Currensea Card Message – Best Travel Cards

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

It has actually won a couple of awards over recent months for what it does (providing you an inexpensive way to invest abroad) but what I like about  is that it is basic as hell. This is a good thing.

is, successfully, a direct debit travel card. You just invest as you would on a regular debit card and the cash is taken from your existing account– just without the usual 3% charge.

Oh, and  is free to make an application for, which also helps.

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

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

launch by doing one thing well, and totally free or less expensive than the competition
include more and more functions which your existing customers don’t really require or want

include constraints, charges or charges to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Monzo, curve and revolut 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 free direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% cost.

That’s it.

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

Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not need a  card, unless you want free ATM withdrawals. You can stop checking out now.

Credit cards which offer benefits and charge 0% FX costs are few and far between. The only ‘miles and points’ alternatives which offer a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.

IS potentially for you if:

you don’t have a credit card offering 0% FX fees and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals each month without any fees and just a minimal FX mark-up (there is a small charge beyond �,� 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them cash when travelling.

How does  operate in practice?
It is, as I said previously, a really easy procedure. 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 bank account bank instantly verifies that you have enough 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. includes a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automated spend alert via the app, if you pick to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. With no foreign travel in the diary, I chose to sprinkle out and buy 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:.

Transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to occur (typically in a different language) while not telling you about the outrageous currency conversion fees taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyway.

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

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

What this suggests is you can invest money you have in your existing bank account with less fret about running out of money and the additional step. However that does not mean it is best.

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per transaction, permitting us to make profits from our Essential Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our strategies, full details can be discovered on our pricing strategies.

Subscription charges.
We charge an annual subscription fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership cost also gets rid of all FX markup on transactions.

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