Currensea Card Portugal – Best Travel Cards

A brand-new fintech company which I was presented to earlier this year. Currensea Card Portugal…

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

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

Oh, and  is free to apply for, which also helps.

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

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

launch by doing one thing well, and for free or less expensive than the competitors
add more and more features which your existing customers do not really desire or require

include restrictions, charges or costs to the feature that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Revolut, monzo and curve are already in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:

It is a free direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.

That’s it.

You do not (yet …) make any airline miles or points for utilizing it.

Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you don’t need a  card, unless you want free ATM withdrawals. You can stop checking out now.

Credit cards which use benefits and charge 0% FX fees are couple of and far in between. The only ‘points and miles’ choices which use a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS perhaps for you if:

you do not have a charge card offering 0% FX charges and do not want to impact your credit report by getting another credit card specifically 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 little fee beyond �,� 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them money when travelling.

How does  work in practice?
It is, as I said previously, 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, globally).
Your bank account bank automatically validates that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the totally free card. There are no fees if you have one of their paid cards.
You get an automatic invest alert via the app, if you pick to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which shows �,� 4.33 set up to leave my HSBC account a couple of days later on:.

However transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to occur (often in a different language) while not telling you about the inflated currency conversion fees occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyway.

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

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

What this indicates is you can spend cash you have in your existing current account with less fret about running out of money and the extra action. However that does not imply it is ideal.

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

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

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

Interchange.
Every time you spend with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be credited you. Currensea Card Portugal