Currensea Card Contactless App – Best Travel Cards

A new fintech company which I was presented to previously this year. Currensea Card Contactless App…

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

is, effectively, a direct debit travel card. You merely invest as you would on a normal debit card and the money is taken from your current account– just without the normal 3% charge.

Oh, and  is free to get, which likewise assists.

There are also some interesting travel advantages if you choose a paid strategy, but the totally free plan 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 free of charge or cheaper than the competition
include a growing number of features which your existing clients don’t actually need or desire

include fees, constraints or charges to the feature that made people get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Curve, Revolut and Monzo are currently in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:

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

That’s it.

You don’t (yet …) earn any airline company 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 totally free ATM withdrawals. You can stop reading now.

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

IS perhaps 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 specifically to utilize abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any charges and only a minimal FX mark-up (there is a small charge beyond �,� 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them money when travelling.

How does  operate in practice?
It is, as I stated earlier, a really easy process. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, internationally).
Your current account bank instantly validates that you have enough 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 complimentary card,  includes a 0.5% fee. There are no fees if you have among their paid cards.
You get an automated spend notification via the app, if you choose to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which reveals �,� 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 daylight break-in that is practically to take place (typically in a various language) while not telling you about the exorbitant currency conversion charges happening in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.

Thankfully in recent years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards  guarantees big savings (85%) and a fantastic app.

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

What this means is you can spend cash you have in your existing current account with less worry about running out of cash and the additional step. That does not indicate it is ideal.

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per transaction, enabling us to make revenue from our Essential Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our strategies, complete details can be found on our rates plans.

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

Interchange.
Every time you spend with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and will not be credited you. Currensea Card Contactless App