Contact Currensea – Best Travel Cards

A brand-new fintech business which I was introduced to earlier this year. Contact Currensea…

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

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

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

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

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

launch by doing something well, and totally free or less expensive than the competition
add more and more features which your existing consumers do not actually want or need

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

It is a totally free direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.

That’s it.

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

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

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

IS possibly for you if:

you do not have a credit card offering 0% FX charges and do not want to impact your credit report by getting another charge card specifically to utilize abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals each month with no charges and only a very little FX mark-up (there is a little cost beyond �,� 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them money when taking a trip.

How does  work in practice?
It is, as I stated earlier, a really easy process. 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 confirms that you have adequate 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. includes a 0.5% charge if you have the totally free card. If you have one of their paid cards, there are no costs.
You get an automatic invest notification via the app, if you choose to install it.
The money is taken from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, 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 scheduled to leave my HSBC account a few days later on:.

Transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to occur (frequently in a various language) while not telling you about the inflated currency conversion fees occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.

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

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

What this suggests is you can invest money you have in your existing bank account with less worry about running out of money and the extra action. But that does not suggest it is best.

In this Currensea evaluation is the great, 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 Plan of 0.5% per transaction, allowing us to make profits from our Essential Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our strategies, complete information can be discovered on our rates plans.

Subscription fees.
We charge a yearly membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription charge likewise eliminates all FX markup on transactions.

Interchange.
Each time you spend with your card we get a small % of the transaction, known as interchange, this comes directly from the merchant and will not be credited you. Contact Currensea