What Currency Is My Currensea Card – Best Travel Cards

A new fintech business which I was presented to earlier this year. What Currency Is My Currensea Card…

It has won a couple of awards over recent months for what it does (providing you a low-cost method to invest abroad) however what I like about  is that it is simple as hell. This is an advantage.

is, efficiently, 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 invest as you would on a normal debit card and the money is drawn from your current account– just without the typical 3% charge.

Oh, and  is totally free to look for, which likewise helps.

There are also some interesting travel advantages if you choose a paid plan, however the totally free plan works fine. You can apply here.

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

launch by doing something well, and free of charge or cheaper than the competition
add increasingly more features which your existing clients do not actually require or desire

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

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

That’s it.

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

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

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

IS possibly for you if:

you do not have a credit card offering 0% FX charges and do not want to affect your credit report by getting another credit card particularly to use abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals each month with no charges and just a very little FX mark-up (there is a little cost beyond �,� 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who needs a basic, 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, an extremely simple procedure. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, globally).
Your bank account bank automatically verifies that you have adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card,  adds a 0.5% fee. There are no charges if you have one of their paid cards.
You get an automated invest notice through the app, if you pick to install it.
The money is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the journal, I chose to splash out and purchase 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:.

But transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to happen (frequently in a different language) while not telling you about the expensive currency conversion fees happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.

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

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

What this means is you can invest cash you have in your existing current account with less fret about lacking money and the extra action. However that does not imply it is perfect.

In this Currensea review is the good, the bad, the awful and the alternatives, so that you can choose.

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per transaction, enabling us to make revenue from our Essential Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our plans, complete information can be found on our prices strategies.

Membership charges.
We charge an annual membership charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription fee likewise removes all FX markup on deals.

Interchange.
Each time you spend with your card we get a little % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. What Currency Is My Currensea Card