Currensea Card Owner – Best Travel Cards

A new fintech business which I was introduced to previously this year. Currensea Card Owner…

It has won a few awards over current months for what it does (using you an inexpensive way to spend abroad) however 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 in between you and your existing bank account. There is nothing to top-up or prepay. You merely spend as you would on a normal debit card and the cash is taken from your bank account– simply without the normal 3% cost.

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

There are likewise some interesting travel advantages if you select a paid strategy, but the complimentary plan works fine. You can use here.

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

launch by doing one thing well, and for free or cheaper than the competition
add more and more functions which your existing clients do not really desire or need

add charges, restrictions 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 process and will hopefully remain there. Curve, monzo and revolut are already in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:

It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.

That’s it.

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

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

However, charge card which provide rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ choices which use a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.

IS potentially 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 credit card particularly to utilize abroad
you desire a product which allows you to make �,� 500 of foreign currency ATM withdrawals monthly with no fees and just a minimal FX mark-up (there is a small charge beyond �,� 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them cash when taking a trip.

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

You make your purchase in regional currency (any currency, globally).
Your bank account bank automatically verifies that you have enough money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card,  adds a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automated invest notice via the app, if you select to install it.
The cash is taken from your current account a couple of days later on.
Here is an example. With no foreign travel in the diary, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which reveals �,� 4.33 set up to leave my HSBC account a couple of days later on:.

However converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to happen (frequently in a different language) while not telling you about the inflated currency conversion fees taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.

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

I think 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 worry about lacking cash and the additional step. That does not mean it is best.

In this Currensea review is the great, the bad, the awful 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 Necessary Plan of 0.5% per deal, enabling us to make earnings from our Necessary Plan 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 free quantity on all our strategies, complete details can be found on our prices strategies.

Membership fees.
We charge an annual subscription fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership charge also removes all FX markup on transactions.

Interchange.
Each time you spend with your card we get a little % of the transaction, called interchange, this comes directly from the merchant and will not be credited you. Currensea Card Owner