Currensea Card Vietnam – Best Travel Cards

A new fintech business which I was introduced to earlier this year. Currensea Card Vietnam…

It has won a few awards over current months for what it does (offering you a low-priced way to invest abroad) however what I like about  is that it is simple as hell. This is an advantage.

is, successfully, 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 drawn from your bank account– just without the usual 3% charge.

Oh, and  is free to apply for, which also assists.

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

There is an organization design in fintech which Curve, Revolut, Monzo and so on have all followed:

launch by doing one thing well, and free of charge or more affordable than the competitors
add increasingly more functions which your existing customers do not actually desire or require

add charges, restrictions or costs to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will ideally stay there. Revolut, monzo and curve are already in Stage 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:

It is a complimentary direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 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 credit card offering 0% foreign exchange charges, then you do not require a  card, unless you desire totally free ATM withdrawals. You can stop checking out now.

Nevertheless, credit cards which provide rewards and charge 0% FX fees are rare. The only ‘miles and points’ choices which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS perhaps for you if:

you don’t have a credit card offering 0% FX charges and do not want to impact your credit report by getting another credit card specifically to use abroad
you want a product which allows you to make �,� 500 of foreign currency ATM withdrawals per month without any fees and just a minimal FX mark-up (there is a little charge beyond �,� 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them money when travelling.

How does  work in practice?
It is, as I said previously, an extremely basic procedure. You utilize 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 money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the complimentary card. There are no fees if you have among their paid cards.
You get an automated invest alert through the app, if you pick to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.

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

Transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to occur (frequently in a different language) while not telling you about the inflated currency conversion costs occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.

Luckily in the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards  assures big cost savings (85%) and a terrific app.

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

What this implies is you can invest money you have in your existing current account with less fret about lacking cash and the additional action. That does not imply it is best.

In this Currensea review is the great, the bad, the ugly and the alternatives, so that you can decide.

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make revenue from our Necessary Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our strategies, full details can be found on our rates plans.

Membership fees.
We charge a yearly subscription fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription charge also eliminates all FX markup on deals.

Interchange.
Whenever you invest with your card we get a small % of the deal, referred to as interchange, this comes straight from the merchant and will not be credited you. Currensea Card Vietnam