Which Currensea Card – Best Travel Cards

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

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

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 invest as you would on a typical debit card and the money is taken from your current account– just without the typical 3% cost.

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

There are also some interesting travel benefits if you choose a paid strategy, however the free strategy works fine. You can apply here.

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

launch by doing something well, and totally free or more affordable than the competition
add a growing number of functions which your existing customers do not actually want or require

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

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

That’s it.

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

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

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

IS perhaps for you if:

you do not have a charge card offering 0% FX charges and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you desire a product which permits you to make �,� 500 of foreign currency ATM withdrawals monthly with no charges and just a very little FX mark-up (there is a small cost beyond �,� 500).
you want an item for you, your adult kids, parents, partner or anyone 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 said previously, a very basic 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 immediately confirms that you have sufficient money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card,  adds a 0.5% charge. There are no charges if you have one of their paid cards.
You get an automated spend notification via the app, if you choose to install it.
The money is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I chose to splash 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 few days later on:.

Transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to take place (typically in a various language) while not telling you about the exorbitant currency conversion charges occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.

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

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

What this implies is you can spend money you have in your existing current account with less worry about running out of cash and the additional step. That does not mean it is ideal.

In this Currensea evaluation is the great, the bad, the awful and the options, so that you can choose.

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, permitting us to make income from our Vital Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our strategies, complete details can be discovered on our pricing strategies.

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

Interchange.
Each time you invest with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and will not be credited you. Which Currensea Card