Currensea Card Review 2018 – Best Travel Cards

A brand-new fintech business which I was introduced to earlier this year. Currensea Card Review 2018…

It has actually won a couple of awards over current months for what it does (offering you a low-cost method to invest abroad) however what I like about  is that it is easy as hell. This is a good idea.

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

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

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

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

launch by doing something well, and free of charge or cheaper than the competition
include increasingly more features which your existing consumers don’t really require or desire

add charges, limitations or fees to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Revolut, monzo and curve are currently in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:

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

That’s it.

You do not (yet …) earn any airline miles or points for using it.

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

However, credit cards which provide rewards and charge 0% FX charges are rare. The only ‘points and miles’ alternatives which provide a partial solution 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 charge card offering 0% FX costs and do not want to impact your credit report by getting another credit card particularly to utilize abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any charges and only a very little FX mark-up (there is a small charge beyond �,� 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them money when taking a trip.

How does  operate in practice?
It is, as I stated earlier, a very easy procedure. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, internationally).
Your current account bank instantly confirms that you have sufficient money 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 totally free card,  includes a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automated invest notification via the app, if you pick to install it.
The cash is taken from your current account a few days later.
Here is an example. Without any foreign travel in the diary, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which shows �,� 4.33 scheduled to leave my HSBC account a couple of days later:.

But converting pounds was expensive.

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

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

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

What this indicates is you can spend money you have in your existing current account with less worry about running out of money and the extra step. But that does not suggest it is perfect.

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

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, allowing us to make revenue from our Necessary 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 free quantity on all our plans, full details can be discovered on our pricing plans.

Subscription charges.
We charge an annual membership cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription charge likewise gets rid of all FX markup on deals.

Interchange.
Whenever you invest with your card we get a small % of the deal, referred to as interchange, this comes directly from the merchant and will not be credited you. Currensea Card Review 2018