Do All Currensea Accounts Have Same Card – Best Travel Cards

A new fintech company which I was introduced to earlier this year. Do All Currensea Accounts Have Same Card…

It has won a few awards over current months for what it does (offering you an affordable way to spend abroad) however what I like about  is that it is simple as hell. This is a good idea.

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

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

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

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

launch by doing one thing well, and totally free or cheaper than the competition
add increasingly more features which your existing customers don’t truly want or require

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

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

That’s it.

You do not (yet …) make any airline company miles or points for utilizing it.

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

Credit cards which use benefits and charge 0% FX fees are few 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 charges 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 particularly to utilize abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no charges and only a very little FX mark-up (there is a little charge beyond �,� 500).
you want a product for you, your adult children, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them cash when travelling.

How does  operate in practice?
It is, as I said previously, an extremely 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 immediately verifies that you have sufficient 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. includes 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 spend alert via the app, if you pick to install it.
The money is drawn from your current account a few days later.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which shows �,� 4.33 arranged to leave my HSBC account a couple of days later:.

Transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to take place (often in a different language) while not telling you about the outrageous currency conversion costs occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

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

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

What this suggests is you can spend cash you have in your existing current account with less stress over lacking money and the additional action. That does not imply it is ideal.

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per transaction, allowing us to make earnings from our Vital Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our plans, full information can be discovered on our pricing plans.

Membership costs.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription fee also gets rid of all FX markup on transactions.

Interchange.
Each time you spend with your card we receive a little % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. Do All Currensea Accounts Have Same Card