Is Currensea Card Credit Card – Best Travel Cards

A new fintech business which I was introduced to earlier this year. Is Currensea Card Credit Card…

It has won a few awards over recent months for what it does (using you an inexpensive method to invest abroad) however what I like about  is that it is easy as hell. This is a good idea.

is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a regular debit card and the cash is drawn from your current account– simply without the normal 3% cost.

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

There are also some fascinating travel benefits if you pick a paid plan, but the totally free strategy works fine. You can apply here.

There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:

launch by doing one thing well, and free of charge or less expensive than the competitors
add more and more features which your existing consumers do not truly want or require

add charges, fees or constraints to the feature that made people get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Monzo, curve and revolut are already 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 automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.

That’s it.

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

Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t require a  card, unless you want complimentary ATM withdrawals. You can stop checking out now.

However, charge card which offer rewards and charge 0% FX fees are rare. The only ‘miles and points’ alternatives which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.

IS potentially for you if:

you don’t have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another credit card particularly to use abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals per month without any fees and only a minimal FX mark-up (there is a small fee beyond �,� 500).
you desire a product for you, your adult kids, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them money when taking a trip.

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

You make your purchase in local currency (any currency, internationally).
Your current account bank automatically confirms 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 on the currency. includes a 0.5% charge if you have the totally free card. There are no fees if you have among their paid cards.
You get an automated spend notice by means of the app, if you select to install it.
The cash is drawn from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I chose to splash out and purchase 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 couple of days later:.

But transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to occur (often in a various language) while not telling you about the expensive currency conversion fees occurring in the background. Do not get me started. Anyway back to the positives for a bit anyway.

Fortunately recently a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards  guarantees big savings (85%) and an excellent app.

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

What this means is you can spend money you have in your existing bank account with less worry about lacking cash and the additional step. That does not imply it is perfect.

In this Currensea evaluation is the excellent, the bad, the unsightly and the options, so that you can decide.

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, enabling us to make revenue from our Vital Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our plans, complete information can be discovered on our rates strategies.

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

Interchange.
Each time you spend with your card we receive a small % of the transaction, known as interchange, this comes straight from the merchant and won’t be charged to you. Is Currensea Card Credit Card