Rainbow Card Currensea – Best Travel Cards

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

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

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 just invest as you would on a typical debit card and the cash is taken from your current account– just without the typical 3% fee.

Oh, and  is totally free to request, which likewise helps.

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

There is a business model 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 competitors
add a growing number of functions which your existing consumers don’t actually require or want

add charges, limitations or charges to the feature that made individuals get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Monzo, curve and revolut are currently in Phase 3 …
is basic 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 utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% fee.

That’s it.

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

Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you don’t need a  card, unless you desire totally free ATM withdrawals. You can stop reading now.

Credit cards which use rewards and charge 0% FX fees are couple of and far between. The only ‘points and miles’ choices which use a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS potentially for you if:

you don’t have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another charge card specifically to use abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any fees and just a very little FX mark-up (there is a little cost beyond �,� 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them cash when taking a trip.

How does  operate in practice?
It is, as I stated earlier, a very easy procedure. You utilize 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 instantly confirms that you have adequate 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. If you have the totally free card,  adds a 0.5% cost. There are no costs if you have one of their paid cards.
You get an automatic spend alert via the app, if you select to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. With no 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 reveals �,� 4.33 scheduled to leave my HSBC account a few days later on:.

Converting pounds was pricey.

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

Luckily recently a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards  guarantees huge cost savings (85%) and a terrific app.

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

What this implies is you can invest money you have in your existing bank account with less fret about lacking cash and the additional action. That does not suggest it is perfect.

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per deal, allowing us to make revenue from our Vital Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our strategies, complete details can be found on our prices plans.

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

Interchange.
Every time you spend with your card we get a little % of the transaction, referred to as interchange, this comes straight from the merchant and will not be charged to you. Rainbow Card Currensea