A new fintech company which I was presented to earlier this year. Activare Card Fizic Currensea…
It has actually won a few awards over recent months for what it does (offering you an inexpensive method to spend abroad) but what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You simply spend as you would on a regular debit card and the money is taken from your bank account– simply without the typical 3% fee.
Oh, and is complimentary to make an application for, which likewise assists.
There are also some fascinating travel advantages if you choose a paid plan, but the totally free strategy works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or cheaper than the competition
add a growing number of functions which your existing consumers do not actually desire or require
add charges, limitations 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 Stage 1 of this procedure and will hopefully stay there. Curve, Revolut and Monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Activare Card Fizic Currensea
It is a totally free direct debit card to use 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 …) earn 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 charges, then you do not require a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which offer rewards and charge 0% FX charges are few and far between. The only ‘miles and points’ choices which offer a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you desire a product which allows you to make �,� 500 of foreign currency ATM withdrawals each month with no fees and just a minimal FX mark-up (there is a little cost beyond �,� 500).
you desire a product for you, your adult kids, parents, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I stated earlier, a really easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank automatically confirms 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 upon the currency. If you have the free card, includes a 0.5% cost. If you have one of their paid cards, there are no costs.
You get an automatic spend notification through the app, if you choose 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 journal, I decided 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 few days later on:.
Transforming pounds was pricey.
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 outrageous currency conversion charges happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
In recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea promises big cost savings (85%) and a great app.
However I believe the best bit might be what no other card does: connects to your existing high street checking account.
What this suggests is you can invest money you have in your existing bank account with less worry about lacking money and the additional step. That does not imply it is ideal.
In this Currensea review is the good, the bad, the unsightly and the options, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, allowing us to make revenue from our Necessary 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 complimentary amount on all our strategies, full details can be found on our pricing strategies.
Membership fees.
We charge a yearly membership cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription fee likewise eliminates all FX markup on transactions.
Interchange.
Each time you spend with your card we receive a small % of the transaction, known as interchange, this comes directly from the merchant and won’t be credited you. Activare Card Fizic Currensea