Is It Worth Using A Currensea Card In The Uk – Best Travel Cards

A new fintech company which I was presented to earlier this year. Is It Worth Using A Currensea Card In The Uk…

It has won a couple of awards over recent months for what it does (providing you a low-cost way to spend abroad) but what I like about  is that it is basic as hell. This is a good thing.

is, effectively, 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 just spend as you would on a regular debit card and the cash is drawn from your bank account– just without the normal 3% charge.

Oh, and  is free to make an application for, which likewise assists.

There are likewise some interesting travel benefits if you select a paid plan, however the totally free strategy works fine. You can apply here.

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

launch by doing one thing well, and totally free or less expensive than the competitors
include a growing number of features which your existing clients do not really desire or need

include charges, constraints or charges to the feature that made people get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are currently in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:

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

That’s it.

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

Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, 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 fees are few and far between. The only ‘miles and points’ options which use a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS possibly for you if:

you do not have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to use abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals per month without any charges and only a minimal FX mark-up (there is a small fee beyond �,� 500).
you want 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 taking a trip.

How does  work in practice?
It is, as I said earlier, a very 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, internationally).
Your bank account bank immediately confirms 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 free card,  includes a 0.5% fee. If you have one of their paid cards, there are no charges.
You get an automated invest alert through the app, if you pick to install it.
The cash is taken from your current account a couple of days later on.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.

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

But converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to take place (frequently in a various language) while not telling you about the exorbitant currency conversion fees happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.

In current years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards Currensea promises big cost savings (85%) and a great app.

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

What this implies is you can invest money you have in your existing bank account with less stress over lacking cash and the extra step. But that does not indicate it is perfect.

In this Currensea evaluation is the excellent, the bad, the awful 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 transaction, enabling us to make earnings from our Important Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our strategies, full details can be discovered on our prices plans.

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

Interchange.
Every time you spend with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Is It Worth Using A Currensea Card In The Uk