Currensea Card Charge Twice – Best Travel Cards

A brand-new fintech company which I was presented to previously this year. Currensea Card Charge Twice…

It has actually won a couple of awards over current months for what it does (offering you a low-cost method to invest abroad) however what I like about  is that it is simple as hell. This is a good thing.

is, effectively, 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 normal 3% cost.

Oh, and  is free to look for, which also helps.

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

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

launch by doing one thing well, and for free or less expensive than the competitors
add more and more features which your existing consumers don’t really want or need

include constraints, costs or charges to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are already in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:

It is a free direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.

That’s it.

You do not (yet …) make any airline 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 don’t require a  card, unless you want free ATM withdrawals. You can stop checking out now.

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

IS possibly for you if:

you don’t have a charge card offering 0% FX fees and do not wish to affect your credit report by getting another credit card particularly to use abroad
you desire a product which allows you to make �,� 500 of foreign currency ATM withdrawals each month without any charges and just a very little FX mark-up (there is a little cost beyond �,� 500).
you desire 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 previously, an extremely 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, worldwide).
Your current account bank automatically validates 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 upon the currency. If you have the totally free card,  includes a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automated spend notice through the app, if you choose to install it.
The money is drawn from your current account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I chose to splash 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 few days later:.

However converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to happen (often in a various language) while not telling you about the expensive currency conversion fees happening in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.

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

I believe the finest bit might be what no other card does: connects to your existing high street bank account.

What this means is you can spend cash you have in your existing current account with less worry about lacking money and the extra step. That does not suggest it is perfect.

In this Currensea evaluation is the good, 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 deal, allowing us to make income from our Vital Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our plans, full information can be discovered on our pricing plans.

Subscription fees.
We charge an annual subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription cost likewise gets rid of all FX markup on deals.

Interchange.
Whenever you invest with your card we get a little % of the deal, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Charge Twice