How Much Does Currensea Card Cost – Best Travel Cards

A brand-new fintech business which I was introduced to earlier this year. How Much Does Currensea Card Cost…

It has won a couple of awards over recent months for what it does (offering you a low-cost way to invest abroad) but what I like about  is that it is simple as hell. This is a good idea.

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

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

There are likewise some intriguing travel benefits if you pick a paid plan, however the totally free plan works fine. You can use here.

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

launch by doing one thing well, and for free or more affordable than the competition
add more and more functions which your existing consumers don’t actually require or want

include fees, charges or constraints to the feature that made people get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are already in Stage 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:

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

That’s it.

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

Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not need a  card, unless you desire totally free ATM withdrawals. You can stop reading now.

Credit cards which provide rewards and charge 0% FX charges are few and far between. The only ‘miles and points’ options which use a partial option 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 fees and do not wish to affect your credit report by getting another charge card specifically to use abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly without any fees 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 basic, easy to understand payment card that will conserve them money when taking a trip.

How does  work in practice?
It is, as I said earlier, a really basic procedure. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, worldwide).
Your bank account bank instantly verifies 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 upon the currency. If you have the free card,  includes a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automated spend alert by means of the app, if you select 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 reveals �,� 4.33 scheduled to leave my HSBC account a couple of days later:.

But converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to happen (often in a different language) while not telling you about the expensive currency conversion fees happening in the background. Don’t get me began. Anyway back to the positives for a bit anyway.

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

I believe the best 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 bank account with less worry about lacking money and the additional action. That does not mean it is ideal.

In this Currensea evaluation is the excellent, the bad, the ugly and the alternatives, so that you can choose.

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, permitting us to make profits from our Vital Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our strategies, full details can be found on our pricing plans.

Subscription charges.
We charge a yearly membership cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription fee likewise eliminates all FX markup on deals.

Interchange.
Whenever you invest with your card we receive a small % of the deal, known as interchange, this comes directly from the merchant and will not be credited you. How Much Does Currensea Card Cost