Spending abroad using a debit card that removes bank fees
This is our review of Currensea’s direct debit travel card. How does it work and is it worth getting?
What is Currensea
Currensea is a multi-award-winning debit travel card. It allows consumers to spend directly from their high-street bank account without charges, saving British travellers 3-5% against all the high-street banks, travel cards and prepaid cards.
Think of it:
- as your standard high-street debit or credit card, but without the hefty fees when using it abroad
- as your prepaid travel card, such as the Post Office, FairFX, Wise etc., but without needing to top-up and pre-pay. Also, there’s no need to worry about leftover balance or exchanging your £’s for another currency. Plus, with better exchange rates.
Check out their 30-second video highlighting how their card works and how it saves you money abroad.
How much can I actually save versus my bank card?
Currensea claims they can save consumers at least 85% of the fees applied by their bank on every transaction abroad. What does that mean?
Every time you spend abroad using your standard debit or credit card, your bank will charge you between 3-5% markup on top of the interbank exchange rate. By connecting the Currensea card to your bank account, Currensea removes all the charges that your bank would have charged you and provides you with access to the best foreign exchange (FX) rates at only 0% to 0.5% above the FX base rate (i.e. interbank rate and Mastercard rate)
We did a bit of calculation, comparing Currensea cards (Essential, Premium and Elite) to 2 popular high-street banks in the UK, Barclays and HSBC debit cards to help you understand.
For a 2-week beach holiday for 2 in Spain, we estimate a total spend of €2,000 (€1,800 on the card and €200 on cash) on shopping, dining, entertainment and transportation (excl. accommodation), approximately €71 per person per day.
- Based on GBP/EUR interbank rate 1.162 (21 Jun 22)
- Barclays’s POS terms = 2.99%, ATM terms = 2.99% + local fees and Card Scheme Spread (Visa Average Premium, Jul 20 to Feb 21) = 0.55%
- HSBC’s POS terms = 2.75%, ATM terms = 2.75% + 2%(Min: £1.75, Max: £5) + local fees and Card Scheme Spread (Visa Average Premium, Jul 20 to Feb 21) = 0.55%
With the amount you could save with a Currensea card, it’s a no brainer to stop “tipping” your bank and get yourself on the Currensea bandwagon before your next trip.
You can get your free Currensea card here
Is it worth ditching the prepaid travel card that I have?
They are many prepaid travel cards in the market, including Wise, Post Office, FairFX, Caxton and Travelex, to name a few. Many people use these prepaid travel cards to save on bank fees when spending abroad. If you are one of those people, you would agree that using a prepaid travel card is not the most convenient way to spend overseas.
You have to top up every time your account is low, if you top up too much, you could return from your trip with a leftover balance that sits on your card for a long time before you can use the same currency again. Whilst prepaid travel cards tend to be cheaper than your bank card, it’s still not the best value option as many of these providers have hidden fees such as weekend charges, dormant fees (for not using your card for a set period of time) and higher markups on FX fee for countries further afield.
Currensea, are transparent when it comes to charges. They charge you a flat 0.5% (0% markup for their Premium and Elite plans) on the FX base rate for all currencies with no weekend or hidden charges and dormant fees.
So, from a convenient and money-saving point of view, we conclude that Currensea is a better option than any prepaid travel card in the market.
Find out how Currensea can make your holiday spending hassle-free
How safe is Currensea?
Currensea holds Trustpilots highest rating of ‘Excellent’ from thousands of verified customer reviews. Click here to see the reviews
Currenesa is also FCA-approved (Financial Conduct Authority) and partners with all of the UK’s major high-street banks.
As Currensea is a layer in front of your existing bank account, it also has the added bonus of giving you Mastercard’s 120-day chargeback protection!
Where can I use Currensea
As a Currensea card works with Mastercard, it works across 180 different currencies and almost every country in the world. So unless you’re looking at travelling to a prohibited country, Currensea should work without any issues. Currensea, has also provided us with their live exchange rate and is confident it’s better than the banks, Post Office and any FX provider across any currency. See the exchange rate here.
Can you use Currensea at cash machines abroad?
Yes. You can withdraw up to £500 per month from ATMs outside the UK free of charge.
Unfortunately, you cannot use Currensea to withdraw in the UK, but as this card’s main purpose is for abroad spending, this should not be much of an issue, just use your bank’s debit card instead.
The standard 0.5% fee applies to the first £500 per month, but there is an additional 1.5% fee between £500 and £1,000. You can avoid this fee by making payments directly with the card rather than paying with cash, although obviously, this isn’t always possible.
The fees are lower if you have the Premium (1% between £500 and £1,000) or Elite (1% between £750 and £1,000) versions of the card.
Not just a holiday card
A Currensea card is not just a card for holidays, it can be used in a variety of other ways:
- Cashback
By using Currensea in the UK on certain purchases you can get up to 10% cashback from over 80 merchants including:
All you need to do is, log in via the app or online portal, find the offer that suits you and pay with your Currensea card.
- Money Transfer
Currensea also offer Money Transfer services via the app to all of their customers. It allows users to send money abroad in USD, EUR, PLN and HUF currencies. They state that you can send anywhere between £100-£20,000 at a time at a flat rate of 0.5%.
What card options are available?
Currensea has three card options to choose from:
- A free card (Completely free, there isn’t even a delivery fee) called ‘Essential’ charges a 0.5% FX fee on purchases and ATM withdrawals – The essential plan is best for people that spend less than £5,000 a year abroad
- £25 ‘Premium’version which has no FX fees – the premium plan is best for people that spend over £5,000 a year and are looking for extra benefits such as 20% of Avis car hire.
- £120 ‘Elite’ version which has no FX fees, Avis ‘President’s Club’ status, use of the ‘Ten’ concierge service, access to Mastercard’s luxury hotel booking service (stays come with extra benefits) and LoungeKey airport lounge access (£20 fee per visit payable) – The Elite plan is best for people who want a luxurious bespoke experience such as 24/7 hotel concierge service, airport lounge discounts, luxury hotel perks and more.
How to get a Currensea Card
Getting a Curresena card is simple and quick to do. All you need to do is:
- Sign up in minutes here
- Wait 2-5 working days for your card to arrive
- Activate your card
- Spend abroad!
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