Currensea Bank – Best Travel Cards

A new fintech business which I was presented to previously this year. Currensea Bank…

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

is, efficiently, 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 merely spend as you would on a typical debit card and the cash is drawn from your bank account– simply without the typical 3% charge.

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

There are likewise some fascinating travel advantages if you select a paid plan, but the complimentary strategy works fine. You can use here.

There is an organization design in fintech which Curve, Revolut, Monzo etc have actually all followed:

launch by doing one thing well, and totally free or less expensive than the competition
add increasingly more features which your existing consumers do not really require or desire

include fees, charges or restrictions to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Revolut, curve and monzo are currently in Phase 3 …
is simple 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 immediately charges all purchases to your existing current account in Sterling, less a little 0.5% fee.

That’s it.

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

Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t require a  card, unless you want complimentary ATM withdrawals. You can stop checking out now.

Credit cards which provide rewards and charge 0% FX charges are few and far in between. The only ‘points and miles’ alternatives which provide a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.

IS potentially for you if:

you don’t have a credit card offering 0% FX fees and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any fees and only 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 anybody else in your life who requires a basic, easy to understand payment card that will conserve them money when taking a trip.

How does  operate in practice?
It is, as I said previously, a very easy 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 automatically validates that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card,  adds a 0.5% cost. There are no charges if you have among their paid cards.
You get an automated spend notification by means of the app, if you pick to install it.
The cash is taken 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 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:.

But transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to take place (often in a different language) while not telling you about the expensive currency conversion costs happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.

Thankfully recently a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards  promises huge cost savings (85%) and an excellent app.

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

What this means is you can spend money you have in your existing bank account with less fret about running out of money and the additional step. That does not mean it is best.

In this Currensea review is the good, the bad, the awful 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 Important Plan of 0.5% per deal, permitting us to make profits from our Necessary Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, full information can be found on our prices strategies.

Subscription fees.
We charge a yearly subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription fee also gets rid of all FX markup on transactions.

Interchange.
Each time you spend with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and won’t be credited you. Currensea Bank