Currensea Card Suspended Apple Pay – Best Travel Cards

A brand-new fintech company which I was introduced to previously this year. Currensea Card Suspended Apple Pay…

It has won a few awards over recent months for what it does (offering you an inexpensive way to spend abroad) but what I like about  is that it is simple as hell. This is an advantage.

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

Oh, and  is free to obtain, which also helps.

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

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

launch by doing something well, and for free or less expensive than the competitors
include increasingly more features which your existing consumers don’t truly require or desire

add restrictions, charges or fees to the function that made people get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Monzo, curve and revolut are currently in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the club 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 do not (yet …) make any airline company miles or points for using it.

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

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

IS possibly for you if:

you don’t have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another charge card particularly to utilize abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly without any costs and only a minimal FX mark-up (there is a small charge beyond �,� 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them cash when travelling.

How does  work 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 local currency (any currency, internationally).
Your current account bank automatically validates that you have sufficient cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% fee if you have the free card. If you have one of their paid cards, there are no charges.
You get an automatic spend alert via the app, if you pick 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 journal, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.

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

But converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to take place (typically in a various language) while not telling you about the inflated currency conversion costs taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyway.

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

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

What this means is you can invest cash you have in your existing current account with less worry about running out of money and the extra step. But that does not imply it is best.

In this Currensea evaluation 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 Important Plan of 0.5% per transaction, enabling us to make earnings from our Necessary Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our strategies, complete information can be found on our prices plans.

Membership charges.
We charge a yearly subscription fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership charge also gets rid of all FX markup on transactions.

Interchange.
Every time you spend with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. Currensea Card Suspended Apple Pay