Does The Currensea Card Allow Direct Debit – Best Travel Cards

A new fintech business which I was presented to previously this year. Does The Currensea Card Allow Direct Debit…

It has actually won a couple of awards over current months for what it does (offering you a low-priced way to spend 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. You just spend as you would on a regular debit card and the cash is taken from your existing account– just without the typical 3% cost.

Oh, and  is totally free to apply for, which likewise assists.

There are likewise some interesting travel benefits if you select a paid strategy, however the free strategy works fine. You can apply here.

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

launch by doing one thing well, and for free or cheaper than the competition
add a growing number of functions which your existing clients do not truly desire or require

add charges, fees or restrictions to the feature that made individuals get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Monzo, curve and revolut are already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

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

That’s it.

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

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

However, charge card which offer benefits and charge 0% FX charges are rare. The only ‘miles and points’ choices which offer a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.

IS perhaps for you if:

you don’t have a credit card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to use abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals per month with no charges and just a minimal FX mark-up (there is a small charge beyond �,� 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them cash when travelling.

How does  operate in practice?
It is, as I said earlier, a very simple process. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, globally).
Your current account bank immediately verifies 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 on the currency. If you have the free card,  includes a 0.5% fee. There are no charges if you have among their paid cards.
You get an automated spend notification through 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. With no foreign travel in the journal, I chose 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:.

But converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to occur (typically in a different language) while not telling you about the exorbitant currency conversion charges happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

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

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

What this implies is you can spend money you have in your existing bank account with less fret about lacking money and the additional step. But that does not mean it is perfect.

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

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, enabling us to make income from our Vital Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our plans, complete information can be found on our rates strategies.

Subscription fees.
We charge an annual subscription charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership charge also removes all FX markup on deals.

Interchange.
Each time you spend with your card we receive a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be credited you. Does The Currensea Card Allow Direct Debit