Is My Currensea Card A Credit Card – Best Travel Cards

A brand-new fintech business which I was presented to previously this year. Is My Currensea Card A Credit Card…

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

is, successfully, a direct debit travel card. You simply invest as you would on a typical debit card and the cash is taken from your existing account– just without the normal 3% fee.

Oh, and  is totally free to make an application for, which also helps.

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

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

launch by doing something well, and for free or more affordable than the competition
add a growing number of features which your existing customers don’t really need or desire

add constraints, charges or charges to the feature that made people get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Monzo, curve 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 free direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.

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 fees, then you do not need a  card, unless you desire complimentary ATM withdrawals. You can stop checking out now.

Nevertheless, charge card which use benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ alternatives which provide 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 fees and do not wish to affect your credit report by getting another charge card particularly to use abroad
you want a product which permits you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and just a very little FX mark-up (there is a small cost beyond �,� 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them cash when taking a trip.

How does  work in practice?
It is, as I stated earlier, a very basic process. You use 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 automatically validates that you have enough cash 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 complimentary card,  includes a 0.5% fee. There are no costs if you have among their paid cards.
You get an automatic invest notification via the app, if you select to install it.
The money is taken from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, 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 arranged to leave my HSBC account a few days later on:.

But converting pounds was pricey.

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

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

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

What this suggests is you can invest money you have in your existing current account with less stress over running out of cash and the extra step. That does not mean it is ideal.

In this Currensea evaluation is the good, 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 Essential Plan of 0.5% per transaction, enabling us to make revenue from our Necessary Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, full information can be discovered on our rates strategies.

Subscription costs.
We charge a yearly membership charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership fee also eliminates all FX markup on deals.

Interchange.
Whenever you spend with your card we get a small % of the deal, referred to as interchange, this comes directly from the merchant and will not be credited you. Is My Currensea Card A Credit Card