Currensea Card Benefits – Best Travel Cards

A new fintech business which I was presented to earlier this year. Currensea Card Benefits…

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

is, successfully, a direct debit travel card. You simply invest as you would on a typical debit card and the cash is taken from your current account– simply without the usual 3% charge.

Oh, and  is totally free to make an application for, which also assists.

There are also some intriguing travel benefits if you select a paid plan, but the complimentary plan works fine. You can use here.

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

launch by doing one thing well, and for free or cheaper than the competitors
add increasingly more functions which your existing customers do not truly need or desire

include costs, charges or restrictions to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Curve, monzo and revolut are already 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 free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.

That’s it.

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

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

Credit cards which use benefits and charge 0% FX charges are few and far in between. The only ‘points and miles’ choices which use a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.

IS possibly for you if:

you do not have a charge card offering 0% FX costs and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals per month with no costs and just a very little FX mark-up (there is a little fee beyond �,� 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them cash when taking a trip.

How does  work in practice?
It is, as I said earlier, a really simple process. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, internationally).
Your current account bank automatically confirms that you have sufficient money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% fee if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automated invest alert by means of the app, if you select to install it.
The money is taken from your bank account a couple of days later on.
Here is an example. With no 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 reveals �,� 4.33 arranged to leave my HSBC account a few days later:.

Transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to occur (frequently in a various 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.

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

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

What this suggests is you can invest money you have in your existing current account with less worry about lacking money and the extra action. However that does not suggest 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 plans have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, enabling us to make profits from our Essential Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our plans, full information can be found on our prices plans.

Membership fees.
We charge an annual membership charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership fee also gets rid of all FX markup on transactions.

Interchange.
Every time you spend with your card we receive a little % of the deal, referred to as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Benefits