Currensea Gift Card – Best Travel Cards

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

It has won a couple of awards over recent months for what it does (using you a low-priced method to invest abroad) however what I like about  is that it is easy as hell. This is a good thing.

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

Oh, and  is totally free to get, which likewise assists.

There are likewise some interesting travel benefits if you select a paid strategy, however the totally free plan works fine. You can apply here.

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

launch by doing something well, and for free or less expensive than the competition
add a growing number of functions which your existing customers don’t actually need or want

add restrictions, charges or charges to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully 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 free direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.

That’s it.

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

Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not require a  card, unless you desire free ATM withdrawals. You can stop reading now.

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

IS perhaps for you if:

you do not have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another charge card particularly to use abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals monthly with no fees and only a very little FX mark-up (there is a small charge beyond �,� 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them money when taking a trip.

How does  work in practice?
It is, as I stated previously, an extremely basic 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 bank account bank automatically verifies that you have sufficient money in your account and authorises the deal.
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% charge. If you have one of their paid cards, there are no charges.
You get an automatic spend notice by means of the app, if you select to install it.
The money is drawn from your current account a few days later.
Here is an example. Without any 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 shows �,� 4.33 scheduled to leave my HSBC account a couple of days later:.

But transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to occur (typically in a various language) while not telling you about the exorbitant currency conversion fees taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.

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

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

What this indicates is you can invest money you have in your existing current account with less fret about running out of money and the extra action. That does not imply it is perfect.

In this Currensea evaluation is the great, 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 small FX markup on our Essential Plan of 0.5% per deal, permitting us to make income from our Essential Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our plans, complete information can be found on our rates strategies.

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

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