How Much Can I Have In My Currensea Card Account – Best Travel Cards

A new fintech business which I was introduced to earlier this year. How Much Can I Have In My Currensea Card Account…

It has won a few awards over recent months for what it does (using you a low-cost way to spend abroad) however what I like about  is that it is easy as hell. This is a good idea.

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 merely invest as you would on a normal debit card and the cash is drawn from your bank account– just without the typical 3% fee.

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

There are also some interesting travel benefits if you choose a paid plan, however the totally free plan works fine. You can use here.

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

launch by doing something well, and totally free or less expensive than the competition
add increasingly more features which your existing clients do not truly require or want

add charges, restrictions or costs to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Revolut, monzo and curve are already in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:

It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% charge.

That’s it.

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

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

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

IS perhaps for you if:

you do not have a credit card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you want a product which allows you to make �,� 500 of foreign currency ATM withdrawals each month with no costs and only a minimal FX mark-up (there is a small cost beyond �,� 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them money when taking a trip.

How does  work in practice?
It is, as I stated earlier, an extremely easy procedure. 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 bank account bank instantly confirms that you have adequate cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card,  adds a 0.5% charge. There are no charges if you have among their paid cards.
You get an automated invest notice via 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 diary, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which reveals �,� 4.33 scheduled to leave my HSBC account a couple of days later on:.

Transforming pounds was costly.

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

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

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

What this indicates is you can invest cash you have in your existing bank account with less fret about running out of cash and the extra step. That does not suggest it is perfect.

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

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, enabling us to make earnings from our Necessary Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our strategies, complete details can be discovered on our prices plans.

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

Interchange.
Each time you invest with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and won’t be credited you. How Much Can I Have In My Currensea Card Account