A new fintech company which I was introduced to previously this year. Activate Currensea Junior Card…
It has actually won a few awards over recent months for what it does (providing you a low-priced method to invest abroad) but what I like about is that it is easy as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a regular debit card and the money is taken from your current account– just without the usual 3% cost.
Oh, and is complimentary to make an application for, which also assists.
There are also some interesting travel advantages if you pick a paid strategy, however the totally free plan works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or less expensive than the competitors
add a growing number of functions which your existing customers do not truly need or desire
add charges, charges or restrictions to the function that made individuals get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are already in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Activate Currensea Junior Card
It is a free direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You do not (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange 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 fees are couple of and far in between. The only ‘points and miles’ options which use a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another charge card particularly to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals per month without any charges and just a very little FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I said earlier, an extremely basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank automatically validates that you have adequate 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. If you have the free card, adds a 0.5% charge. There are no fees if you have one of their paid cards.
You get an automated spend notification via the app, if you select to install it.
The cash is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the diary, I chose 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 on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to occur (typically in a various language) while not telling you about the outrageous currency conversion costs happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
Thankfully in recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards guarantees huge savings (85%) and a fantastic app.
I think the finest bit might be what no other card does: links to your existing high street bank account.
What this means is you can invest cash you have in your existing bank account with less fret about running out of cash and the extra action. However that does not indicate it is ideal.
In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, permitting us to make profits from our Necessary Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our plans, complete details can be discovered on our prices strategies.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee also eliminates all FX markup on transactions.
Each time you invest with your card we get a little % of the deal, known as interchange, this comes straight from the merchant and will not be credited you. Activate Currensea Junior Card