Currensea Glow Card – Best Travel Cards

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

It has actually won a few awards over current months for what it does (providing you a low-priced method to invest abroad) but what I like about  is that it is simple 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 merely invest as you would on a normal debit card and the money is drawn from your bank account– just without the usual 3% charge.

Oh, and  is totally free to request, which also assists.

There are also some intriguing travel benefits if you pick a paid plan, but the free strategy works fine. You can use here.

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

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

add charges, costs or constraints to the function that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Revolut, curve and monzo are already in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:

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

That’s it.

You don’t (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 charges, then you don’t need a  card, unless you desire complimentary ATM withdrawals. You can stop reading now.

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

IS potentially for you if:

you don’t have a charge card offering 0% FX fees and do not wish to affect your credit report by getting another credit card specifically to use abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly with no fees and only a minimal FX mark-up (there is a small charge beyond �,� 500).
you desire a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them cash when travelling.

How does  operate in practice?
It is, as I said previously, a really 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, internationally).
Your current account bank instantly validates that you have adequate money in your account and authorises the deal.
The deal 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% cost. If you have one of their paid cards, there are no charges.
You get an automatic spend notice via the app, if you select to install it.
The money is taken from your current account a few days later.
Here is an example. Without any foreign travel in the diary, I decided to splash 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 on:.

But transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to take place (frequently in a different language) while not telling you about the exorbitant currency conversion costs occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.

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

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

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

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per transaction, allowing us to make revenue from our Essential Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our plans, full information can be found on our prices strategies.

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

Interchange.
Whenever you invest with your card we get a small % of the transaction, known as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Glow Card