Currensea Sainsbury’s Credit Card – Best Travel Cards

A new fintech business which I was introduced to previously this year. Currensea Sainsbury’s Credit Card…

It has actually won a few awards over recent months for what it does (using you an affordable way to spend abroad) but what I like about  is that it is easy as hell. This is an advantage.

is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You just spend as you would on a regular debit card and the cash is taken from your current account– simply without the typical 3% cost.

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

There are also some fascinating travel benefits if you choose a paid strategy, however the complimentary strategy works fine. You can use here.

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

launch by doing something well, and totally free or cheaper than the competitors
include more and more features which your existing customers don’t actually require or want

include charges, limitations or costs to the function that made people get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Curve, monzo and revolut are already in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:

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

That’s it.

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

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

Nevertheless, charge card which offer rewards and charge 0% FX charges are few and far between. The only ‘miles and points’ alternatives which provide a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.

IS perhaps for you if:

you don’t have a charge card offering 0% FX charges and do not want to affect your credit report by getting another credit card specifically to use abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and only a minimal FX mark-up (there is a little cost beyond �,� 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them cash when taking a trip.

How does  work in practice?
It is, as I said earlier, an extremely basic process. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, worldwide).
Your current account bank immediately confirms that you have enough 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. adds a 0.5% fee if you have the totally free card. There are no fees if you have one of their paid cards.
You get an automatic invest notice by means of the app, if you pick to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, 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 on:.

Transforming pounds was pricey.

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

Thankfully over the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards  guarantees big savings (85%) and a great app.

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

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

In this Currensea review is the great, the bad, the awful 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 Plan of 0.5% per deal, permitting us to make profits from our Vital Strategy whilst remaining more affordable 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 strategies, full details can be discovered on our rates plans.

Subscription costs.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership charge likewise eliminates all FX markup on deals.

Interchange.
Whenever you invest with your card we receive a little % of the transaction, known as interchange, this comes directly from the merchant and will not be charged to you. Currensea Sainsbury’s Credit Card