Currensea Card Box – Best Travel Cards

A new fintech business which I was presented to previously this year. Currensea Card Box…

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

is, efficiently, a direct debit travel card. You just invest as you would on a regular debit card and the cash is taken from your present account– simply without the normal 3% fee.

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

There are also some fascinating travel benefits if you choose a paid plan, but the totally free strategy works fine. You can apply here.

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

launch by doing something well, and free of charge or cheaper than the competition
add more and more features which your existing consumers do not truly want or require

include charges, limitations or charges to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Revolut, curve and monzo are already in Stage 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:

It is a complimentary direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.

That’s it.

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

Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not require a  card, unless you desire free ATM withdrawals. You can stop checking out now.

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

IS perhaps for you if:

you do not have a charge 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 each month with no costs and only a very little FX mark-up (there is a small charge beyond �,� 500).
you want a product for you, your adult children, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them money when taking a trip.

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

You make your purchase in local currency (any currency, internationally).
Your current account bank instantly verifies that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% cost if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automated spend notification by means of the app, if you pick to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and purchase 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:.

Converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to happen (typically in a various language) while not telling you about the exorbitant currency conversion fees taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.

Fortunately over the last few years a handful of great travel debit cards have popped onto the scene … and like other great cards  promises big savings (85%) and a great app.

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

What this indicates is you can spend cash you have in your existing current account with less stress over lacking cash and the extra step. However that does not imply it is best.

In this Currensea review is the good, the bad, the ugly and the options, so that you can decide.

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, permitting us to make revenue from our Essential Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our plans, complete details can be found on our rates plans.

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

Interchange.
Whenever you invest with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and will not be credited you. Currensea Card Box