How Good Is The Currensea Card – Best Travel Cards

A new fintech business which I was presented to previously this year. How Good Is The Currensea Card…

It has won a couple of awards over recent months for what it does (offering you a low-cost way to invest abroad) however what I like about  is that it is easy as hell. This is a good thing.

is, successfully, a direct debit travel card. You simply spend as you would on a typical debit card and the money is taken from your present account– simply without the typical 3% charge.

Oh, and  is complimentary to apply for, which also helps.

There are also some intriguing travel advantages if you pick a paid plan, but the totally free plan works fine. You can use here.

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

launch by doing one thing well, and free of charge or less expensive than the competition
include a growing number of features which your existing customers don’t really want or require

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

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

That’s it.

You don’t (yet …) earn 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% foreign exchange fees, then you don’t require a  card, unless you want totally free ATM withdrawals. You can stop reading now.

However, credit cards which use benefits and charge 0% FX costs are rare. The only ‘miles and points’ options which use a partial service 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 costs and do not wish to impact your credit report by getting another credit card specifically to use abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals each month with no costs and just a very little FX mark-up (there is a small 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 basic, easy to understand payment card that will conserve them cash when taking a trip.

How does  operate in practice?
It is, as I stated previously, a really 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, internationally).
Your current account bank instantly confirms that you have enough 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. includes 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 automated invest notice via the app, if you pick to install it.
The money is drawn from your current account a few days later on.
Here is an example. Without any 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 shows �,� 4.33 set up to leave my HSBC account a couple of days later on:.

Converting pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to take place (typically in a different language) while not telling you about the inflated currency conversion charges taking place in the background. Do not get me started. Anyway back to the positives for a bit anyway.

In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards Currensea guarantees 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 bank account with less worry about lacking cash and the additional step. That does not mean it is best.

In this Currensea evaluation is the excellent, the bad, the ugly 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 transaction, enabling us to make revenue from our Necessary Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our strategies, complete details can be found on our prices plans.

Membership charges.
We charge an annual subscription charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership fee likewise removes all FX markup on deals.

Interchange.
Every 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 charged to you. How Good Is The Currensea Card