A new fintech company which I was introduced to previously this year. How To Activate Currensea Card…
It has won a couple of 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 easy as hell. This is a good idea.
is, efficiently, a direct debit travel card. You just spend as you would on a normal debit card and the cash is taken from your current account– simply without the usual 3% charge.
Oh, and is totally free to obtain, which likewise helps.
There are also some fascinating travel benefits if you choose a paid plan, but the totally free strategy works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or less expensive than the competition
include increasingly more features which your existing clients don’t truly require or desire
include charges, limitations or fees to the function that made people get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Revolut, curve and monzo are currently in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? How To Activate Currensea Card
It is a free direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex costs, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, charge card which provide rewards and charge 0% FX fees are scarce. The only ‘miles and points’ alternatives which use a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another credit card particularly to utilize abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals each month without any charges and just a minimal FX mark-up (there is a little cost beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I said previously, an extremely simple procedure. You utilize 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 immediately verifies that you have sufficient cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% fee if you have the totally free card. There are no charges if you have one of their paid cards.
You get an automatic spend notice through 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 shows , 4.33 arranged to leave my HSBC account a few days later:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to occur (frequently in a different language) while not telling you about the inflated currency conversion charges happening in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
In recent years a handful of great travel debit cards have popped onto the scene … and like other great cards Currensea assures big savings (85%) and a great app.
But I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can spend cash you have in your existing current account with less stress over running out of cash and the additional step. That does not suggest it is ideal.
In this Currensea review 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 small FX markup on our Vital Plan of 0.5% per deal, permitting us to make profits from our Vital Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our plans, full details can be found on our prices strategies.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge also gets rid of all FX markup on transactions.
Every time you spend with your card we get a little % of the deal, known as interchange, this comes straight from the merchant and won’t be charged to you. How To Activate Currensea Card