Currensea Card Reviews 2017 – Best Travel Cards

A new fintech company which I was introduced to previously this year. Currensea Card Reviews 2017…

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

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

Oh, and  is free to obtain, which also helps.

There are also some intriguing travel benefits if you pick a paid plan, however the complimentary 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 one thing well, and free of charge or more affordable than the competitors
add increasingly more functions which your existing consumers don’t really require or desire

include charges, charges or restrictions to the function that made people get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Monzo, revolut and curve are currently in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar 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% cost.

That’s it.

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

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

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

IS possibly for you if:

you do not have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another charge card particularly to utilize abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals per month without any costs and just a minimal FX mark-up (there is a little fee beyond �,� 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them money when taking a trip.

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

You make your purchase in local currency (any currency, worldwide).
Your current account bank automatically validates that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card,  includes a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automatic spend notification through the app, if you choose to install it.
The cash is taken from your current account a few days later on.
Here is an example. Without any foreign travel in the diary, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.

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

Transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to happen (often in a different language) while not telling you about the inflated currency conversion charges taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.

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

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

What this implies is you can spend money you have in your existing current account with less stress over running out of cash and the extra step. However that does not indicate it is ideal.

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 nominal FX markup on our Vital Strategy of 0.5% per deal, allowing us to make income from our Necessary Strategy whilst remaining more affordable 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 information can be discovered on our pricing plans.

Membership costs.
We charge a yearly membership cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership charge likewise eliminates all FX markup on transactions.

Interchange.
Each time you invest 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 Reviews 2017