free or more affordable than the competitors
include more and more functions which your existing consumers do not truly want or need

include limitations, costs or charges to the function that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are already in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:

It is a totally free direct debit card to utilize abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% charge.

That’s it.

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

Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you do not require a  card, unless you desire complimentary ATM withdrawals. You can stop checking out now.

However, charge card which provide rewards and charge 0% FX charges are scarce. The only ‘points and miles’ alternatives which use a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.

IS potentially for you if:

you do not have a credit card offering 0% FX fees and do not want to impact your credit report by getting another credit card particularly to utilize abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals monthly with no fees and just a minimal FX mark-up (there is a little cost beyond �,� 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them cash when travelling.

How does  work in practice?
It is, as I said earlier, 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, worldwide).
Your current account bank immediately 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 on the currency. If you have the complimentary card,  adds a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automatic invest alert via the app, if you pick to install it.
The cash is taken from your current account a few days later on.
Here is an example. Without any foreign travel in the journal, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.

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

Converting pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to occur (often in a different language) while not telling you about the inflated currency conversion charges occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.

Luckily over the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards  guarantees huge savings (85%) and an excellent 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 means is you can spend money you have in your existing current account with less worry about running out of money and the additional action. But that does not mean it is perfect.

In this Currensea evaluation is the great, the bad, the awful and the options, so that you can choose.

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per transaction, allowing us to make income from our Essential 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 amount on all our strategies, full information can be discovered on our pricing plans.

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

Interchange.
Every time you invest with your card we get a small % of the deal, called interchange, this comes straight from the merchant and won’t be credited you. Apply For A Currensea Card