Elite Currensea Promo – Best Travel Cards

A new fintech company which I was presented to previously this year. Elite Currensea Promo…

It has actually won a couple of awards over recent months for what it does (offering you an inexpensive way to spend abroad) however what I like about  is that it is basic as hell. This is a good thing.

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

Oh, and  is free to apply for, which also assists.

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

There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing something well, and free of charge or less expensive than the competitors
add increasingly more functions which your existing clients do not actually desire or require

add charges, costs or restrictions to the function that made individuals get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully stay there. Monzo, curve and revolut are currently in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

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

That’s it.

You don’t (yet …) make any airline company 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 need a  card, unless you want free ATM withdrawals. You can stop reading now.

Nevertheless, credit cards which use rewards and charge 0% FX charges are rare. The only ‘points and miles’ options which provide a partial service are the Virgin Atlantic credit cards 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 wish to affect your credit report by getting another credit card specifically to utilize abroad
you desire an item which permits you to make �,� 500 of foreign currency ATM withdrawals per month without any costs and just a very little FX mark-up (there is a little cost beyond �,� 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them money when travelling.

How does  operate in practice?
It is, as I said earlier, 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, globally).
Your current account bank automatically verifies that you have adequate 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 totally free card,  adds a 0.5% charge. There are no costs if you have one of their paid cards.
You get an automated invest alert via the app, if you select to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.

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

However transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to occur (frequently in a various language) while not telling you about the exorbitant currency conversion costs occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.

Thankfully recently a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards  promises huge savings (85%) and a fantastic app.

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

What this means is you can invest money you have in your existing current account with less fret about lacking cash and the extra step. That does not indicate it is ideal.

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

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

Membership fees.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership charge likewise removes all FX markup on transactions.

Interchange.
Each time you invest with your card we get a small % of the transaction, referred to as interchange, this comes straight from the merchant and will not be credited you. Elite Currensea Promo