Currensea Activate Card – Best Travel Cards

A new fintech business which I was presented to earlier this year. Currensea Activate Card…

It has actually won a few awards over current months for what it does (providing you a low-cost method to invest abroad) but what I like about  is that it is simple as hell. This is a good thing.

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

Oh, and  is totally free to make an application for, which also helps.

There are likewise some fascinating travel advantages if you choose a paid strategy, but the free plan works fine. You can use here.

There is an organization 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 require or desire

include charges, charges or limitations to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this procedure and will ideally stay there. Curve, monzo and revolut are currently in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:

It is a complimentary direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.

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 costs, then you do not need a  card, unless you desire totally free ATM withdrawals. You can stop reading now.

Credit cards which use rewards and charge 0% FX costs are couple of and far between. The only ‘miles and points’ choices which provide a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.

IS perhaps for you if:

you don’t have a charge card offering 0% FX charges and do not want to impact your credit report by getting another charge card specifically to utilize abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no costs and just a minimal FX mark-up (there is a little cost beyond �,� 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who requires an easy, 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, an extremely basic procedure. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, globally).
Your current account bank instantly validates that you have adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card,  includes a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automatic invest notification through the app, if you pick to install it.
The cash is taken from your bank account a few days later.
Here is an example. With no 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 reveals �,� 4.33 arranged to leave my HSBC account a few days later:.

Transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to take place (often in a various language) while not telling you about the expensive currency conversion charges taking place in the background. Do not get me started. Anyway back to the positives for a bit anyway.

In current years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards Currensea guarantees big cost savings (85%) and a fantastic app.

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

What this suggests is you can invest cash you have in your existing bank account with less stress over running out of money and the extra step. However that does not suggest it is perfect.

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

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, allowing us to make profits from our Essential Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our strategies, full information can be discovered on our prices plans.

Subscription fees.
We charge a yearly membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription cost likewise removes all FX markup on deals.

Interchange.
Each time you spend with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Activate Card