Currensea Review

If you’re a frequent traveller, you know how frustrating it can be to deal with foreign transaction fees and unfavourable exchange rates. That’s where Currensea comes in – a UK-based fintech company that offers a multi-currency card and account for holiday-makers.

We’ve talked about Currensea before as one of the best debit cards to use abroad, but in this review, we’re going to take a deep dive into the into the account, features, costs, and share our opinion on who we think it’s for.

What is Currensea and how does it work?

Currensea¹ is the UK’s first direct debit travel card. It acts as a layer in front of your current bank account when spending money abroad. This means you can benefit from great rates even if you have one of the six bank accounts/debit cards from hell (Halifax, Lloyds, TSB, Santander, RBS, NatWest). Currensea is a great option for those who don’t want to change or open a new account.

Currensea works by connecting to your existing current account. When you’re travelling abroad, simply use the Currensea debit card to spend or withdraw money in up to 180 currencies worldwide. Currensea then charges your bank account in pounds via direct debit. This means you don’t need to worry about currency exchange rates or fees when you’re travelling. It’s a hassle-free way to manage your money abroad.

There are no top ups, no pre-paying or anything like that. Just link the card to your current bank account and you’re good to go. It’s almost boring.

Who is Currensea for?

Anyone travelling abroad who would ordinarily use their high street bank account debit card for foreign spending.

If you bank with any of the big 6 highstreet banks, then Currensea will save you money when travelling abroad. That’s because these banks typically add a huge mark-up on foreign spending, and some even charge additional fees for ATM withdrawals.

Our table below show the typical commission loading and ATM fees a regular current account, of the main high street banks when spending abroad.

Here, we’ve only included a £100 equivalent spend and withdrawal for comparison, but the average family of four spends nearly £5,000 while on holiday. Yeah, we couldn’t believe it either!

On that kind of spend using Currensea instead of your regular debit card could save you over £130 on a typical family break in Europe.

In total Currensea supports 14 banks and building societies. All of which have regular current accounts that are amongst the worst for spending abroad.

If your bank isn’t on the list, then it’s not currently supported. We ran into this problem when trying to use a Co-op account that we’d opening in order to take advantage of a recent switching offer. It turns out, it’s the worst offending bank in our fees table above. Unfortunately, it wasn’t supported, so we had to use a First Direct account instead.

Note that Virgin Money accounts are supported, but if you’re a Virgin Money M account or M Club account holder, you already have access to fee-free foreign spending anyway.

How to apply for a Currensea account

Opening a Currensea account is a simple affair. You just need to visit the Currensea website¹ and provide some basic personal information, and address details.

You’ll also need to link your existing bank account through Open Banking. This allows Currensea to access your account information and set up direct debit payments.

Once you’ve completed the application and been approved, your Currensea card will be sent to your registered address. The card takes roughly three days to arrive, but given the regularity of Royal Mail strikes, we’d allow at least a week if not longer before travelling.

Once you’ve activate your card via the app you can start using it immediately.

What exchange rate does Currensea use?

Currensea uses the Interbank or mid-market exchange rate on 16 major currencies (EUR, USD, AUD, CAD, CHF, DKK, HKD, HUF, JPY, NOK, NZD, PLN, SEK, SGD, THB and ZAR). Spending in a further 164 currencies is covered by the Mastercard exchange rate.

Unlike some travel cards, and multicurrency accounts, there are no nasty weekend surcharges or surprises.

Currensea lists its live rates for both the interbank rate, and Mastercard directly on its website here: https://www.currensea.com/pricing/exchange-rates

Features and limitations

We like Currensea for the following reasons:

• Interbank exchange rate on the top 16 currencies
• 0.50% flat rate for spending and withdrawals
• No weekend loading
• Funds remain safe in your FSCS account

As ever there a number of things that could be improved. Here’s what we didn’t like:

• Low spending limits for some (these depend on the individual)
• Lag between spending and payment being taken (direct debit comes out two days after spending sometimes longer)
• Not accepted a Pay-at-pump fuel stations or Toll roads
• £1,000 a month withdrawal may not be enough for longer trips.

How much does Currensea cost?

Currensea offers three pricing tiers for its travel card: Essential, Premium, and Elite. The Essential plan is free to use, while the Premium plan costs £25 per year. The Elite plan is £120 a year which in our opinion far outweighs any savings or benefits it offers. As such, we don’t recommend it.

Essential Plan: The Essential plan offers competitive exchange rates and no fees for foreign transactions. There’s a markup of 0.5% on transactions, which is lower than the markups charged by many traditional banks and currency exchange bureaus.

