Currensea Greece – Best Travel Cards

A new fintech business which I was presented to previously this year. Currensea Greece…

It has actually won a few awards over current months for what it does (offering you an affordable way to invest abroad) however what I like about  is that it is simple as hell. This is a good thing.

is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a regular debit card and the money is drawn from your current account– simply without the normal 3% charge.

Oh, and  is free to request, which also helps.

There are likewise some interesting travel benefits if you select a paid plan, but the complimentary plan works fine. You can use here.

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

launch by doing one thing well, and for free or cheaper than the competitors
add a growing number of functions which your existing consumers do not really want or require

add charges, costs or constraints to the function that made individuals get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Monzo, revolut and curve are already in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:

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

That’s it.

You do not (yet …) make any airline miles or points for using 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 desire complimentary ATM withdrawals. You can stop checking out now.

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

IS perhaps for you if:

you do not have a charge card offering 0% FX charges and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you desire a product which allows you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and just a minimal FX mark-up (there is a small charge beyond �,� 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them cash when travelling.

How does  operate in practice?
It is, as I stated 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 automatically validates that you have sufficient cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% cost if you have the free card. There are no fees if you have one of their paid cards.
You get an automatic invest alert via the app, if you pick to install it.
The money is drawn from your current account a couple of days later.
Here is an example. With no 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 shows �,� 4.33 scheduled to leave my HSBC account a few days later:.

Converting pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to take place (often in a various language) while not telling you about the expensive currency conversion charges occurring in the background. Do not get me started. Anyway back to the positives for a bit anyway.

Luckily over the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards  promises big 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 bank account.

What this suggests is you can spend cash you have in your existing bank account with less worry about lacking cash and the extra action. But that does not imply it is ideal.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, allowing us to make income 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 usage over the totally free amount on all our plans, complete information can be discovered on our pricing plans.

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

Interchange.
Each time you spend with your card we get a little % of the transaction, known as interchange, this comes straight from the merchant and won’t be credited you. Currensea Greece