Currensea Card Charges Abroad – Best Travel Cards

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

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

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

Oh, and  is totally free to get, which also helps.

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

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

launch by doing one thing well, and for free or more affordable than the competition
include increasingly more functions which your existing clients don’t actually want or require

include charges, limitations or costs 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 process and will hopefully remain there. Curve, monzo and revolut are already in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:

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

That’s it.

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

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

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

IS potentially for you if:

you don’t have a charge card offering 0% FX fees and do not want to impact your credit report by getting another credit card specifically to use abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly without any costs and just a minimal FX mark-up (there is a little cost beyond �,� 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them money when travelling.

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

You make your purchase in local currency (any currency, globally).
Your current account bank immediately verifies that you have sufficient money 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,  includes a 0.5% fee. There are no fees if you have one of their paid cards.
You get an automatic invest notification through the app, if you select to install it.
The cash is drawn from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.

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

However transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in 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 recent years a handful of great travel debit cards have popped onto the scene … and like other terrific cards Currensea guarantees huge cost savings (85%) and an excellent app.

However I believe the very best bit might be what no other card does: links to your existing high street savings account.

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

In this Currensea evaluation is the great, the bad, the ugly and the alternatives, so that you can decide.

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, enabling us to make revenue from our Vital Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our plans, complete details can be found on our rates strategies.

Membership costs.
We charge an annual subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription charge also removes all FX markup on deals.

Interchange.
Each time you spend with your card we get a small % of the deal, referred to as interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Charges Abroad