Where Can Currensea Card Be Used – Best Travel Cards

A new fintech business which I was presented to earlier this year. Where Can Currensea Card Be Used…

It has won a couple of awards over recent months for what it does (offering you a low-priced way to spend abroad) however what I like about  is that it is simple as hell. This is a good idea.

is, successfully, a direct debit travel card. You merely spend as you would on a regular debit card and the cash is taken from your current account– just without the typical 3% charge.

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

There are also some intriguing travel benefits if you pick a paid plan, however the totally free plan works fine. You can use here.

There is a company design in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing something well, and for free or less expensive than the competition
add increasingly more functions which your existing customers don’t truly want or need

add constraints, charges or charges to the function that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will ideally remain there. Curve, Revolut and Monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar 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% cost.

That’s it.

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

Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you do not require a  card, unless you desire free ATM withdrawals. You can stop reading now.

Credit cards which offer rewards and charge 0% FX fees 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 charges in the Euro zone.

IS potentially for you if:

you do not have a credit card offering 0% FX fees and do not want to affect your credit report by getting another credit card particularly to use abroad
you desire a product which allows you to make �,� 500 of foreign currency ATM withdrawals monthly without any charges and only a very little FX mark-up (there is a little fee beyond �,� 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them cash when travelling.

How does  operate in practice?
It is, as I stated previously, a very basic process. You use 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 instantly validates that you have enough cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card,  includes a 0.5% charge. There are no charges if you have among their paid cards.
You get an automated spend notification through 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. Without any foreign travel in the journal, I chose to sprinkle out and purchase 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:.

Converting pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to happen (frequently in a different language) while not telling you about the expensive currency conversion fees taking place in the background. Do not get me began. Anyway back to the positives for a bit anyway.

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

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

What this suggests is you can spend cash you have in your existing current account with less stress over lacking cash and the additional action. But that does not mean it is best.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, enabling us to make profits from our Important Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, complete information can be discovered on our prices strategies.

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

Interchange.
Each time you invest with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and won’t be credited you. Where Can Currensea Card Be Used