Sidemen Card Currensea – Best Travel Cards

A new fintech business which I was introduced to previously this year. Sidemen Card Currensea…

It has won a few awards over recent months for what it does (offering you an affordable way to invest 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 nothing to top-up or prepay. You merely spend as you would on a regular debit card and the cash is taken from your bank account– simply without the usual 3% charge.

Oh, and  is complimentary to apply for, which likewise assists.

There are likewise some intriguing travel benefits if you pick a paid strategy, but the complimentary plan works fine. You can use here.

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

launch by doing something well, and for free or more affordable than the competitors
add more and more features which your existing consumers don’t actually require or want

add costs, charges or limitations to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully remain there. Monzo, revolut and curve are already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:

It is a free direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.

That’s it.

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

Why would I wish to get a card?
If you have a credit card offering 0% forex charges, then you don’t require a  card, unless you desire free ATM withdrawals. You can stop reading now.

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

IS perhaps for you if:

you don’t have a charge card offering 0% FX costs and do not want to affect your credit report by getting another charge card particularly to utilize abroad
you want a product which permits you to make �,� 500 of foreign currency ATM withdrawals each month without any charges and just a very little FX mark-up (there is a small cost beyond �,� 500).
you want an item for you, your adult children, parents, partner or anybody else in your life who requires a basic, 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, a really simple procedure. 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 validates that you have enough cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the complimentary card. There are no charges if you have among their paid cards.
You get an automated invest notification by means of the app, if you pick to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, I decided 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 on:.

But transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to take place (often in a different language) while not telling you about the expensive currency conversion fees occurring in the background. Do not get me began. Anyway back to the positives for a bit anyhow.

Fortunately over the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards  promises big cost savings (85%) and a great app.

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

What this means is you can spend cash you have in your existing current account with less stress over running out of money and the extra action. But that does not imply it is perfect.

In this Currensea review is the great, the bad, the awful and the alternatives, so that you can decide.

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, allowing us to make income from our Important Plan 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 amount on all our plans, complete details can be found on our rates plans.

Subscription costs.
We charge an annual subscription charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription cost likewise gets rid of all FX markup on deals.

Interchange.
Each time you spend with your card we receive a little % of the deal, called interchange, this comes straight from the merchant and will not be credited you. Sidemen Card Currensea