Currensea Prepaid Card Uk – Best Travel Cards

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

It has won a few awards over current months for what it does (offering you a low-cost method to invest abroad) but what I like about  is that it is easy as hell. This is a good thing.

is, successfully, a direct debit travel card. You merely spend as you would on a typical debit card and the money is taken from your existing account– just without the typical 3% charge.

Oh, and  is free to request, which also assists.

There are likewise some fascinating travel advantages if you choose a paid plan, however the totally free plan works fine. You can use here.

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

launch by doing one thing well, and for free or less expensive than the competition
add increasingly more functions which your existing consumers do not truly require or want

include costs, restrictions or charges to the feature that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are already in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:

It is a free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% charge.

That’s it.

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

Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, 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 ‘miles and points’ alternatives which provide a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.

IS potentially for you if:

you do not have a credit card offering 0% FX fees and do not want to impact your credit report by getting another credit card particularly to use abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals monthly without any costs and just a minimal FX mark-up (there is a small charge beyond �,� 500).
you want an item for you, your adult kids, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them cash when travelling.

How does  work in practice?
It is, as I stated previously, an extremely simple process. You use your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, globally).
Your bank account bank immediately confirms that you have sufficient money in your account and authorises the transaction.
The transaction 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. If you have one of their paid cards, there are no fees.
You get an automatic invest notice via the app, if you select to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. Without any foreign travel in the diary, I chose to splash 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 daylight burglary that is practically to occur (often in a different language) while not telling you about the expensive currency conversion costs occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.

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

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

What this implies is you can invest cash you have in your existing bank account with less fret about lacking cash and the extra step. That does not mean it is ideal.

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

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, permitting us to make income from our Necessary Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our plans, full details can be discovered on our pricing strategies.

Subscription costs.
We charge a yearly subscription charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription cost likewise removes all FX markup on transactions.

Interchange.
Every time you invest with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and won’t be charged to you. Currensea Prepaid Card Uk