What Is The Best Way To Use Currensea Card Abroad – Best Travel Cards

A brand-new fintech business which I was introduced to previously this year. What Is The Best Way To Use Currensea Card Abroad…

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

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

Oh, and  is complimentary to get, which likewise assists.

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

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

launch by doing something well, and for free or more affordable than the competitors
add more and more features which your existing customers don’t really desire or need

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

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

That’s it.

You do not (yet …) make any airline company miles or points for utilizing it.

Why would I wish to get a card?
If you have a charge card offering 0% forex costs, then you do not need a  card, unless you want free ATM withdrawals. You can stop checking out now.

However, charge card which use rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ options which provide a partial service are the Virgin Atlantic credit cards which have 0% FX fees 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 charge card specifically to utilize abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals per month with no costs and only a minimal FX mark-up (there is a small cost beyond �,� 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them cash when travelling.

How does  work in practice?
It is, as I said previously, a really 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 bank account bank automatically validates 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. includes a 0.5% charge if you have the free card. There are no costs if you have one of their paid cards.
You get an automated spend notification through the app, if you pick 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 sprinkle out and buy 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which shows �,� 4.33 set up 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 take place (frequently in a different language) while not telling you about the exorbitant currency conversion fees occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

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

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

What this indicates is you can spend money you have in your existing bank account with less fret about lacking money and the extra action. But that does not mean it is ideal.

In this Currensea evaluation 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 Important Strategy of 0.5% per transaction, allowing us to make earnings from our Vital Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our plans, complete information can be discovered on our pricing plans.

Membership fees.
We charge a yearly membership charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership charge also gets rid of all FX markup on deals.

Interchange.
Every time you spend with your card we get a small % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. What Is The Best Way To Use Currensea Card Abroad