Currensea News – Best Travel Cards

A brand-new fintech company which I was introduced to previously this year. Currensea News…

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

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 invest as you would on a regular debit card and the cash is taken from your current account– simply without the usual 3% cost.

Oh, and  is complimentary to make an application for, which likewise assists.

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

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

launch by doing something well, and for free or cheaper than the competition
add more and more features which your existing clients do not really want or require

include charges, fees or restrictions to the function that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Revolut, monzo and curve are already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:

It is a complimentary direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.

That’s it.

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

Why would I want to get a card?
If you have a credit card offering 0% forex costs, then you do not need a  card, unless you want 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 provide a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.

IS potentially for you if:

you don’t have a charge card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you desire a product which allows you to make �,� 500 of foreign currency ATM withdrawals per month with no charges and only a minimal FX mark-up (there is a small charge beyond �,� 500).
you want an item for you, your adult kids, moms and dads, partner or anyone else in your life who needs a simple, 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, a really easy procedure. 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 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 complimentary card. If you have one of their paid cards, there are no charges.
You get an automatic invest notification through the app, if you choose to install it.
The money is taken from your bank account a few days later on.
Here is an example. Without any 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 shows �,� 4.33 scheduled to leave my HSBC account a few days later on:.

But transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to take place (typically in a various language) while not telling you about the inflated currency conversion costs happening in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.

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

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

What this means is you can invest money you have in your existing bank account with less worry about running out of money and the additional step. However that does not suggest it is perfect.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, enabling us to make revenue from our Essential Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our strategies, full information can be found on our rates strategies.

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

Interchange.
Each time you invest with your card we receive a small % of the transaction, called interchange, this comes directly from the merchant and won’t be charged to you. Currensea News