Currensea Card Fraud – Best Travel Cards

A brand-new fintech business which I was introduced to earlier this year. Currensea Card Fraud…

It has won a few awards over recent months for what it does (providing you an inexpensive method to invest abroad) but 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 bank account. There is nothing to top-up or prepay. You just invest as you would on a regular debit card and the money is drawn from your bank account– simply without the typical 3% cost.

Oh, and  is complimentary to look for, which also assists.

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

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

launch by doing one thing well, and for free or less expensive than the competitors
include more and more features which your existing customers don’t actually require or desire

include charges, constraints or fees 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 procedure and will ideally remain there. Revolut, monzo and curve are already in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:

It is a free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% charge.

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 credit card offering 0% forex charges, then you don’t need a  card, unless you want totally free ATM withdrawals. You can stop checking out now.

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

IS perhaps 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 credit card particularly to utilize abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals monthly without any charges and only a very little FX mark-up (there is a small fee beyond �,� 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them cash when taking a trip.

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

You make your purchase in regional currency (any currency, worldwide).
Your bank account bank instantly validates that you have enough money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost if you have the totally free card. If you have one of their paid cards, there are no charges.
You get an automatic invest notice via the app, if you pick to install it.
The money is taken from your current account a few days later on.
Here is an example. With no 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 arranged to leave my HSBC account a couple of days later:.

But converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to happen (frequently in a various language) while not telling you about the expensive currency conversion costs occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.

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

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

What this implies is you can spend cash you have in your existing current account with less stress over running out of cash and the extra action. But that does not mean it is ideal.

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per deal, allowing us to make revenue from our Important Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our plans, full details can be found on our rates strategies.

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

Interchange.
Whenever you invest with your card we receive a small % of the transaction, called interchange, this comes straight from the merchant and won’t be credited you. Currensea Card Fraud