Reactivate Currensea Card – Best Travel Cards

A new fintech company which I was introduced to previously this year. Reactivate Currensea Card…

It has won a few awards over recent months for what it does (using you a low-cost way to invest abroad) however what I like about  is that it is basic as hell. This is an advantage.

is, successfully, 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 simply invest as you would on a normal debit card and the cash is drawn from your current account– just without the typical 3% cost.

Oh, and  is totally free to apply for, which likewise helps.

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

There is an organization design in fintech which Curve, Revolut, Monzo and so on have all followed:

launch by doing something well, and totally free or cheaper than the competition
add more and more features which your existing customers do not actually need or desire

add charges, charges or restrictions to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Curve, Revolut and Monzo are already in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:

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

That’s it.

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% foreign exchange fees, then you don’t need a  card, unless you want totally free ATM withdrawals. You can stop reading now.

Credit cards which use benefits and charge 0% FX charges are few and far in between. The only ‘miles and points’ choices which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.

IS potentially for you if:

you don’t have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another credit card particularly to use abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and only a very little FX mark-up (there is a little fee beyond �,� 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them money when travelling.

How does  work in practice?
It is, as I stated earlier, a really simple process. 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 bank account bank instantly confirms that you have enough cash 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% fee. There are no costs if you have among their paid cards.
You get an automatic invest alert via the app, if you select to install it.
The money is taken from your current account a few days later.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.

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

Transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to happen (frequently in a various language) while not telling you about the outrageous currency conversion costs occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyway.

Thankfully recently a handful of great travel debit cards have popped onto the scene … and like other great cards  guarantees big savings (85%) and an excellent 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 implies is you can invest money you have in your existing bank account with less worry about running out of money and the additional step. However that does not suggest it is best.

In this Currensea evaluation is the great, the bad, the awful and the alternatives, so that you can choose.

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per transaction, allowing us to make revenue from our Important Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our plans, complete details can be found on our prices strategies.

Membership costs.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. 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 transaction, referred to as interchange, this comes directly from the merchant and will not be charged to you. Reactivate Currensea Card