How To Activate Your Currensea Card – Best Travel Cards

A new fintech business which I was introduced to previously this year. How To Activate Your Currensea Card…

It has won a few awards over current months for what it does (offering you a low-cost way 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 just invest as you would on a typical debit card and the cash is drawn from your current account– just without the normal 3% fee.

Oh, and  is free to look for, which also helps.

There are also some intriguing travel benefits if you choose a paid strategy, however the free strategy works fine. You can apply here.

There is a service model in fintech which Curve, Revolut, Monzo and so on have all followed:

launch by doing one thing well, and totally free or more affordable than the competitors
add more and more functions which your existing clients do not really desire or need

include charges, restrictions or fees to the feature that made people get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will ideally stay 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:

It is a totally 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.

That’s it.

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 charge card offering 0% forex fees, then you don’t require a  card, unless you desire free ATM withdrawals. You can stop checking out now.

However, credit cards which provide rewards and charge 0% FX fees are few and far between. The only ‘points and miles’ choices which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS perhaps for you if:

you do not have a charge card offering 0% FX fees and do not want to affect your credit report by getting another charge card particularly to use abroad
you desire a product which permits you to make �,� 500 of foreign currency ATM withdrawals monthly without any costs and only a very little FX mark-up (there is a small cost 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 conserve them money when travelling.

How does  work in practice?
It is, as I stated previously, a really easy procedure. You use your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, globally).
Your bank account bank immediately verifies that you have sufficient money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card,  includes a 0.5% fee. There are no fees if you have among their paid cards.
You get an automatic spend notice via the app, if you choose to install it.
The money is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.

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

Converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to occur (frequently in a different language) while not telling you about the exorbitant currency conversion charges taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.

Thankfully recently a handful of fantastic travel debit cards have actually popped onto the scene … and like other excellent cards  promises big cost 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 implies is you can spend money you have in your existing current account with less stress over lacking cash and the extra action. That does not mean it is best.

In this Currensea evaluation is the great, the bad, the ugly 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 Vital Strategy of 0.5% per deal, permitting us to make profits from our Essential Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our strategies, full details can be found on our prices strategies.

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

Interchange.
Each time you invest with your card we get a small % of the transaction, called interchange, this comes straight from the merchant and will not be credited you. How To Activate Your Currensea Card