How To Pay With Your Currensea Card – Best Travel Cards

A new fintech company which I was introduced to earlier this year. How To Pay With Your Currensea Card…

It has won a few awards over recent months for what it does (using you an affordable way to spend abroad) but what I like about  is that it is simple as hell. This is an advantage.

is, successfully, 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 merely invest as you would on a regular debit card and the money is drawn from your bank account– simply without the normal 3% fee.

Oh, and  is complimentary to request, which also assists.

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

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

launch by doing something well, and totally free or cheaper than the competition
include a growing number of features which your existing customers don’t truly want or require

add limitations, charges or fees to the function that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Revolut, monzo and curve are already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:

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

That’s it.

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

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

Credit cards which offer benefits and charge 0% FX charges are couple of and far in between. The only ‘points and miles’ alternatives which provide a partial solution 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 credit card offering 0% FX charges and do not wish to affect your credit report by getting another credit card particularly to use abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and just a minimal FX mark-up (there is a small cost beyond �,� 500).
you desire a product for you, your adult kids, parents, partner or anyone else in your life who requires 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, a really simple process. 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 enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the totally free card. There are no costs if you have one of their paid cards.
You get an automated spend notice through the app, if you choose to install it.
The money is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.

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

But transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to take place (often in a various language) while not telling you about the outrageous currency conversion charges happening in the background. Do not get me began. Anyway back to the positives for a bit anyway.

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

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

What this indicates is you can spend cash you have in your existing current account with less worry about lacking cash and the additional action. That does not suggest it is perfect.

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per deal, permitting us to make profits from our Vital Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our strategies, complete details can be found on our prices plans.

Membership fees.
We charge a yearly subscription cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership charge likewise removes all FX markup on transactions.

Interchange.
Whenever you spend with your card we receive a little % of the transaction, referred to as interchange, this comes directly from the merchant and will not be charged to you. How To Pay With Your Currensea Card