Currensea Or Credit Card – Best Travel Cards

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

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

is, efficiently, a direct debit travel card. You simply spend as you would on a regular debit card and the money is taken from your existing account– simply without the usual 3% fee.

Oh, and  is totally free to apply for, which likewise helps.

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

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

launch by doing something well, and for free or cheaper than the competitors
add increasingly more features which your existing clients do not truly want or require

include restrictions, charges or costs to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are currently 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 automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.

That’s it.

You do not (yet …) earn any airline miles or points for utilizing it.

Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t require a  card, unless you desire free ATM withdrawals. You can stop reading now.

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

IS perhaps for you if:

you don’t have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another charge card particularly to use abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly without any fees and just a minimal FX mark-up (there is a small charge beyond �,� 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them cash when travelling.

How does  operate in practice?
It is, as I stated previously, an extremely simple procedure. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, globally).
Your bank account bank instantly confirms that you have adequate 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% cost if you have the free card. There are no costs if you have among their paid cards.
You get an automatic invest notice through the app, if you select to install it.
The cash is taken from your current account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I decided to splash out and purchase 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:.

However transforming pounds was expensive.

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

Luckily over the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards  assures huge savings (85%) and a fantastic app.

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

What this implies is you can invest money you have in your existing current account with less fret about running out of cash and the additional step. That does not mean it is ideal.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per deal, allowing us to make earnings 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 free quantity on all our strategies, complete information can be found on our rates plans.

Membership charges.
We charge an annual subscription fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership cost also gets rid of all FX markup on transactions.

Interchange.
Every time you spend with your card we receive a small % of the deal, known as interchange, this comes directly from the merchant and won’t be credited you. Currensea Or Credit Card