What Does Currensea Card Do – Best Travel Cards

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

It has actually won a couple of awards over current months for what it does (offering you a low-cost method to spend abroad) but what I like about  is that it is simple as hell. This is a good idea.

is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You just invest as you would on a normal debit card and the cash is drawn from your bank account– just without the typical 3% cost.

Oh, and  is totally free to apply for, which also helps.

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

There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:

launch by doing something well, and for free or more affordable than the competition
add a growing number of features which your existing clients do not truly need or desire

include restrictions, charges or costs to the function that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Revolut, monzo and curve are already in Stage 3 …
is simple 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 utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.

That’s it.

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

Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you don’t require a  card, unless you want complimentary ATM withdrawals. You can stop reading now.

However, charge card which offer rewards and charge 0% FX charges are scarce. The only ‘points and miles’ options which offer a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.

IS potentially for you if:

you don’t have a credit card offering 0% FX fees and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals per month with no charges and just a minimal FX mark-up (there is a small charge beyond �,� 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who requires an easy, 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, an extremely 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 automatically verifies 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. If you have the totally free card,  adds a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automatic spend notice through the app, if you pick to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. With no foreign travel in the diary, I chose to sprinkle out and buy 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 few days later on:.

Transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to occur (typically in a various language) while not telling you about the inflated currency conversion costs happening in the background. Do not get me started. Anyway back to the positives for a bit anyway.

Fortunately in recent years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards  guarantees huge cost savings (85%) and an excellent app.

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

What this indicates is you can spend money you have in your existing bank account with less fret about running out of money and the additional action. That does not suggest it is best.

In this Currensea evaluation is the good, the bad, the unsightly and the alternatives, so that you can decide.

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per deal, enabling us to make income from our Important Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, full information can be found on our rates strategies.

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

Interchange.
Each time you spend with your card we get a little % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. What Does Currensea Card Do