Currensea Gay Card – Best Travel Cards

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

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

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

Oh, and  is complimentary to get, which also helps.

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

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

launch by doing one thing well, and totally free or more affordable than the competitors
add increasingly more features which your existing clients do not truly want or require

include costs, restrictions or charges to the function that made people get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will ideally remain there. Monzo, curve and revolut are currently in Stage 3 …
is basic 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 instantly charges all purchases to your existing current account in Sterling, less a little 0.5% cost.

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 do not require a  card, unless you desire totally free ATM withdrawals. You can stop reading now.

Credit cards which use benefits and charge 0% FX fees are couple of and far between. The only ‘miles and points’ options which offer 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 want to impact your credit report by getting another credit card particularly to use abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals per month without any charges and only a minimal FX mark-up (there is a little charge beyond �,� 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them money when taking a trip.

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

You make your purchase in regional currency (any currency, globally).
Your current account bank instantly confirms that you have enough money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card,  includes a 0.5% charge. There are no costs if you have among their paid cards.
You get an automatic invest notice via the app, if you select to install it.
The cash is drawn from your bank account a couple of days later on.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and purchase 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:.

But converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to happen (frequently in a various language) while not telling you about the outrageous currency conversion charges happening in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.

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

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

What this implies is you can invest cash you have in your existing bank account with less worry about lacking cash and the extra action. However that does not mean it is best.

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

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

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

Interchange.
Each time you spend with your card we receive a small % of the deal, called interchange, this comes straight from the merchant and won’t be charged to you. Currensea Gay Card