Currensea Explained – Best Travel Cards

A brand-new fintech business which I was presented to previously this year. Currensea Explained…

It has actually won a couple of awards over current months for what it does (using you a low-priced way to spend abroad) but 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 between you and your existing bank 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 typical 3% fee.

Oh, and  is free to get, which also assists.

There are likewise some intriguing travel benefits if you choose a paid plan, however the totally free plan works fine. You can use here.

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

launch by doing one thing well, and totally free or less expensive than the competition
include increasingly more functions which your existing clients don’t actually need or desire

include restrictions, charges or costs to the feature that made people get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Curve, monzo and revolut are currently in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

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

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 credit card offering 0% forex costs, then you do not need a  card, unless you want totally free ATM withdrawals. You can stop reading now.

However, charge card which offer benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ 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 charge card offering 0% FX fees and do not wish to impact your credit report by getting another credit card particularly to use abroad
you desire a product which permits you to make �,� 500 of foreign currency ATM withdrawals each month without any charges and only a very little FX mark-up (there is a little charge beyond �,� 500).
you want a product for you, your adult children, moms and dads, partner or anyone else in your life who needs an easy, 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 really basic process. You use your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, globally).
Your bank account bank automatically validates 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. adds a 0.5% cost if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automatic spend notification via the app, if you choose to install it.
The money is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the diary, I chose to splash out and purchase 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 on:.

Converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to occur (frequently in a different language) while not telling you about the exorbitant currency conversion fees taking place in the background. Don’t get me started. Anyhow 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 terrific cards Currensea promises big 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 suggests is you can spend money you have in your existing bank account with less worry about running out of cash and the additional action. However that does not indicate it is best.

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per deal, enabling us to make earnings from our Vital Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our plans, complete details can be found on our prices strategies.

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

Interchange.
Whenever you spend with your card we receive a little % of the transaction, referred to as interchange, this comes directly from the merchant and will not be credited you. Currensea Explained