Rainbow Currensea Card – Best Travel Cards

A brand-new fintech business which I was presented to previously this year. Rainbow Currensea Card…

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

is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You simply spend as you would on a typical debit card and the cash is taken from your bank account– simply without the normal 3% fee.

Oh, and  is complimentary to get, which likewise assists.

There are likewise some intriguing travel advantages if you choose a paid plan, but the free plan works fine. You can apply here.

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

launch by doing one thing well, and totally free or more affordable than the competitors
include a growing number of functions which your existing clients don’t actually want or require

add limitations, charges or fees to the function that made people get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully remain there. Monzo, revolut and curve are currently in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:

It is a free 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 don’t (yet …) earn any airline miles or points for utilizing it.

Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t need a  card, unless you desire complimentary ATM withdrawals. You can stop checking out now.

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

IS potentially for you if:

you do not have a charge card offering 0% FX costs and do not want to impact your credit report by getting another credit card specifically to utilize abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals monthly without any charges and only a minimal FX mark-up (there is a little fee beyond �,� 500).
you desire a product for you, your adult kids, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them cash when taking a trip.

How does  operate in practice?
It is, as I said earlier, a very basic process. You use 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 upon the currency. If you have the totally free card,  adds a 0.5% cost. There are no fees if you have among their paid cards.
You get an automated spend alert through the app, if you select to install it.
The cash is drawn from your current account a couple of days later.
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 reveals �,� 4.33 arranged to leave my HSBC account a couple of days later:.

But transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to occur (typically in a various language) while not telling you about the outrageous currency conversion costs happening in the background. Do not get me began. Anyhow back to the positives for a bit anyway.

Fortunately recently a handful of fantastic travel debit cards have actually popped onto the scene … and like other excellent cards  assures big savings (85%) and a fantastic app.

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

What this indicates is you can invest cash you have in your existing bank account with less worry about lacking cash and the additional action. However that does not indicate it is ideal.

In this Currensea evaluation is the excellent, the bad, the unsightly 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, allowing us to make profits from our Necessary Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our strategies, complete information can be found on our rates strategies.

Subscription costs.
We charge a yearly subscription cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription cost also removes all FX markup on deals.

Interchange.
Every time you invest with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and will not be credited you. Rainbow Currensea Card