Currensea Review Free Card – Best Travel Cards

A brand-new fintech business which I was presented to previously this year. Currensea Review Free Card…

It has actually won a couple of awards over recent months for what it does (offering you an affordable method to invest abroad) however what I like about  is that it is easy as hell. This is a good idea.

is, effectively, 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 just spend as you would on a normal debit card and the money is taken from your current account– simply without the typical 3% charge.

Oh, and  is complimentary to request, which likewise helps.

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

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

launch by doing something well, and totally free or cheaper than the competition
include more and more functions which your existing customers do not truly need or desire

include costs, charges or restrictions to the function that made people get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Curve, monzo and revolut are currently in Phase 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:

It is a totally free direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.

That’s it.

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

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

Nevertheless, charge card which use rewards and charge 0% FX fees are scarce. The only ‘points and miles’ choices which provide a partial solution are the Virgin Atlantic charge card which have 0% FX costs 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 credit card specifically to utilize abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals monthly without any costs and just a minimal FX mark-up (there is a small charge beyond �,� 500).
you want an item for you, your adult children, parents, 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  work in practice?
It is, as I said earlier, a very basic process. 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 bank account bank immediately confirms that you have sufficient money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card,  adds a 0.5% charge. There are no charges if you have among their paid cards.
You get an automated spend notification via the app, if you choose to install it.
The cash is drawn from your current account a couple of days later on.
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 reveals �,� 4.33 arranged to leave my HSBC account a few days later on:.

However converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to occur (typically in a different language) while not telling you about the expensive currency conversion charges taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyway.

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

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

What this means is you can invest money you have in your existing current account with less worry about running out of cash and the extra action. But that does not indicate it is perfect.

In this Currensea evaluation is the great, the bad, the unsightly 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 Essential Strategy of 0.5% per transaction, permitting us to make revenue from our Essential Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our plans, complete details can be found on our prices strategies.

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

Interchange.
Each time you spend with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Review Free Card