Currensea Found Card – Best Travel Cards

A brand-new fintech company which I was introduced to previously this year. Currensea Found Card…

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

is, effectively, a direct debit travel card. You simply spend as you would on a normal debit card and the money is taken from your present account– simply without the normal 3% charge.

Oh, and  is totally free to obtain, which likewise assists.

There are also some interesting travel advantages if you pick a paid strategy, but the complimentary plan works fine. You can use here.

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

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

include constraints, charges or costs to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Monzo, curve and revolut are currently in Phase 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:

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

That’s it.

You don’t (yet …) earn any airline company miles or points for utilizing it.

Why would I wish to get a card?
If you have a credit card offering 0% forex charges, then you do not need a  card, unless you want totally free ATM withdrawals. You can stop reading now.

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

IS potentially for you if:

you do not have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another credit card particularly to utilize abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly with no fees and just a very little FX mark-up (there is a little charge beyond �,� 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them money when travelling.

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

You make your purchase in regional currency (any currency, globally).
Your bank account bank automatically validates 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% fee if you have the totally free card. There are no fees if you have among their paid cards.
You get an automatic invest alert through the app, if you choose to install it.
The money is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.

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

But converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to occur (frequently in a various language) while not telling you about the outrageous currency conversion charges happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

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

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

What this means is you can invest cash you have in your existing current account with less stress over running out of money and the additional step. However that does not mean it is best.

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, allowing us to make income from our Necessary Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, full details can be discovered on our prices strategies.

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

Interchange.
Every time you invest with your card we receive a little % of the deal, called interchange, this comes straight from the merchant and will not be charged to you. Currensea Found Card