Currensea Card Russia – Best Travel Cards

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

It has won a couple of awards over current months for what it does (providing you a low-cost way to spend abroad) but what I like about  is that it is basic as hell. This is an advantage.

is, efficiently, a direct debit travel card. It is a Mastercard which sits 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 cash is drawn from your current account– just without the typical 3% charge.

Oh, and  is totally free to apply for, which likewise helps.

There are likewise some intriguing travel benefits if you choose a paid strategy, but the totally free 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 something well, and for free or less expensive than the competition
include more and more features which your existing clients don’t actually desire or need

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

It is a free direct debit card to use abroad and which automatically charges 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 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 desire totally free ATM withdrawals. You can stop reading now.

Credit cards which offer rewards and charge 0% FX charges are couple of and far between. The only ‘miles and points’ choices which use a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.

IS potentially for you if:

you do not have a charge card offering 0% FX costs and do not want to affect your credit report by getting another charge card particularly to use abroad
you want a product which allows you to make �,� 500 of foreign currency ATM withdrawals per month with no charges and only a very little FX mark-up (there is a little cost beyond �,� 500).
you desire 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 travelling.

How does  work in practice?
It is, as I said earlier, a really 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, worldwide).
Your current account bank immediately validates that you have sufficient cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card,  includes a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automatic invest notice through 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 journal, I chose to splash out and buy 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 converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to occur (often in a various language) while not telling you about the exorbitant currency conversion charges occurring in the background. Do not get me began. Anyway back to the positives for a bit anyhow.

Thankfully in recent years a handful of great travel debit cards have actually popped onto the scene … and like other excellent cards  assures big savings (85%) and a great app.

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

What this suggests is you can spend cash you have in your existing bank account with less worry about lacking cash and the extra action. That does not suggest it is best.

In this Currensea evaluation is the good, the bad, the awful and the alternatives, 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 deal, permitting us to make revenue from our Important Strategy 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 totally free amount on all our strategies, complete information can be found on our prices strategies.

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

Interchange.
Every time you invest with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. Currensea Card Russia