Is Currensea Card Safe – Best Travel Cards

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

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

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

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

There are also some intriguing travel advantages if you choose a paid plan, but the free strategy works fine. You can use here.

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

launch by doing one thing well, and free of charge or cheaper than the competition
include increasingly more features which your existing customers do not truly need or want

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

It is a free direct debit card to use abroad and which instantly 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 miles or points for using it.

Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you do not need a  card, unless you desire free ATM withdrawals. You can stop reading now.

Nevertheless, charge card which offer benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ options which provide a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS potentially for you if:

you don’t have a charge card offering 0% FX fees and do not wish to affect your credit report by getting another charge card particularly to utilize abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals each month with no fees and just a very little FX mark-up (there is a little charge beyond �,� 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them money when travelling.

How does  work in practice?
It is, as I said previously, 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, globally).
Your current account bank instantly verifies that you have sufficient money in your account and authorises the transaction.
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% fee. If you have one of their paid cards, there are no fees.
You get an automated invest alert by means of the app, if you choose to install it.
The cash is taken from your current account a few days later.
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 reveals �,� 4.33 arranged to leave my HSBC account a few days later on:.

Transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to take place (typically in a different language) while not telling you about the exorbitant currency conversion charges occurring in the background. Do not 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  guarantees big cost savings (85%) and an excellent app.

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

What this suggests is you can invest cash you have in your existing current account with less stress over lacking money and the additional step. But that does not imply it is perfect.

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

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, permitting us to make income from our Important Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our plans, complete information can be found on our prices strategies.

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

Interchange.
Every time you invest with your card we receive a small % of the transaction, called interchange, this comes directly from the merchant and will not be credited you. Is Currensea Card Safe