The plan also offers fee-free ATM/cash machine withdrawals abroad up to £500 a month

Premium Plan: The Premium plan removes the 0.5%, which means that you can get even better exchange rates than with the Essential plan. It also offers fee-free ATM withdrawals up to £500, but crucially the rate for withdrawing more than this drops to just 1%, versus 2% for the essential plan.

There are also a range of marginal benefits, such as car hire discounts, air miles, and preferred hotels, but if we’re honest, all of these can be beaten elsewhere.

Currensea fees and limits

Currensea may be able to save you hundreds compared to travelling with a debit card from a traditional high street bank, but there are some costs and fees associated with the card that you should be aware of, not all of which are made clear.

ATM fees
These fees kick in if you withdraw more than £500 a month. For the Essential plan, the fee is 1%, and for the Premium plan, it is 2%. This means you’ll pay an additional £1-£2 for every additional £100 you withdraw over the £500 limit.

Replacement card fees
If you lose your Currensea card, the company charges a fee of £5 for a replacement card. This fee is in addition to any fees charged by the card delivery service, which could result in a higher total cost. It may take several days for the replacement card to arrive, which could be inconvenient if you are traveling. We think it would be helpful if regular users were also offered a virtual card, as business users currently are.

Exchange rate markups
We have found that the exchange rates offered by Currensea are not always as competitive as advertised. Currensea uses the mid-market rate for currency conversion, plus its markup. In some cases, this can be more costly than the Visa or Mastercard card rate offered by some of its competitors. Jump to our Currensea vs Monzo section to see this in action.

Customer protection

Currensea acts as a ‘middle-man’ between you and your bank. That means it severs that direct connection you have with your bank should anything go wrong. Fortunately, Currensea has you covered here, and aims to refund any fraudulent transactions within one business day.

In addition, you still get all the regular protection you’d normally get when using a Mastercard. Namely ‘chargebacks.’ Such claims are usually made then you’ve purchased goods or services, but didn’t get what you paid for and are being refused a refund.

We actually have experience of this on a Mastercard ourselves (albeit via a different account). In this instance, Currensea will handle the chargeback claim for you.

Is Currensea safe?

Currensea is regulated by the Financial Conduct Authority (FCA), which means that it is subject to strict regulations and guidelines. The company also uses 3D Secure technology to protect your card from fraud, and all transactions are monitored for suspicious activity. If you lose your card or it is stolen, you can freeze your account through the mobile app to prevent any unauthorized transactions.

In addition, Currensea offers the following security features to help keep your account safe.

The card is linked to your existing bank account through Open Banking, which means that your sensitive financial information is not stored in the app itself. While the app offers a range of security features to help you monitor your account and detect any suspicious activity including turning off your card.

The real-time notifications of your spending, can help you keep track of your expenses and detect any suspicious activity. The app also alerts you if unusual or suspicious charges are spotted on your account and can help guide you to a resolution.

PIN protection: Currensea’s card is protected by a PIN, which means that only you can access your funds. The PIN can be changed at any time through the Currensea app, which can help you keep your account secure.

Two-factor authentication: Currensea’s app offers two-factor authentication, which means that you need to enter a code sent to your phone in addition to your password to access your account. This can help prevent unauthorised access to your account even if your password is compromised.

Currensea vs Wise

Wise, is a well-known travel card that offers competitive exchange rates and low fees. However, there are some key differences between Wise and Currensea.

Firstly, Wise charges a small fee for foreign transactions, but its exchange rates are generally better than those offered by traditional banks. Unlike Currensea, Wise is not linked to your existing bank account, and you will need to transfer money to your Wise account before you can use the card, which means it’s useful for those who don’t have a main bank account that is compatible with Currensea.

However, Currensea has an advantage when it comes to customer protection. With Currensea, your money remains in your FSCS protected bank account, which is then billed by direct debit. This means that in case of any issues, you are still covered by the Financial Services Compensation Scheme (FSCS). With Wise, you physically load the account with money, and while your deposits are ring-fenced at an established bank such as Barclays, Lloyds, etc., it’s not quite the same as full FSCS protection.

Ultimately, the choice between Currensea and Wise depends on your personal needs and preferences. If you want a card linked to your existing bank account, with strong customer protection, then Currensea may be the better choice. If you don’t have a main bank account that is compatible with Currensea and want competitive exchange rates, then Wise may be the way to go, especially in cases where you want to make exchange or hold foreign currency, or even make transfer to accounts abroad.

Currensea vs Revolut

Revolut is the most popular multicurrency travel in the UK. We’ve been using it for more than 6 years, and have written an in-depth Revolut review sharing our experience. But how does it compare to Currensea? Well, we’ve covered that too in our Currensea vs. Revolut article.

Currensea vs Monzo

As a bank in its own right, Monzo is an entirely different proposition to Currensea. That being said, there is some overlap when it comes to travelling abroad.

