Currensea Apple Wallet – Best Travel Cards

A new fintech company which I was introduced to earlier this year. Currensea Apple Wallet…

It has won a couple of awards over recent months for what it does (offering you an inexpensive way to spend abroad) however what I like about  is that it is simple as hell. This is a good idea.

is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You just spend as you would on a normal debit card and the money is drawn from your bank account– simply without the normal 3% fee.

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

There are likewise some fascinating travel advantages if you select a paid plan, however the free strategy works fine. You can apply here.

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

launch by doing something well, and for free or more affordable than the competitors
add increasingly more functions which your existing clients do not actually require or desire

include limitations, charges or fees to the feature 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 ideally remain there. Monzo, revolut and curve are currently in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:

It is a free direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.

That’s it.

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

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

Credit cards which use rewards and charge 0% FX costs are couple of and far between. The only ‘points and miles’ choices which use a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.

IS possibly 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 permits you to make �,� 500 of foreign currency ATM withdrawals per month with no fees and only a very little FX mark-up (there is a small charge beyond �,� 500).
you want a product for you, your adult children, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them money when travelling.

How does  operate in practice?
It is, as I said earlier, a very 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, worldwide).
Your current account bank immediately validates that you have enough cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card,  adds a 0.5% charge. There are no charges if you have among their paid cards.
You get an automatic invest notification via the app, if you choose to install it.
The money is taken from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, 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 couple of days later on:.

But transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (frequently in a various language) while not telling you about the expensive currency conversion fees taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyway.

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

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

What this suggests is you can invest cash you have in your existing current account with less worry about lacking cash and the extra step. That does not imply it is best.

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

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make profits from our Essential Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise 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 costs.
We charge a yearly membership cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription cost also gets rid of all FX markup on deals.

Interchange.
Every time you invest with your card we receive a little % of the deal, known as interchange, this comes directly from the merchant and will not be credited you. Currensea Apple Wallet