Currensea Review

Company information

Currensea is a British company that offers customers a unique travel and debit card solution. Established to provide an alternative to traditional high street banks, Currensea's primary goal is to offer individuals a swift and efficient way to manage their finances, especially while traveling.

The cornerstone of Currensea's offerings is its award-winning e-account and debit card solution. This innovative product comes with a cashback reward program, allowing customers to earn rewards when using their Currensea debit card at select retailers. The company provides account holders with an e-money account and a secure online money account, complemented by a contactless Mastercard® debit card. To enhance convenience, Currensea also offers a user-friendly mobile app, enabling customers to easily manage their financial transactions on the go.

Currensea operates as an electronic money product, regulated by the Financial Conduct Authority. It's important to note that while the product is regulated, it does not fall under the protection of the Financial Services Compensation Scheme. However, Currensea assures its clients that funds are held in segregated accounts, safeguarding them against potential insolvency scenarios. The company operates on a fee-paying model, and comprehensive details regarding costs and terms can be found on their official website.

In a Nutshell

Currensea is an exceptional option for saving money while traveling. With potential savings ranging from 85% to 100% on bank fees for spending in foreign currencies, the convenience of using the same bank account makes it an indispensable tool for any holiday. A resounding 5-star rating from us.

Our Rating

Currensea is rated 82 (out of 100).

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How Currensea Works

Currensea offers a revolutionary approach to spending abroad, eliminating the need for costly foreign exchange options. Unlike conventional methods, such as exchanging cash at the airport or using traditional bank cards, Currensea's card can be used worldwide. The process involves converting your spending into Pounds, which is then deducted directly from your bank account.

By paying in a foreign currency but being charged in Pounds, you effectively bypass bank fees entirely. While there is a foreign exchange fee associated with the free plan, it remains one of the most cost-effective at just 0.50%. Paid plans, on the other hand, boast a 0% exchange rate fee, providing an outstanding value proposition compared to other options.

Key Features

Prepaid Mastercard: Currensea's prepaid Mastercard facilitates various financial transactions, including online and in-store purchases, ATM withdrawals, and direct deposits.
Online Banking: Users enjoy the convenience of online banking, accessing account balances, reviewing transactions, managing direct debits, and conducting vital banking tasks.
Faster Payments: Currensea supports Faster Payments for quick and seamless fund transfers between Currensea accounts and compatible UK bank accounts.
Mobile App: The Currensea mobile app (available for iOS and Android) empowers users with account access, balance checks, transaction monitoring, and mobile payments.
Multilingual Support: With customer support available in multiple languages, Currensea ensures a diverse range of customers receive assistance tailored to their language preferences.
Direct Debits: Currensea allows users to establish and manage direct debits, simplifying the payment of recurring bills and subscriptions.

Pricing Plans

Currensea offers three plans, each catering to varying needs and preferences:

Essential (Free Plan)

• 0.5% exchange rate fee
• Free ATM withdrawals up to £500 per month (2% exchange rate beyond this)
• 0.5% money transfer fee

Premium (£25 per year)

• 0% exchange rate fee
• Free ATM withdrawals up to £500 per month (1% exchange rate beyond this)
• 0.5% money transfer fee
• Additional benefits such as car hire rewards and hotel perks

Elite (£125 per year)

• 0% exchange rate fee
• Free ATM withdrawals up to £750 per month (1% exchange rate beyond this)
• 0.5% money transfer fee
• Premium benefits plus concierge service and airport lounge access

Is Currensea Safe?

Currensea operates under the authorization and regulation of the Financial Conduct Authority (FCA), ensuring the security of your funds. Combined with Mastercard's payment protection, this guarantees a reliable and secure financial experience.

Customer Reviews

Customer feedback highlights Currensea's effectiveness and popularity. With a Trustpilot score of 4.9 out of 5, Currensea's service has resonated with customers, particularly due to its substantial savings and user-friendly interface.

Comparative Analysis

Currensea stands out among alternative options, including modern banks like Monzo, Starling Bank, Revolut, and Monese. While these banks offer similar services, Currensea's dedicated focus on foreign currency spending and exceptional savings sets it apart.

Pros and Cons

Pros:

• Direct link to your existing bank account (compatible with major banks)
• Spend abroad with a debit card (and free card delivery)
• 0% exchange rate fee on paid plans
• 0.50% exchange rate fee on the free plan
• Utilizes the best exchange rate (interbank rate)
• Free cash withdrawals up to £500
• Supports all 180 currencies
• Exceptional customer service
• Offers a safe and secure platform

Cons:

• Need a paid plan for 0% exchange rate fees (a minor trade-off for substantial savings)

Our Thoughts

Currensea earns our admiration. Its innovative approach to minimizing fees during travel or foreign transactions is commendable. By reducing or eliminating bank fees, Currensea empowers users to keep more of their hard-earned money. With reasonable pricing plans, you're likely to save considerably more than you invest. Currensea's efficient customer service and high customer satisfaction rates further solidify its position as a cost-effective and convenient solution for spending abroad.