Can You Have 2 Cardholders On Currensea Card – Best Travel Cards

A brand-new fintech business which I was introduced to previously this year. Can You Have 2 Cardholders On Currensea Card…

It has won a few awards over recent months for what it does (offering you a low-priced way to spend abroad) but what I like about  is that it is simple as hell. This is a good idea.

is, effectively, 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 merely invest as you would on a regular debit card and the cash is taken from your current account– just without the usual 3% fee.

Oh, and  is totally free to get, which likewise assists.

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

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

launch by doing something well, and totally free or more affordable than the competitors
include increasingly more features which your existing consumers do not truly desire or need

add charges, limitations or costs to the feature that made people get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are already in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:

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

That’s it.

You don’t (yet …) earn any airline company 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 don’t require a  card, unless you want totally free ATM withdrawals. You can stop checking out now.

Credit cards which provide benefits and charge 0% FX fees are couple of and far between. The only ‘points and miles’ alternatives which offer a partial service 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 costs and do not wish to affect your credit report by getting another charge card specifically to utilize abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and only a minimal FX mark-up (there is a little fee beyond �,� 500).
you want an item for you, your adult children, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them money when travelling.

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

You make your purchase in local currency (any currency, worldwide).
Your bank account bank instantly confirms that you have enough 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. adds a 0.5% charge if you have the free card. There are no charges if you have one of their paid cards.
You get an automatic invest notification via the app, if you pick to install it.
The money is drawn from your bank account a few days later.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle 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:.

But transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to take place (typically in a various language) while not telling you about the expensive currency conversion fees taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.

Thankfully in the last few years a handful of great travel debit cards have popped onto the scene … and like other great cards  assures huge cost savings (85%) and a great app.

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

What this implies is you can invest cash you have in your existing bank account with less fret about lacking cash and the extra action. That does not mean it is best.

In this Currensea evaluation is the good, the bad, the awful and the alternatives, 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, allowing us to make income from our Essential Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, full details can be found on our prices plans.

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

Interchange.
Each time you invest with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Can You Have 2 Cardholders On Currensea Card