Currensea Card Exchange – Best Travel Cards

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

It has actually won a few awards over recent months for what it does (providing you an affordable way to invest 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 in between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a normal debit card and the money is drawn from your bank account– simply without the normal 3% charge.

Oh, and  is free to request, which likewise assists.

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

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

launch by doing something well, and totally free or less expensive than the competition
add increasingly more features which your existing customers don’t really require or want

include charges, charges or restrictions to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Revolut, monzo and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club 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% fee.

That’s it.

You don’t (yet …) earn any airline miles or points for utilizing it.

Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not need a  card, unless you want complimentary ATM withdrawals. You can stop checking out now.

Nevertheless, charge card which provide benefits and charge 0% FX charges are rare. The only ‘points and miles’ alternatives which offer a partial service 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 costs and do not wish to affect your credit report by getting another charge card particularly to use abroad
you want a product which enables 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 children, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them money when taking a trip.

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

You make your purchase in local currency (any currency, globally).
Your current account bank automatically verifies 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 complimentary card,  includes a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automatic spend alert via the app, if you choose to install it.
The cash is drawn from your bank account a few days later.
Here is an example. Without any foreign travel in the diary, I decided to splash out and purchase 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 couple of days later:.

But transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to occur (frequently in a various language) while not telling you about the exorbitant currency conversion costs taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.

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

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

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

In this Currensea evaluation 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 small FX markup on our Important Strategy of 0.5% per deal, permitting us to make revenue from our Necessary Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our strategies, full details can be found on our prices plans.

Subscription fees.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription cost also eliminates all FX markup on deals.

Interchange.
Every time you invest with your card we get a little % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Exchange