Wire Card Currensea – Best Travel Cards

A brand-new fintech company which I was presented to earlier this year. Wire Card Currensea…

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

is, successfully, a direct debit travel card. You just spend as you would on a normal debit card and the money is taken from your present account– just without the typical 3% fee.

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

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

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

launch by doing one thing well, and totally free or more affordable than the competition
add more and more functions which your existing consumers don’t really want or need

add costs, restrictions or charges to the feature that made individuals get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will ideally remain there. Curve, Revolut and Monzo are currently in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:

It is a free direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.

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 charge card offering 0% forex charges, then you do not require a  card, unless you want free ATM withdrawals. You can stop reading now.

However, credit cards which use rewards and charge 0% FX charges are rare. The only ‘miles and points’ alternatives which provide a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.

IS possibly for you if:

you don’t have a charge card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you desire an item which permits you to make �,� 500 of foreign currency ATM withdrawals each month without any costs and only a minimal FX mark-up (there is a little charge beyond �,� 500).
you desire a product for you, your adult kids, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them cash when taking a trip.

How does  work in practice?
It is, as I stated earlier, an extremely 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 immediately validates 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. If you have the complimentary card,  includes a 0.5% fee. If you have one of their paid cards, there are no charges.
You get an automatic spend notification through the app, if you choose to install it.
The cash is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the diary, 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 few days later:.

But converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (typically in a different language) while not telling you about the inflated currency conversion costs happening in the background. Do not get me began. Anyhow back to the positives for a bit anyway.

Thankfully over the last few years a handful of great travel debit cards have popped onto the scene … and like other excellent cards  assures big cost savings (85%) and a terrific app.

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

What this implies is you can spend money you have in your existing bank account with less stress over running out of money and the extra action. But that does not imply it is perfect.

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

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per deal, allowing us to make earnings from our Important Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our strategies, full information can be discovered on our rates strategies.

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

Interchange.
Every time you invest with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Wire Card Currensea