Currensea Refer A Friend – Best Travel Cards

A new fintech company which I was introduced to earlier this year. Currensea Refer A Friend…

It has won a couple of awards over current months for what it does (providing you an affordable method to invest abroad) however what I like about  is that it is easy as hell. This is a good idea.

is, effectively, a direct debit travel card. You just invest as you would on a regular debit card and the money is taken from your existing account– simply without the typical 3% fee.

Oh, and  is complimentary to obtain, which likewise helps.

There are also some interesting travel advantages if you choose a paid strategy, however the totally free strategy works fine. You can apply here.

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

launch by doing one thing well, and free of charge or more affordable than the competition
add a growing number of features which your existing clients do not actually want or require

include charges, charges or restrictions to the function that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Revolut, monzo and curve are currently in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:

It is a complimentary direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.

That’s it.

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

Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t require a  card, unless you want complimentary ATM withdrawals. You can stop reading now.

Credit cards which offer benefits and charge 0% FX fees are couple of and far in between. The only ‘miles and points’ choices which provide a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS potentially 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 credit card specifically to use abroad
you desire a product which permits you to make �,� 500 of foreign currency ATM withdrawals each month with no fees and just a very little FX mark-up (there is a small fee beyond �,� 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them money when taking a trip.

How does  operate in practice?
It is, as I stated previously, a very basic procedure. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, globally).
Your current account bank immediately confirms that you have sufficient money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card,  adds a 0.5% cost. There are no costs if you have one of their paid cards.
You get an automatic invest notice 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. Without any foreign travel in the diary, I decided 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:.

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 exorbitant currency conversion costs occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

Luckily recently a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards  promises big cost savings (85%) and a fantastic app.

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

What this implies is you can spend money you have in your existing current account with less fret about running out of cash and the extra action. That does not suggest it is best.

In this Currensea review is the great, the bad, the ugly 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 Vital Strategy of 0.5% per transaction, allowing us to make income from our Necessary Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, full details can be discovered on our pricing strategies.

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

Interchange.
Whenever you invest with your card we receive a little % of the transaction, called interchange, this comes straight from the merchant and will not be charged to you. Currensea Refer A Friend