Currensea Card Kenya – Best Travel Cards

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

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

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 merely invest as you would on a typical debit card and the money is drawn from your bank account– simply without the normal 3% charge.

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

There are likewise some interesting travel advantages if you select a paid plan, but the totally free strategy works fine. You can use here.

There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing something well, and totally free or less expensive than the competitors
add a growing number of features which your existing consumers don’t really want or require

add costs, charges or limitations to the feature that made individuals get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Revolut, curve and monzo are already in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:

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

That’s it.

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

Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you do not require a  card, unless you want free ATM withdrawals. You can stop checking out now.

Nevertheless, charge card which offer rewards and charge 0% FX charges are few and far between. The only ‘points and miles’ options which provide a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS possibly for you if:

you do not have a charge card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly to use abroad
you want a product which allows you to make �,� 500 of foreign currency ATM withdrawals monthly without any charges and only a very little FX mark-up (there is a small charge beyond �,� 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody 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 said previously, an extremely basic process. You use 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 immediately confirms that you have adequate cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card,  adds a 0.5% cost. There are no fees if you have among their paid cards.
You get an automatic spend notice by means of the app, if you choose to install it.
The money is drawn from your current account a few days later on.
Here is an example. Without any foreign travel in the journal, I decided to splash out and buy 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 couple of days later:.

Converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to occur (frequently in a various language) while not telling you about the expensive currency conversion costs occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyway.

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

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

What this suggests is you can spend cash you have in your existing bank account with less worry about running out of money and the additional step. However that does not indicate it is perfect.

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

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per transaction, allowing us to make earnings from our Necessary Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our plans, full details can be discovered on our rates strategies.

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

Interchange.
Each time you spend with your card we receive a little % of the deal, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Kenya