Martin Lewis Currensea – Best Travel Cards

A brand-new fintech business which I was presented to earlier this year. Martin Lewis Currensea…

It has actually won a few awards over current months for what it does (offering you an affordable method to invest abroad) however what I like about  is that it is easy 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 bank account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a typical debit card and the money is drawn from your current account– simply without the usual 3% cost.

Oh, and  is free to get, which likewise helps.

There are likewise some fascinating travel advantages if you choose a paid plan, however the free strategy works fine. You can apply 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 free of charge or less expensive than the competitors
add more and more functions which your existing consumers don’t actually want or need

add fees, limitations or charges to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will ideally stay there. Curve, monzo and revolut are already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub 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 little 0.5% cost.

That’s it.

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

Why would I want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not require a  card, unless you desire totally free ATM withdrawals. You can stop checking out now.

Credit cards which provide rewards and charge 0% FX charges are few and far in between. The only ‘miles and points’ alternatives which use a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.

IS possibly for you if:

you don’t have a credit card offering 0% FX fees and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you desire a product which allows you to make �,� 500 of foreign currency ATM withdrawals each month with no costs and just a minimal FX mark-up (there is a small fee beyond �,� 500).
you want an item for you, your adult kids, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them cash when taking a trip.

How does  work in practice?
It is, as I stated previously, a really 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, worldwide).
Your current account bank automatically confirms that you have adequate cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automated spend notification via the app, if you choose to install it.
The cash is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the diary, I decided to splash out and buy 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 couple of days later on:.

Transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to occur (frequently in a different language) while not telling you about the expensive currency conversion costs occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.

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

However I think the best 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 cash and the additional action. That does not mean it is perfect.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, permitting us to make revenue from our Important Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our strategies, complete information can be found on our rates plans.

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

Interchange.
Each time you invest with your card we get a small % of the deal, called interchange, this comes directly from the merchant and will not be credited you. Martin Lewis Currensea