Currensea Card Recommend A Friend – Best Travel Cards

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

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

is, successfully, a direct debit travel card. You merely invest as you would on a typical debit card and the cash is taken from your present account– simply without the usual 3% fee.

Oh, and  is complimentary to make an application for, which also assists.

There are also some interesting travel benefits if you choose a paid plan, however the totally free plan works fine. You can apply here.

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

launch by doing something well, and free of charge or more affordable than the competition
add more and more features which your existing clients do not actually need or want

add fees, charges or constraints to the function that made individuals get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Curve, Revolut and Monzo 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 complimentary direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 0.5% charge.

That’s it.

You do not (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 require a  card, unless you desire free ATM withdrawals. You can stop checking out now.

However, credit cards which offer benefits and charge 0% FX fees are few and far between. The only ‘miles and points’ choices which use a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS possibly for you if:

you don’t have a charge card offering 0% FX fees and do not wish to affect your credit report by getting another credit card particularly to use abroad
you want a product which allows 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 want a product for you, your adult children, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them cash when taking a trip.

How does  work in practice?
It is, as I said earlier, an extremely easy process. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, globally).
Your bank account bank immediately verifies that you have enough money 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,  includes a 0.5% fee. If you have one of their paid cards, there are no charges.
You get an automatic invest alert by means of the app, if you pick to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the diary, I chose to splash 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 robbery that is just about to take place (typically in a different language) while not telling you about the exorbitant currency conversion charges occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.

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

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

What this indicates is you can invest cash you have in your existing bank account with less fret about running out of cash and the extra step. But that does not suggest it is best.

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

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

Subscription costs.
We charge a yearly subscription fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription charge likewise gets rid of all FX markup on deals.

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 credited you. Currensea Card Recommend A Friend