Is Currensea Cheaper Than Credit Card – Best Travel Cards

A brand-new fintech business which I was introduced to previously this year. Is Currensea Cheaper Than Credit Card…

It has won a few awards over current months for what it does (providing you an affordable way to invest abroad) however what I like about  is that it is simple as hell. This is a good idea.

is, efficiently, 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 simply spend as you would on a typical debit card and the cash is taken from your current account– simply without the usual 3% cost.

Oh, and  is free to apply for, which also helps.

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

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

launch by doing one thing well, and free of charge or more affordable than the competitors
add more and more features which your existing consumers don’t actually require or want

add charges, constraints or charges to the function that made individuals 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. Curve, Revolut and Monzo are currently in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

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

That’s it.

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

Why would I wish to get a card?
If you have a credit card offering 0% forex charges, then you do not require a  card, unless you desire complimentary ATM withdrawals. You can stop reading now.

Nevertheless, credit cards which use rewards and charge 0% FX fees are scarce. The only ‘points and miles’ options which use a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS possibly for you if:

you don’t have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another charge card particularly to use abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly with no charges and only a minimal FX mark-up (there is a little charge beyond �,� 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them cash when travelling.

How does  operate in practice?
It is, as I stated earlier, an extremely 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 bank account bank immediately confirms that you have adequate 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. If you have the complimentary card,  adds a 0.5% cost. There are no charges if you have one of their paid cards.
You get an automated invest notice via the app, if you choose to install it.
The cash is taken from your current account a few 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 shows �,� 4.33 set up to leave my HSBC account a few days later:.

But transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to take place (often in a various language) while not telling you about the exorbitant currency conversion costs occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.

Luckily in recent years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards  guarantees big cost savings (85%) and a fantastic app.

However I think the best bit might be what no other card does: connects to your existing high street checking account.

What this indicates 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 indicate it is perfect.

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, enabling us to make income from our Important Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our strategies, complete details can be found on our prices plans.

Subscription fees.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription cost also removes all FX markup on transactions.

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