Currensea Promo – Best Travel Cards

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

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

is, successfully, 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 spend as you would on a normal debit card and the cash is drawn from your bank account– just without the normal 3% cost.

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

There are also some intriguing travel advantages if you select a paid plan, however the totally free plan works fine. You can use here.

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

launch by doing one thing well, and totally free or less expensive than the competition
include more and more features which your existing customers don’t really need or desire

include limitations, costs or charges to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Curve, Revolut and Monzo are already in Stage 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% charge.

That’s it.

You don’t (yet …) earn any airline company miles or points for utilizing it.

Why would I want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not need a  card, unless you want complimentary ATM withdrawals. You can stop reading now.

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

IS perhaps for you if:

you do not have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another credit card particularly to use abroad
you want a product which allows you to make �,� 500 of foreign currency ATM withdrawals per month with no costs and just a minimal FX mark-up (there is a little cost beyond �,� 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will save them money 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, worldwide).
Your current account bank automatically confirms that you have adequate cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card,  includes a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automated invest notification via the app, if you choose to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. With no foreign travel in the journal, 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 scheduled to leave my HSBC account a few days later on:.

However converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to take place (often in a different language) while not telling you about the expensive currency conversion charges happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.

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

I think the best bit may be what no other card does: links to your existing high street bank account.

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

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, permitting us to make profits from our Vital Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our plans, complete details can be discovered on our prices strategies.

Membership fees.
We charge an annual subscription fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription cost also eliminates all FX markup on transactions.

Interchange.
Each time you spend with your card we receive a small % of the transaction, called interchange, this comes directly from the merchant and will not be charged to you. Currensea Promo