Is Currensea Best Prepaid Card – Best Travel Cards

A brand-new fintech business which I was presented to earlier this year. Is Currensea Best Prepaid Card…

It has actually won a couple of awards over current months for what it does (using you a low-cost way to invest abroad) however what I like about  is that it is easy as hell. This is a good idea.

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

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

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

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

launch by doing one thing well, and for free or more affordable than the competition
include increasingly more functions which your existing consumers do not actually require or desire

include limitations, charges or fees to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Curve, monzo and revolut are already in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:

It is a totally free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.

That’s it.

You don’t (yet …) make any airline company miles or points for using it.

Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t need a  card, unless you desire free ATM withdrawals. You can stop reading now.

Credit cards which offer rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ alternatives which offer a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.

IS perhaps for you if:

you don’t have a credit card offering 0% FX charges and do not want 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 each month without any fees and just a minimal FX mark-up (there is a small cost beyond �,� 500).
you desire a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them money when travelling.

How does  operate in practice?
It is, as I said earlier, an extremely simple procedure. You use your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, globally).
Your current account bank instantly verifies that you have sufficient 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,  includes a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automatic invest notification by means of the app, if you select to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. Without any 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 set up to leave my HSBC account a few days later on:.

But converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to take place (typically in a different language) while not telling you about the outrageous currency conversion fees taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.

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

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

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

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

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, allowing us to make income from our Important Strategy 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 free amount on all our strategies, complete details can be found on our prices strategies.

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

Interchange.
Every time you invest with your card we get a small % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Is Currensea Best Prepaid Card