Currensea Card Problems – Best Travel Cards

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

It has actually won a few awards over recent months for what it does (offering you an inexpensive method to spend abroad) but what I like about  is that it is easy as hell. This is a good thing.

is, efficiently, a direct debit travel card. You merely spend as you would on a normal debit card and the cash is taken from your existing account– simply without the normal 3% charge.

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

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

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

launch by doing something well, and for free or more affordable than the competitors
add increasingly more functions which your existing consumers don’t actually want or need

include restrictions, fees or charges to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Curve, Revolut and Monzo are already in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

It is a complimentary direct debit card to use abroad and which immediately 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 miles or points for utilizing it.

Why would I want to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not require a  card, unless you want free ATM withdrawals. You can stop reading now.

However, credit cards which offer rewards and charge 0% FX costs are rare. The only ‘miles and points’ options which use a partial solution are the Virgin Atlantic credit cards which have 0% FX costs 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 affect your credit report by getting another charge card specifically to use abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no fees and only a very little FX mark-up (there is a little charge 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 cash when taking a trip.

How does  work in practice?
It is, as I stated previously, a really basic procedure. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, worldwide).
Your bank account bank immediately confirms that you have sufficient 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 fees.
You get an automatic spend notification through the app, if you select to install it.
The money is taken from your current account a couple of days later.
Here is an example. With no foreign travel in the journal, I chose to splash out and purchase 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:.

Transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to happen (typically in a various language) while not telling you about the inflated currency conversion charges happening in the background. Do not get me began. Anyway back to the positives for a bit anyhow.

In recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards Currensea guarantees big savings (85%) and an excellent app.

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

What this means is you can spend money you have in your existing current account with less worry about running out of cash and the extra action. But that does not suggest it is best.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, permitting us to make income from our Important Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our strategies, complete details can be found on our pricing plans.

Subscription fees.
We charge a yearly membership charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription charge likewise gets rid of all FX markup on transactions.

Interchange.
Every time you spend with your card we receive a little % of the transaction, referred to as interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Problems