Verify My Currensea Card – Best Travel Cards

A brand-new fintech company which I was presented to earlier this year. Verify My Currensea Card…

It has actually won a couple of awards over current months for what it does (offering you an inexpensive method to spend abroad) but what I like about  is that it is basic as hell. This is a good idea.

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

Oh, and  is totally free to request, which likewise assists.

There are likewise some interesting travel benefits if you pick a paid strategy, however the totally free plan works fine. You can apply here.

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

launch by doing one thing well, and for free or cheaper than the competitors
include a growing number of features which your existing consumers don’t actually need or desire

add charges, fees or limitations to the function that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Curve, monzo and revolut are currently in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:

It is a free direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.

That’s it.

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

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

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

IS perhaps for you if:

you don’t have a charge card offering 0% FX fees and do not want to affect your credit report by getting another charge card particularly to use abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no fees and just a minimal FX mark-up (there is a little fee beyond �,� 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires a basic, 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 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 bank account bank instantly confirms that you have enough cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card,  adds a 0.5% charge. There are no costs if you have one of their paid cards.
You get an automatic spend notification through the app, if you select to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle out and purchase 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 few days later:.

Converting pounds was costly.

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

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

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

What this suggests is you can spend money you have in your existing bank account with less fret about running out of money and the extra step. However that does not suggest it is best.

In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can choose.

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per deal, allowing us to make income from our Essential Plan whilst staying more affordable 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 plans, full details can be discovered on our prices strategies.

Membership costs.
We charge an annual subscription charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership charge likewise removes all FX markup on transactions.

Interchange.
Every time you invest with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Verify My Currensea Card