Refer A Friend Currensea Card – Best Travel Cards

A new fintech company which I was presented to earlier this year. Refer A Friend Currensea Card…

It has actually won a couple of awards over current months for what it does (offering you a low-cost way to invest abroad) but what I like about  is that it is easy as hell. This is a good thing.

is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a regular debit card and the money is drawn from your bank account– simply without the typical 3% cost.

Oh, and  is complimentary to obtain, which also helps.

There are likewise some intriguing travel benefits if you choose a paid strategy, but the totally free strategy works fine. You can use here.

There is a service 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 competitors
add a growing number of features which your existing clients do not really require or want

add constraints, fees or charges to the function that made individuals get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Monzo, revolut and curve are currently in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

It is a free direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.

That’s it.

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

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

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

IS potentially for you if:

you do not have a credit card offering 0% FX charges and do not wish to affect your credit report by getting another credit card particularly to utilize abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals per month without any costs and only a very little FX mark-up (there is a little fee beyond �,� 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them money when taking a trip.

How does  operate in practice?
It is, as I said previously, an extremely simple 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 automatically confirms that you have enough money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the free card. If you have one of their paid cards, there are no charges.
You get an automatic spend alert via the app, if you select to install it.
The money is drawn from your bank 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:.

However transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to occur (often in a various language) while not telling you about the exorbitant currency conversion costs occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyway.

Fortunately in recent years a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards  promises huge cost savings (85%) and a terrific app.

I believe the finest bit may 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 fret about running out of money and the extra step. That does not mean it is ideal.

In this Currensea evaluation is the great, 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 small FX markup on our Essential Strategy of 0.5% per deal, enabling us to make income from our Essential Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our plans, full information can be discovered on our rates plans.

Subscription charges.
We charge a yearly membership charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership charge also gets rid of all FX markup on transactions.

Interchange.
Each time you spend with your card we receive a small % of the deal, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Refer A Friend Currensea Card