Currensea Card Issues Today – Best Travel Cards

A new fintech company which I was presented to earlier this year. Currensea Card Issues Today…

It has won a few awards over recent months for what it does (using you a low-cost way to spend abroad) but what I like about  is that it is easy as hell. This is a good idea.

is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a regular debit card and the money is drawn from your bank account– simply without the normal 3% cost.

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

There are likewise some fascinating travel benefits if you select a paid plan, but the totally free plan works fine. You can use here.

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

launch by doing one thing well, and totally free or more affordable than the competition
include a growing number of functions which your existing customers don’t really require or want

add restrictions, costs or charges to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Monzo, revolut and curve are already in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:

It is a free direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.

That’s it.

You don’t (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 fees, then you do not need a  card, unless you want complimentary ATM withdrawals. You can stop checking out now.

Credit cards which offer rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ options which use a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS potentially for you if:

you do not have a charge card offering 0% FX charges and do not want to affect your credit report by getting another credit card specifically to utilize 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 small fee beyond �,� 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them cash when taking a trip.

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

You make your purchase in regional currency (any currency, internationally).
Your current account bank immediately confirms that you have sufficient 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. If you have the complimentary card,  adds a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automatic invest notice through the app, if you select to install it.
The cash is drawn from your current account a few days later on.
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 set up 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 daytime robbery that is just about to happen (often in a different language) while not telling you about the outrageous currency conversion charges taking place in the background. Do not get me began. Anyway back to the positives for a bit anyhow.

In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards Currensea guarantees huge savings (85%) and a terrific app.

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

What this means is you can invest cash you have in your existing bank account with less stress over running out of money and the extra action. That does not indicate it is best.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, allowing us to make income from our Necessary Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our plans, full information can be found on our pricing plans.

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

Interchange.
Every time you spend with your card we receive a little % of the transaction, known as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Issues Today