Currensea Faq – Best Travel Cards

A brand-new fintech company which I was presented to previously this year. Currensea Faq…

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

is, successfully, 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 just spend as you would on a normal debit card and the money is drawn from your bank account– simply without the usual 3% fee.

Oh, and  is totally free to look for, which likewise assists.

There are likewise some fascinating travel advantages if you pick a paid plan, however the free plan works fine. You can apply here.

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

launch by doing one thing well, and totally free or more affordable than the competitors
include increasingly more functions which your existing consumers do not truly require or desire

add constraints, charges or fees to the feature that made individuals get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Revolut, curve and monzo are currently in Phase 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 utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.

That’s it.

You don’t (yet …) make any airline company 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 want free ATM withdrawals. You can stop reading now.

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

IS perhaps for you if:

you don’t have a charge card offering 0% FX costs and do not want to affect your credit report by getting another charge card specifically to use abroad
you desire an item which permits you to make �,� 500 of foreign currency ATM withdrawals each month with no fees and just a very little FX mark-up (there is a small cost 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 travelling.

How does  operate in practice?
It is, as I said earlier, a very basic process. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, internationally).
Your current account bank instantly verifies that you have sufficient cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card,  adds 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 select to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. With no 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 scheduled to leave my HSBC account a couple of days later:.

But converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to occur (frequently in a different language) while not telling you about the exorbitant currency conversion costs happening in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.

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

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

What this implies is you can spend money you have in your existing bank account with less stress over lacking cash and the extra step. However that does not imply it is best.

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 nominal FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make revenue from our Essential Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our plans, full information can be discovered on our pricing plans.

Subscription fees.
We charge an annual subscription cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership cost likewise eliminates all FX markup on deals.

Interchange.
Whenever you spend with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Currensea Faq