Currensea Card Cyprus – Best Travel Cards

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

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

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

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

There are also some fascinating travel benefits if you choose a paid plan, but the totally free strategy works fine. You can use here.

There is a business model in fintech which Curve, Revolut, Monzo and so on have all followed:

launch by doing something well, and totally free or less expensive than the competition
include more and more features which your existing customers don’t really need or want

add fees, limitations or charges to the function 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, monzo and revolut are already in Stage 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 totally free direct debit card to utilize 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 using it.

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

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

IS perhaps for you if:

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

How does  operate in practice?
It is, as I stated earlier, a really basic process. You utilize 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 instantly verifies that you have adequate cash in your account and authorises the transaction.
The transaction 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. There are no costs if you have among their paid cards.
You get an automatic spend notification by means of the app, if you select to install it.
The money is drawn from your bank account a few days later.
Here is an example. With no foreign travel in the diary, I chose 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 on:.

However transforming pounds was costly.

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

Fortunately over the last few years a handful of great travel debit cards have popped onto the scene … and like other excellent cards  promises huge cost savings (85%) and a fantastic app.

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

What this implies is you can invest cash you have in your existing current account with less fret about lacking money and the extra step. But that does not imply it is ideal.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, permitting us to make income from our Essential Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our strategies, full details can be found on our pricing strategies.

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

Interchange.
Whenever you spend with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Cyprus