Currensea 24K Card – Best Travel Cards

A new fintech company which I was introduced to earlier this year. Currensea 24K Card…

It has won a couple of awards over recent months for what it does (using you a low-cost method to invest abroad) but what I like about  is that it is basic as hell. This is a good thing.

is, efficiently, a direct debit travel card. You merely spend as you would on a regular debit card and the money is taken from your present account– simply without the usual 3% fee.

Oh, and  is complimentary to obtain, which also assists.

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

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

launch by doing something well, and totally free or cheaper than the competitors
add increasingly more functions which your existing consumers don’t actually need or want

include costs, limitations or charges to the feature that made people get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully stay there. Revolut, curve and monzo are currently in Stage 3 …
is easy 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 utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.

That’s it.

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

Why would I want to get a card?
If you have a charge card offering 0% forex costs, then you do not need a  card, unless you want free ATM withdrawals. You can stop reading now.

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

IS potentially for you if:

you do not have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another charge card particularly to use abroad
you desire a product which permits you to make �,� 500 of foreign currency ATM withdrawals each month without any costs and only a minimal FX mark-up (there is a small cost beyond �,� 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them money when taking a trip.

How does  work in practice?
It is, as I said previously, an extremely basic process. You use your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, internationally).
Your bank account bank automatically validates 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 upon the currency. If you have the free card,  adds a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automatic spend alert through the app, if you pick to install it.
The money is drawn from your current account a couple of days later.
Here is an example. Without any 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 reveals �,� 4.33 arranged to leave my HSBC account a few days later:.

Transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to occur (often in a various language) while not telling you about the exorbitant currency conversion costs happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.

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

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

What this means is you can spend cash you have in your existing current account with less worry about running out of cash and the additional step. That does not indicate it is ideal.

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

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, enabling us to make earnings from our Vital Plan whilst staying 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, full information can be found on our pricing strategies.

Membership fees.
We charge an annual membership charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership cost likewise removes all FX markup on transactions.

Interchange.
Each time you spend with your card we receive a small % of the transaction, called interchange, this comes straight from the merchant and will not be credited you. Currensea 24K Card