Currensea Good For Philippines – Best Travel Cards

A new fintech company which I was presented to earlier this year. Currensea Good For Philippines…

It has won a few awards over current months for what it does (offering you a low-priced method to spend abroad) however what I like about  is that it is basic as hell. This is a good idea.

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

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

There are likewise some fascinating travel advantages if you choose a paid strategy, but the free strategy works fine. You can apply here.

There is an organization design in fintech which Curve, Revolut, Monzo etc have actually all followed:

launch by doing one thing well, and for free or more affordable than the competitors
add more and more functions which your existing customers don’t truly need or desire

add charges, restrictions or charges to the function that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Monzo, revolut and curve are already in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

It is a totally free direct debit card to utilize abroad and which immediately recharges 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 company miles or points for using it.

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

However, credit cards which use rewards and charge 0% FX fees are few and far between. The only ‘points and miles’ options which provide a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.

IS perhaps 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 specifically to use abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals monthly without any fees and just a minimal FX mark-up (there is a little fee beyond �,� 500).
you want an item for you, your adult kids, parents, partner or anyone else in your life who needs a basic, easy to understand payment card that will save them money when travelling.

How does  operate in practice?
It is, as I said previously, a very basic procedure. 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 verifies that you have adequate cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card,  adds a 0.5% charge. If you have one of their paid cards, there are no fees.
You get an automatic spend notification by means of the app, if you choose to install it.
The money is drawn from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, 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 arranged to leave my HSBC account a couple of days later on:.

However transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (typically in a various language) while not telling you about the expensive currency conversion costs happening in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.

Fortunately in the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards  guarantees huge cost savings (85%) and a terrific app.

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

What this indicates is you can spend cash you have in your existing bank account with less fret about lacking money and the extra action. However that does not suggest it is best.

In this Currensea review is the great, the bad, the unsightly and the options, so that you can choose.

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, enabling us to make income from our Important Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our plans, complete details can be found on our rates strategies.

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

Interchange.
Every time you spend with your card we receive a small % of the deal, known as interchange, this comes directly from the merchant and will not be credited you. Currensea Good For Philippines