Currensea Virgin Credit Card – Best Travel Cards

A brand-new fintech business which I was introduced to previously this year. Currensea Virgin Credit Card…

It has won a few awards over recent months for what it does (using you an inexpensive method to spend abroad) however what I like about  is that it is simple as hell. This is a good thing.

is, efficiently, 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 simply spend as you would on a typical debit card and the money is drawn from your bank account– simply without the normal 3% fee.

Oh, and  is totally free to get, which also helps.

There are likewise some fascinating travel advantages if you pick a paid strategy, but the totally free strategy works fine. You can apply here.

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

launch by doing one thing well, and free of charge or more affordable than the competitors
add increasingly more functions which your existing clients don’t really need or want

include charges, fees or restrictions to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are currently in Phase 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 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 using it.

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

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

IS potentially for you if:

you do not have a charge card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to use abroad
you desire an item which permits you to make �,� 500 of foreign currency ATM withdrawals each month with no costs and only a very little FX mark-up (there is a small charge beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them cash when travelling.

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

You make your purchase in local currency (any currency, worldwide).
Your bank account bank immediately confirms that you have adequate 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% charge if you have the free card. If you have one of their paid cards, there are no fees.
You get an automated spend notice by means of the app, if you choose to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which shows �,� 4.33 arranged to leave my HSBC account a few days later on:.

Converting pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to occur (typically in a various language) while not telling you about the exorbitant currency conversion charges occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.

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

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

What this implies is you can invest money you have in your existing bank account with less fret about lacking money and the extra action. However that does not imply it is best.

In this Currensea evaluation is the excellent, the bad, the unsightly 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 income from our Necessary Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our plans, full information can be found on our pricing strategies.

Subscription fees.
We charge an annual membership charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership fee likewise gets rid of all FX markup on deals.

Interchange.
Every time you spend with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and will not be charged to you. Currensea Virgin Credit Card