Ditch the cash: How travel debit cards are changing the way we spend abroad
Currensea is a fintech startup that offers a debit card designed for travelers. Unlike other travel cards, the Currensea card does not charge any foreign transaction fees or ATM withdrawal fees. This means that you can use the card to make purchases and withdraw cash from ATMs abroad without incurring any additional charges.
The Currensea card is linked to your existing bank account, which means that you don't need to open a new account or transfer money to a separate wallet.
When you make a purchase or withdraw cash using the Currensea card, the money is automatically converted from your base currency to the local currency at the real exchange rate. This means that you get a fair exchange rate without any hidden fees or markups.
"My last trip to Europe, Saudi and Malaysia used more card payment methods than cash. I did exchange some cash for emergencies, but it still ended up in my wallet. So getting a good competitive travel debit card would save me from banks taking advantage of the exchange rate." Commented by a traveler.
One of the standout features of the Currensea card is its competitive exchange rates. The company claims that its rates are up to 85% cheaper than those offered by traditional banks and other travel cards. This makes the Currensea card an attractive option for frequent travelers who want to save money on foreign transactions.
"If you go abroad to America for a couple of weeks, say you spend $5000. Your typical UK bank will charge you fees of about £150. Currensea says their fees charge less than £20. " According to Thegadget show.
The Currensea card can be used in over 190 countries and is accepted wherever Mastercard is accepted. You can also use the card to make online purchases and to pay for travel-related expenses such as flights, hotels, and car rentals. The card comes with a mobile app that allows you to track your transactions and manage your account on the go.
One potential downside of the Currensea card is that it does not offer any rewards or cashback programs. This means that you won't earn any points or miles for your purchases, which may be a dealbreaker for some users. However, the company argues that the savings you make on foreign transactions more than make up for the lack of rewards.
Overall, the Currensea card is a solid option for travellers who want to save money on foreign transactions. Its competitive exchange rates, lack of fees, and ease of use make it a compelling alternative to traditional travel cards and foreign currency exchange services. If you're a frequent traveler looking to streamline your expenses and avoid hidden fees, the Currensea card is definitely worth considering.
You can find out more, and apply for a free card, on the Currensea website here.
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