Money Saving Expert Currensea Card – Best Travel Cards

A brand-new fintech business which I was presented to previously this year. Money Saving Expert Currensea Card…

It has actually won a few awards over current months for what it does (using you an affordable method to spend abroad) however what I like about  is that it is simple as hell. This is an advantage.

is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You simply spend as you would on a normal debit card and the money is taken from your current account– just without the usual 3% fee.

Oh, and  is free to request, which also helps.

There are also some interesting travel benefits if you pick a paid plan, but the complimentary strategy works fine. You can use here.

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

launch by doing something well, and free of charge or more affordable than the competition
add more and more features which your existing consumers don’t really want or need

include limitations, charges or fees to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Revolut, monzo and curve are already in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:

It is a complimentary direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.

That’s it.

You don’t (yet …) earn any airline company miles or points for using it.

Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you don’t need a  card, unless you want complimentary ATM withdrawals. You can stop reading now.

Credit cards which offer benefits and charge 0% FX costs are few and far in between. The only ‘points and miles’ choices which offer a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS perhaps 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 charge card particularly to utilize abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals per month with no fees and only a very little FX mark-up (there is a little fee beyond �,� 500).
you desire a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them cash when taking a trip.

How does  operate in practice?
It is, as I said earlier, a very easy process. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, worldwide).
Your current account bank instantly verifies that you have sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automated invest alert by means of the app, if you pick to install it.
The money is taken from your current account a couple of days later.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and buy 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:.

However transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to happen (frequently in a different language) while not telling you about the expensive currency conversion costs happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

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

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

What this means is you can spend cash you have in your existing bank account with less worry about running out of cash and the extra step. That does not mean it is best.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, permitting us to make earnings from our Necessary Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our plans, full details can be discovered on our rates strategies.

Membership fees.
We charge a yearly membership cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription charge likewise eliminates all FX markup on deals.

Interchange.
Each time you spend with your card we get a small % of the deal, called interchange, this comes straight from the merchant and will not be charged to you. Money Saving Expert Currensea Card