What Is A Currensea Card Used For – Best Travel Cards

A brand-new fintech company which I was introduced to earlier this year. What Is A Currensea Card Used For…

It has won a few awards over current months for what it does (using you a low-cost way to spend abroad) but what I like about  is that it is basic as hell. This is an advantage.

is, effectively, 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 simply spend as you would on a normal debit card and the cash is taken from your current account– just without the usual 3% charge.

Oh, and  is free to make an application for, which also assists.

There are also some fascinating travel benefits if you select a paid strategy, however the free plan works fine. You can use here.

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

launch by doing one thing well, and totally free or cheaper than the competition
include increasingly more functions which your existing clients do not really want or require

include charges, constraints or costs to the function that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Monzo, curve and revolut are currently in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

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

That’s it.

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

Why would I want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not need a  card, unless you want free ATM withdrawals. You can stop checking out now.

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

IS potentially for you if:

you don’t have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you desire a product which allows you to make �,� 500 of foreign currency ATM withdrawals monthly without any charges and just a very little FX mark-up (there is a small cost beyond �,� 500).
you desire an item for you, your adult kids, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them money when taking a trip.

How does  operate in practice?
It is, as I stated earlier, a very easy procedure. You utilize 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 immediately verifies that you have adequate 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. If you have the free card,  adds a 0.5% fee. There are no charges if you have one of their paid cards.
You get an automatic invest notification through the app, if you choose to install it.
The cash is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.

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

However converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to happen (typically in a various language) while not telling you about the outrageous currency conversion costs occurring in the background. Do not get me started. Anyway back to the positives for a bit anyhow.

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

However I think the best 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 current account with less worry about running out of cash and the extra step. That does not suggest it is best.

In this Currensea review is the great, 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 Necessary Strategy of 0.5% per transaction, allowing us to make earnings from our Essential Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our plans, complete details can be found on our rates plans.

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

Interchange.
Whenever you spend with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. What Is A Currensea Card Used For