Currensea Physical Card Activation – Best Travel Cards

A brand-new fintech business which I was presented to earlier this year. Currensea Physical Card Activation…

It has won a couple of awards over recent months for what it does (using you a low-cost way to spend abroad) but what I like about  is that it is basic as hell. This is a good idea.

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

Oh, and  is free to obtain, which also helps.

There are also some interesting travel advantages if you pick a paid plan, but the free plan works fine. You can apply here.

There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing one thing well, and free of charge or cheaper than the competitors
add a growing number of features which your existing consumers don’t actually want or require

include charges, costs or constraints to the feature that made individuals get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will ideally remain there. Revolut, monzo and curve 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:

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

That’s it.

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 charge card offering 0% forex costs, then you don’t require a  card, unless you desire complimentary ATM withdrawals. You can stop reading now.

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

IS perhaps for you if:

you don’t have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another charge card specifically to use abroad
you desire a product which allows you to make �,� 500 of foreign currency ATM withdrawals each month with no costs and only a minimal FX mark-up (there is a little fee beyond �,� 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them money when taking a trip.

How does  operate in practice?
It is, as I stated previously, an extremely simple process. 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 instantly verifies that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card,  includes a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automated invest notice by means of the app, if you pick to install it.
The cash is taken from your current account a few days later.
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 shows �,� 4.33 set up 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 daytime robbery that is almost to occur (frequently in a various language) while not telling you about the exorbitant currency conversion costs occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.

Luckily recently a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards  promises huge cost savings (85%) and a fantastic app.

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

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

In this Currensea review is the excellent, the bad, the unsightly and the options, so that you can choose.

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per transaction, enabling us to make profits from our Vital Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our plans, full details can be discovered on our rates plans.

Subscription costs.
We charge an annual membership cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription charge also eliminates all FX markup on transactions.

Interchange.
Each time you invest with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Physical Card Activation