Currensea Pin – Best Travel Cards

A new fintech company which I was presented to earlier this year. Currensea Pin…

It has won a couple of awards over current months for what it does (providing you a low-priced way 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 merely invest as you would on a regular debit card and the money is taken from your current account– just without the typical 3% cost.

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

There are also some interesting travel benefits if you choose a paid strategy, but the free 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 totally free or cheaper than the competitors
add more and more features which your existing customers do not really want or require

add restrictions, charges or fees to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Revolut, monzo and curve are currently in Stage 3 …
is easy 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 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 don’t (yet …) earn any airline miles or points for utilizing it.

Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t need a  card, unless you desire free ATM withdrawals. You can stop checking out now.

However, credit cards which offer benefits and charge 0% FX costs are few and far between. The only ‘points and miles’ 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 don’t have a charge card offering 0% FX fees and do not want to impact your credit report by getting another charge card specifically to utilize abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals monthly without any charges and just a very little FX mark-up (there is a little cost beyond �,� 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them cash when travelling.

How does  operate in practice?
It is, as I stated previously, a very basic process. You use your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, internationally).
Your bank account bank immediately verifies 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. adds a 0.5% cost if you have the totally free card. There are no costs if you have among their paid cards.
You get an automated invest notification via the app, if you select to install it.
The cash is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the journal, I decided 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 couple of days later:.

However transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to happen (often in a different language) while not telling you about the outrageous currency conversion fees happening in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.

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

However 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 action. That does not indicate it is perfect.

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

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per deal, permitting us to make earnings from our Vital Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our plans, complete details can be discovered on our rates strategies.

Subscription charges.
We charge an annual membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership charge also removes all FX markup on transactions.

Interchange.
Every time you invest with your card we get a small % of the deal, known as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Pin