Currensea Card Abroad – Best Travel Cards

A brand-new fintech company which I was presented to earlier this year. Currensea Card Abroad…

It has won a couple of awards over recent months for what it does (offering you an inexpensive way to spend abroad) however what I like about  is that it is easy as hell. This is a good thing.

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

Oh, and  is totally free to obtain, which also helps.

There are also some interesting travel advantages if you choose a paid strategy, however the totally free plan works fine. You can apply here.

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

launch by doing one thing well, and for free or less expensive than the competitors
include a growing number of features which your existing consumers don’t really desire or need

add constraints, charges or costs to the feature that made individuals 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. Revolut, monzo and curve are currently in Phase 3 …
is basic enough that it passes my ‘Can you discuss 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 charges all purchases to your existing current account in Sterling, less a little 0.5% charge.

That’s it.

You don’t (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 charges, then you don’t require a  card, unless you want complimentary ATM withdrawals. You can stop checking out now.

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

IS perhaps for you if:

you do not have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another credit card specifically to use abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals each month with no costs and just 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 needs a simple, easy to understand payment card that will conserve them money when travelling.

How does  operate in practice?
It is, as I said previously, an extremely basic 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 current account bank instantly confirms that you have enough cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automatic spend notice through the app, if you choose to install it.
The money is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and purchase 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 couple of days later:.

Transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to happen (frequently in a different language) while not telling you about the expensive currency conversion charges happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.

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

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

What this suggests is you can invest money you have in your existing bank account with less worry about running out of money and the additional action. However that does not imply it is best.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per deal, enabling us to make revenue from our Important Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our strategies, full details can be discovered on our prices plans.

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

Interchange.
Every time you invest with your card we get a little % of the transaction, referred to as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Abroad