Currensea Travel Card – Best Travel Cards

A new fintech business which I was presented to earlier this year. Currensea Travel Card…

It has won a couple of awards over current months for what it does (using you a low-cost way to invest abroad) however what I like about  is that it is simple as hell. This is a good idea.

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

Oh, and  is free to obtain, which likewise helps.

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

There is an organization design in fintech which Curve, Revolut, Monzo etc have actually all followed:

launch by doing one thing well, and free of charge or cheaper than the competition
include more and more functions which your existing customers do not truly desire or need

include fees, charges or limitations to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Monzo, curve and revolut are currently in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:

It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.

That’s it.

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

Why would I wish to get a card?
If you have a charge 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 offer rewards and charge 0% FX fees are few and far in between. The only ‘miles and points’ alternatives which use a partial option are the Virgin Atlantic charge card which have 0% FX fees 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 with no fees 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 save them cash when taking a trip.

How does  operate in practice?
It is, as I said earlier, a really easy procedure. You use 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 immediately verifies that you have enough money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card,  adds a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automatic spend alert by means of the app, if you pick 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 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 scheduled to leave my HSBC account a couple of days later on:.

Transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (typically in a different language) while not telling you about the inflated currency conversion charges occurring 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 guarantees huge cost savings (85%) and an excellent app.

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

What this implies is you can invest cash you have in your existing current account with less stress over lacking cash and the additional action. However that does not indicate 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 Strategy of 0.5% per transaction, enabling us to make profits from our Necessary Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our strategies, complete information can be discovered on our rates strategies.

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

Interchange.
Every time you spend with your card we get a little % of the deal, called interchange, this comes straight from the merchant and will not be credited you. Currensea Travel Card