Currensea Standard Card Fees – Best Travel Cards

A new fintech business which I was presented to previously this year. Currensea Standard Card Fees…

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

is, successfully, 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 normal debit card and the cash is taken from your current account– just without the normal 3% charge.

Oh, and  is free to apply for, which also assists.

There are also some fascinating travel advantages if you choose a paid plan, but the totally free strategy works fine. You can use here.

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

launch by doing one thing well, and free of charge or more affordable than the competition
add a growing number of features which your existing consumers don’t really require or desire

add fees, charges or limitations to the function that made individuals get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will ideally stay there. Curve, Revolut and Monzo are currently in Stage 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 bank account in Sterling, less a small 0.5% charge.

That’s it.

You don’t (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 fees, then you do not need a  card, unless you want free ATM withdrawals. You can stop reading now.

However, charge card which use rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ alternatives which use a partial service are the Virgin Atlantic credit cards which have 0% FX costs 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 charge card specifically to use abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals each month with no charges and only a minimal FX mark-up (there is a small fee beyond �,� 500).
you desire an item for you, your adult kids, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them money when travelling.

How does  work in practice?
It is, as I said previously, a very easy procedure. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, worldwide).
Your bank account bank instantly confirms that you have sufficient cash in your account and authorises the transaction.
The transaction 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 among their paid cards.
You get an automated spend alert through the app, if you choose to install it.
The money is taken from your current account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.

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

Transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to take place (often in a various language) while not telling you about the expensive currency conversion costs happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

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

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

What this suggests is you can spend money you have in your existing current account with less stress over running out of cash and the additional action. That does not suggest it is ideal.

In this Currensea review is the good, the bad, the awful 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 Plan of 0.5% per transaction, enabling us to make profits from our Vital Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our strategies, complete details can be found on our pricing strategies.

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

Interchange.
Every time you spend with your card we receive a little % of the deal, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Standard Card Fees