Currensea Company Card – Best Travel Cards

A brand-new fintech business which I was introduced to earlier this year. Currensea Company Card…

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

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

Oh, and  is complimentary to obtain, which likewise assists.

There are likewise some interesting travel benefits if you choose a paid strategy, however the complimentary strategy works fine. You can use here.

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

launch by doing something well, and for free or less expensive than the competitors
include more and more features which your existing clients do not actually desire or need

include charges, constraints or charges 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 procedure and will hopefully remain there. Curve, monzo and revolut are currently in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:

It is a free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% charge.

That’s it.

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

Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you don’t require a  card, unless you desire complimentary ATM withdrawals. You can stop reading now.

Credit cards which provide rewards and charge 0% FX charges are few and far between. The only ‘points and miles’ choices which use a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.

IS possibly for you if:

you do not have a credit card offering 0% FX charges and do not want to impact your credit report by getting another credit card particularly to use abroad
you want a product which permits you to make �,� 500 of foreign currency ATM withdrawals each month with no charges and just a very little FX mark-up (there is a little cost beyond �,� 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them money when taking a trip.

How does  work in practice?
It is, as I said previously, an extremely 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, globally).
Your current account bank immediately verifies that you have enough cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the complimentary card. There are no costs if you have among their paid cards.
You get an automated spend notification via the app, if you choose to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.

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

Converting pounds was pricey.

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

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

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

What this suggests is you can invest cash you have in your existing bank account with less worry about running out of money and the extra step. That does not indicate it is best.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per deal, permitting us to make profits from our Important Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our plans, full information can be found on our pricing strategies.

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

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