Currensea Second Card – Best Travel Cards

A new fintech business which I was introduced to previously this year. Currensea Second Card…

It has won a few awards over current months for what it does (offering you an inexpensive method to spend abroad) but what I like about  is that it is basic as hell. This is a good idea.

is, effectively, 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 simply invest as you would on a regular debit card and the cash is drawn from your bank account– simply without the usual 3% fee.

Oh, and  is totally free to request, which also assists.

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

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

launch by doing something well, and free of charge or more affordable than the competition
include more and more features which your existing consumers do not actually require or desire

add charges, fees or constraints to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully stay there. Revolut, curve and monzo are already in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:

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

That’s it.

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

Why would I want to get a card?
If you have a charge card offering 0% forex fees, then you don’t require a  card, unless you desire complimentary ATM withdrawals. You can stop reading now.

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

IS possibly for you if:

you do not have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another credit card specifically to use abroad
you want a product which allows you to make �,� 500 of foreign currency ATM withdrawals monthly with no fees and just a minimal FX mark-up (there is a little cost beyond �,� 500).
you desire an item for you, your adult kids, moms and dads, partner or anyone else in your life who needs a simple, 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 easy procedure. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, globally).
Your current account bank automatically verifies that you have sufficient cash in your account and authorises the transaction.
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. If you have one of their paid cards, there are no charges.
You get an automatic spend notification through 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 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 set up to leave my HSBC account a few days later on:.

Converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to occur (often in a various language) while not telling you about the inflated currency conversion fees occurring in the background. Do not get me started. Anyway back to the positives for a bit anyway.

Luckily in recent years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards  promises huge cost savings (85%) and a terrific app.

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

What this implies is you can spend cash you have in your existing current account with less worry about lacking cash and the additional action. That does not mean it is ideal.

In this Currensea review is the great, the bad, the awful and the alternatives, so that you can choose.

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, enabling us to make income from our Important Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our strategies, full details can be discovered on our rates plans.

Membership charges.
We charge a yearly subscription charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership cost likewise gets rid of all FX markup on deals.

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