Review Currensea Card – Best Travel Cards

A new fintech business which I was introduced to earlier this year. Review Currensea Card…

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

is, effectively, a direct debit travel card. You simply invest as you would on a typical debit card and the money is taken from your present account– simply without the normal 3% cost.

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

There are also some interesting travel benefits if you pick a paid plan, but the complimentary strategy works fine. You can apply here.

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

launch by doing something well, and free of charge or less expensive than the competitors
add increasingly more functions which your existing clients do not actually desire or require

add fees, charges or restrictions to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Monzo, curve and revolut are already in Stage 3 …
is basic 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 utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.

That’s it.

You do not (yet …) make any airline company miles or points for using it.

Why would I wish to get a card?
If you have a credit card offering 0% forex charges, then you do not require a  card, unless you want complimentary ATM withdrawals. You can stop reading now.

Nevertheless, charge card which offer rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ alternatives which use a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS potentially for you if:

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

How does  work in practice?
It is, as I stated earlier, an extremely basic procedure. You use your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, internationally).
Your bank account bank automatically confirms that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% fee if you have the free card. If you have one of their paid cards, there are no fees.
You get an automated invest notification via the app, if you pick to install it.
The cash is taken from your current account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle 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 few days later:.

But transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to occur (often in a various language) while not telling you about the expensive currency conversion costs taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.

In current years a handful of fantastic travel debit cards have popped onto the scene … and like other great cards Currensea guarantees huge cost savings (85%) and an excellent app.

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

What this means is you can invest cash you have in your existing bank account with less stress over lacking cash and the extra action. However that does not suggest it is perfect.

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 nominal FX markup on our Necessary Strategy of 0.5% per transaction, enabling us to make earnings from our Vital 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 totally free quantity on all our strategies, complete details can be found on our prices strategies.

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

Interchange.
Whenever you spend with your card we get a small % of the deal, called interchange, this comes straight from the merchant and will not be charged to you. Review Currensea Card