A new fintech company which I was presented to previously this year. How To Activate Currensea Debit Card…
It has won a couple of awards over recent months for what it does (offering you an inexpensive way to invest 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. You merely invest as you would on a regular debit card and the money is taken from your current account– simply without the typical 3% cost.
Oh, and is complimentary to apply for, which also helps.
There are also some interesting travel advantages if you choose a paid strategy, but the totally free plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or cheaper than the competitors
include a growing number of features which your existing clients do not truly desire or require
include charges, restrictions or charges to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? How To Activate Currensea Debit Card
It is a totally free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You don’t (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% foreign exchange charges, then you do not need a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX costs are couple of and far in between. The only ‘miles and points’ options which use a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps 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 charge card specifically to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals monthly without any charges and just a very little FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who needs a basic, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I said previously, an extremely 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 instantly verifies that you have sufficient money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automated spend notification via the app, if you pick to install it.
The money is taken from your current account a few days later.
Here is an example. Without any foreign travel in the journal, 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 scheduled to leave my HSBC account a couple of days later:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to occur (often in a different language) while not telling you about the expensive currency conversion fees taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In current years a handful of great travel debit cards have popped onto the scene … and like other excellent cards Currensea promises huge cost savings (85%) and a fantastic app.
I believe the finest bit might 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 current account with less worry about running out of cash and the extra step. However that does not imply it is best.
In this Currensea evaluation is the good, the bad, the unsightly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, enabling us to make income from our Essential Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our plans, full details can be found on our rates strategies.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee likewise eliminates all FX markup on deals.
Whenever you spend with your card we receive a little % of the transaction, called interchange, this comes straight from the merchant and won’t be credited you. How To Activate Currensea Debit Card