Currensea Tag Your Card – Best Travel Cards

A new fintech business which I was introduced to previously this year. Currensea Tag Your Card…

It has actually won a few awards over recent months for what it does (offering you a low-priced way to spend abroad) but what I like about  is that it is basic as hell. This is an advantage.

is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You just invest as you would on a regular debit card and the money is taken from your current account– just without the usual 3% fee.

Oh, and  is free to make an application for, which also assists.

There are likewise some intriguing travel advantages if you select a paid plan, but the complimentary strategy works fine. You can apply here.

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

launch by doing something well, and for free or more affordable than the competitors
add increasingly more features which your existing clients do not really desire or require

add charges, constraints or charges to the feature that made people get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Curve, monzo and revolut are already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:

It is a free direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.

That’s it.

You do not (yet …) earn any airline miles or points for using it.

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

However, credit cards which offer rewards and charge 0% FX fees are scarce. The only ‘points and miles’ alternatives which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS possibly for you if:

you do not have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another charge card particularly to utilize abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals per month with no charges and only a very little FX mark-up (there is a small fee beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them cash when taking a trip.

How does  operate in practice?
It is, as I said previously, an extremely easy process. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, worldwide).
Your current account bank automatically confirms that you have sufficient cash 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 totally free card,  includes a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automated invest notification via the app, if you select to install it.
The money is drawn from your bank account a few days later.
Here is an example. With no foreign travel in the journal, I decided to splash out and purchase 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 few days later:.

Converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to occur (typically in a different language) while not telling you about the inflated currency conversion fees occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.

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

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

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

In this Currensea evaluation is the good, the bad, the ugly and the options, so that you can decide.

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per transaction, enabling us to make earnings from our Essential Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our strategies, full information can be found on our prices strategies.

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

Interchange.
Each time you spend with your card we receive a small % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Currensea Tag Your Card