Currensea Card Signature – Best Travel Cards

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

It has won a few awards over recent months for what it does (offering you a low-cost method to spend abroad) however what I like about  is that it is easy as hell. This is an advantage.

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

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

There are also some interesting travel benefits if you pick a paid plan, but the totally free plan works fine. You can use here.

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

launch by doing something well, and free of charge or cheaper than the competition
add a growing number of functions which your existing customers do not truly need or desire

add constraints, charges or fees to the function that made people get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Revolut, curve and monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:

It is a totally free direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% cost.

That’s it.

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

Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you do not require a  card, unless you desire totally free ATM withdrawals. You can stop reading now.

Credit cards which provide benefits and charge 0% FX costs are couple of and far in between. The only ‘miles and points’ alternatives which use a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.

IS possibly for you if:

you don’t have a credit card offering 0% FX costs and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals per month without any costs and only a minimal FX mark-up (there is a small cost beyond �,� 500).
you want an item for you, your adult children, moms and dads, 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  work in practice?
It is, as I stated earlier, an extremely easy process. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, internationally).
Your current account bank automatically confirms 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. includes a 0.5% cost if you have the free card. If you have one of their paid cards, there are no fees.
You get an automatic spend alert by means of the app, if you select to install it.
The money is drawn from your bank account a couple of 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 reveals �,� 4.33 arranged to leave my HSBC account a couple of days later:.

However transforming pounds was expensive.

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

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

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

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

In this Currensea review is the excellent, the bad, the awful and the alternatives, so that you can choose.

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, enabling us to make profits from our Vital Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our strategies, complete details can be discovered on our rates strategies.

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

Interchange.
Whenever you spend with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Signature