What Happens If I Freeze My Currensea Card – Best Travel Cards

A brand-new fintech business which I was presented to earlier this year. What Happens If I Freeze My Currensea Card…

It has won a few awards over current months for what it does (providing you an inexpensive method to spend abroad) but what I like about  is that it is basic 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 current account. There is absolutely nothing to top-up or prepay. You just invest as you would on a normal debit card and the money is drawn from your current account– simply without the typical 3% cost.

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

There are also some fascinating travel advantages if you select a paid strategy, however the free plan works fine. You can use here.

There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing something well, and totally free or cheaper than the competition
include increasingly more features which your existing consumers do not really want or require

include charges, charges or restrictions to the function that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Monzo, revolut and curve are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:

It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% charge.

That’s it.

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

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

However, credit cards which offer benefits and charge 0% FX costs are scarce. The only ‘miles and points’ options which use a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS perhaps for you if:

you do not have a charge card offering 0% FX fees and do not want to affect 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 small cost beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them money when travelling.

How does  work in practice?
It is, as I stated previously, a really basic process. You utilize 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 immediately verifies that you have enough 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% charge if you have the free card. If you have one of their paid cards, there are no costs.
You get an automatic invest alert by means of the app, if you pick to install it.
The cash is drawn from your bank account a couple of days later on.
Here is an example. With no foreign travel in the journal, I decided to sprinkle 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:.

Transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to occur (often in a various language) while not telling you about the outrageous currency conversion fees happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

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

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

What this indicates is you can spend cash you have in your existing current account with less stress over lacking cash and the additional action. However that does not imply it is ideal.

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

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, permitting us to make revenue from our Essential Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our strategies, complete information can be discovered on our rates strategies.

Subscription fees.
We charge an annual membership charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership charge also removes all FX markup on transactions.

Interchange.
Every time you invest with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and won’t be charged to you. What Happens If I Freeze My Currensea Card