Both offer fee-free foreign spending via their respective debit card, and both offer free ATM withdrawals.

Currensea adds a flat 0.50% mark up on foreign exchange, where as Monzo uses the Mastercard exchange rate with nothing added at all.

At the time of writing Mastercard’s rate on euros worked out as a 0.37% mark up over the European Central Bank. So somewhat cheaper than Currensea. When we look at the South African Rand though, this jumps to 0.89%, making it more expensive than Currensea.

In terms of ATM withdrawals, Monzo allows users to withdraw up to £400 equivalent a month without any additional fees. It then adds 3% free for any withdrawals above this. Currensea wins out here with its £500 a month fee-free limit and a 2% fee above that.

If you are a Monzo premium user then you benefits from £600 a month fee free foreign ATM withdrawals, as well as other benefits such as travel insurance. That costs £15 a month, so comparison with Currensea is a little unfair, but if you’ like to know more, check out our Monzo Premium review.

Unlike Revolut, neither add any additional weekend markup.

What do others think? User reviews

Most reviews praise the card for its competitive exchange rates, low fees, and ease of use, and it gets top ratings across the board with 4.9/5 score on Trustpilot from over 3,700 reviews, and 4.97/5 based on over 90 reviews at Smart Money People (review scores correct as of May 2023).

Of course, as with any financial product or service, there may be some individual cases where customers encounter issues or difficulties. With some users complaining of the low spending limits, in some cases £200 a day, and pending transactions taking too long to clear thus further eating into those spending limits.

Others had some issues and delays with the Money Transfer service. This isn’t a service we have tested, as it’s not really travel related. For international bank transfers we’d recommend using a multicurrency account such as Revolut or Wise.

Our thoughts – Is Currensea any good?

The card offers a range of benefits and features that can be appealing to frequent travellers, including competitive exchange rates, low fees. And while it can be beaten by the top debit cards for spending aboard, it offers a unique proposition that will could save those with traditional accounts, hundreds in foreign exchange fees, and markup.

If you already bank with one of the modern digital challengers such as Starling, Monzo, or even Kroo, then the benefits of opening a Currensea account are limit. If on the other hand you are one of the tens of millions with a current account from a big name high street bank, then Currensea should definitely be on your radar.

The free price plan, fair fees, and generous ATM limits, in combination with, Open Banking integration and a strong consumer protection policy, add up to make Currensea a reliable and convenient travel companion.

Currensea FAQ

Application Process

How do I apply for a Currensea card?

A: Applying for a Currensea card is simple. Visit the Currensea website, fill out the application form with your personal and banking details, and link your existing bank account through Open Banking. Approval typically takes a few minutes, after which your card will be dispatched to your address.

Are there any eligibility criteria for applying?

You must be a UK resident, over 18 years old, and have an existing current account with one of the banks that Currensea supports. Check our website for the full list of compatible banks.

Using the Card Abroad

In which countries can I use my Currensea card?

The Currensea card can be used in over 180 countries worldwide, anywhere Mastercard is accepted. Which let’s face it, is almost everywhere.

How does the Currensea card save me money on foreign transactions? A: Currensea offers direct access to interbank exchange rates with a minimal markup, significantly lower than traditional banks. This means you get better rates on purchases and cash withdrawals abroad without any hidden fees.

Fees and Rates

Are there any fees for using the Currensea card?

Currensea charges a modest 0.5% markup on the interbank exchange rate for its Essential plan, significantly lower than typical bank charges. There are no fees for ATM withdrawals up to £500 per month. For more detailed information on our Premium and Elite plans, please visit our pricing page.

How do exchange rates compare to high street banks?

Currensea uses the Interbank exchange rate plus a small markup, offering more favourable rates than most high street banks that add significant markups and hidden fees.

Security and Safety

What happens if my Currensea card is lost or stolen?

Immediately freeze your card using the Currensea app to prevent unauthorized use. Then, contact our support team to order a replacement. Your bank account remains secure, as your card is only a layer in front of your existing account.

How does Currensea protect my financial information? A: Currensea uses bank-level encryption and is regulated by the Financial Conduct Authority (FCA). Your connection to your bank is established securely through Open Banking, ensuring your information remains protected.

Troubleshooting

My card was declined. What should I do?

Card declines can occur for several reasons. Ensure you have sufficient funds in your linked bank account, check for any active freezes on your card, and confirm that the merchant accepts Mastercard. If issues persist, contact our customer support for assistance.

Why hasn’t my transaction shown up in my account yet?

Transactions may take up to 48 hours to appear in your account due to processing times. If a transaction hasn’t appeared after this period, please reach out to our customer service for help.

Do you use Currensea? We’d love to hear your thoughts, please comment below