A new fintech business which I was introduced to earlier this year. Do I Need To Activate My Currensea Card…
It has actually won a few awards over recent months for what it does (offering you a low-cost method to invest 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. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You merely spend as you would on a typical debit card and the cash is drawn from your current account– simply without the typical 3% fee.
Oh, and is free to look for, which also helps.
There are also some interesting travel benefits if you pick a paid strategy, but the totally free strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or more affordable than the competition
include a growing number of functions which your existing clients do not truly desire or need
add limitations, charges or costs to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Revolut, monzo and curve are currently in Stage 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Do I Need To Activate My Currensea Card
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You don’t (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex charges, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which offer rewards and charge 0% FX charges are few and far between. The only ‘points and miles’ options which use a partial solution 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 charges and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month with no charges and just a very little FX mark-up (there is a little fee beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I said earlier, a very basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank automatically validates that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% fee if you have the free card. There are no charges if you have among their paid cards.
You get an automatic spend notice by means of the app, if you pick to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and buy 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:.
However transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to take place (often in a different language) while not telling you about the outrageous currency conversion fees happening in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
Luckily over the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other great cards promises big cost savings (85%) and a great app.
However I think the very best bit might be what no other card does: links to your existing high street checking account.
What this indicates is you can spend money you have in your existing current account with less stress over lacking money and the additional action. However that does not suggest it is ideal.
In this Currensea evaluation is the excellent, the bad, the unsightly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per deal, allowing us to make income from our Essential 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 complimentary amount on all our plans, complete details can be discovered on our pricing strategies.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee likewise removes all FX markup on transactions.
Each time you spend with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. Do I Need To Activate My Currensea Card