A brand-new fintech business which I was introduced to earlier this year. Currensea Activate Card…
It has won a few awards over current months for what it does (providing you a low-cost method to invest abroad) but what I like about is that it is easy as hell. This is a good thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits in 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 normal 3% cost.
Oh, and is free to look for, which likewise helps.
There are likewise some interesting travel benefits if you select a paid plan, but the complimentary 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 for free or cheaper than the competitors
add more and more features which your existing clients don’t truly desire or need
include limitations, costs or charges to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Monzo, revolut and curve are already in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Activate Card
It is a complimentary direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You don’t (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t need a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which use benefits and charge 0% FX costs are few and far between. The only ‘miles and points’ options which provide a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals monthly with no charges and just a minimal FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I said previously, a very easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank immediately confirms that you have adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, adds a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automated invest alert by means of 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 decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a couple of days later:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (often in a different language) while not telling you about the outrageous currency conversion fees happening in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
In current years a handful of terrific travel debit cards have popped onto the scene … and like other great cards Currensea assures big savings (85%) and a great app.
But I think the best bit might be what no other card does: connects to your existing high street savings account.
What this implies is you can invest money you have in your existing bank account with less fret about lacking money and the extra action. That does not imply 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 strategies have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per deal, enabling us to make profits from our Important Strategy 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 totally free amount on all our plans, full details can be discovered on our rates plans.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost also removes all FX markup on deals.
Each time you spend with your card we receive a little % of the deal, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Activate Card