Can You Use Swiss Francs On A Currensea Card – Best Travel Cards

A new fintech company which I was introduced to earlier this year. Can You Use Swiss Francs On A Currensea Card…

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

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

Oh, and  is complimentary to apply for, which likewise helps.

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

There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing something well, and free of charge or cheaper than the competitors
include a growing number of features which your existing clients don’t really require or want

add limitations, charges or costs to the feature that made people get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Monzo, revolut and curve are already in Phase 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 totally free direct debit card to use abroad and which instantly charges 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 wish to get a card?
If you have a charge card offering 0% forex charges, then you do not need a  card, unless you desire complimentary ATM withdrawals. You can stop reading now.

Nevertheless, credit cards which provide benefits and charge 0% FX costs are scarce. The only ‘miles and points’ alternatives which offer a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS potentially for you if:

you do not have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another charge card particularly to utilize abroad
you desire an item 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 cost beyond �,� 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them cash when taking a trip.

How does  work in practice?
It is, as I said previously, a really easy 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 verifies that you have sufficient money 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% fee if you have the free card. There are no charges if you have among their paid cards.
You get an automated invest notification by means of the app, if you choose to install it.
The cash is taken from your current account a few days later on.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which shows �,� 4.33 set up to leave my HSBC account a few days later:.

Transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to take place (typically in a various language) while not telling you about the outrageous currency conversion fees occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.

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

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

What this means is you can spend money you have in your existing current account with less stress over running out of money and the additional step. However that does not suggest it is best.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per deal, enabling us to make income from our Necessary Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our strategies, complete details can be discovered on our prices plans.

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

Interchange.
Each time you invest with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and will not be credited you. Can You Use Swiss Francs On A Currensea Card