Currensea Card Country Of Issue – Best Travel Cards

A new fintech company which I was introduced to earlier this year. Currensea Card Country Of Issue…

It has actually won a few awards over current months for what it does (providing you an inexpensive way to spend abroad) however what I like about  is that it is basic as hell. This is a good thing.

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

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

There are also some intriguing travel benefits if you choose a paid plan, however the totally free plan works fine. You can apply here.

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

launch by doing something well, and totally free or cheaper than the competitors
include more and more functions which your existing consumers do not actually require or want

add charges, limitations or charges to the function that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Revolut, monzo and curve are currently in Phase 3 …
is easy 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 little 0.5% cost.

That’s it.

You do not (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 do not require a  card, unless you want totally free ATM withdrawals. You can stop checking out now.

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

IS potentially for you if:

you don’t have a credit card offering 0% FX charges and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you desire a product which permits you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and only a very little FX mark-up (there is a little cost beyond �,� 500).
you desire an item for you, your adult kids, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them cash when taking a trip.

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

You make your purchase in regional currency (any currency, worldwide).
Your current account bank instantly confirms that you have sufficient cash 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 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 select to install it.
The cash is drawn from your current account a few days later on.
Here is an example. Without any foreign travel in the diary, I chose to splash out and purchase 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:.

But transforming pounds was costly.

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

Thankfully over the last few years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards  guarantees huge savings (85%) and a great app.

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

What this implies is you can spend money you have in your existing current account with less worry about running out of money and the extra action. That does not imply it is best.

In this Currensea evaluation is the great, the bad, the ugly 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 Plan of 0.5% per deal, allowing us to make earnings from our Essential Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our plans, complete details can be discovered on our rates strategies.

Membership costs.
We charge a yearly subscription cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription charge also removes all FX markup on transactions.

Interchange.
Every time you invest with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Country Of Issue