Whether you’re planning a 2-week break abroad or you live overseas, withdrawing cash can be a costly endeavor. Not only do most high street banks charge you a flat fee to use your card in another country, but you’ll likely get a highly adverse exchange rate.
In fact, it’s not uncommon for banks to add 2-3% on top of the inter-bank rate – sometimes more. As such, it’s well worth considering the merits of Currensea. The platform offers a fully-fledged travel card with one key difference – the card is linked to your everyday current account.
This is highly beneficial, as not only will you benefit from super-low foreign exchange fees, but there is no requirement to top-up your card manually. Instead, you can use it as if it was your standard debit card – as all transactions will be automatically debited from your bank account.
Fancy finding out more about what Currensea is and how it works? If so, be sure to read our in-depth Currensea Review.
What is Currensea?
In a nutshell, Currensea is a travel debit card provider that claims to offer super-low foreign exchange fees. The card allows you to reduce your ATM withdrawals and in-person transactions by 85% – as per Currensea itself. The overarching selling point of the platform is that you can link your Currensea debit card to your standard bank account.
This is a major plus-point, as most travel cards require you top it up manually. Moreover, you typically need to wait a number of hours (or even days) for the funds to arrive on your card, which is super-inconvenient.
This is in stark contrast to how Currensea works, as you are merely linking the card with your current account. Crucially, the card comes with much more favourable rates in comparison to using your standard debit card – such as those offered by the likes of HSBC, Natwest, or RBS.
How Much Does Currensea Cost?
First and foremost, it is important to note that Currensea is a recently launched venture. As such, it is still adding a number of features and benefits to its platform – including that of a premium account. As such, at the time of writing, you will only be able to obtain the free plan.
You will not pay any fees to apply for a card, nor is there a monthly or annual charges of any sort. When it comes to the exchange rates on offer, you will get 0.5% above the wholesale rate.
This is very competitive, as high street banks will typically add 2-3%. Furthermore, Currensea will not charge you any ATM withdrawal fees when using the card abroad.
This is great, as high street banks will usually charge you a flat fee per withdrawal. For example, you might get charged a 2.5% foreign transaction fee, plus £1. In the case of using your Currensea card for the same transaction, these fees would not be charged.
Some travel cards will only give you the best exchange rate during standard market hours, which are between Monday and Friday. As such, you are sometimes forced to pay a higher price if the transaction is made during the weekend. Once again, this isn’t the case with Currensea, so you’ll always get the wholesale rate +0.5%.
What Banks Does Currensea Support?
Currensea is a newly launched service, so only a limited number of UK banks are currently supported. Check out the list below to see if your bank can link-up with the Currensea card.
If your bank is not listed above, you won’t be able to use Currensea until the platform supports it. However, you can add yourself to the waiting list via the Currensea homepage.
Simply enter your email address and the name of the financial institution you bank with – and you’ll be notified when the integration has been completed.
No Cap on Low Fees
An additional benefit of using Curresea over other travel card suppliers in the market are that you will not have your low-fees capped. For example, you’ll often find that you get fee-free ATM withdrawals with other providers, but only up to the first £200 per month. Fortunately, all transactions facilitated with your Currensea card will benefit from the above rates.
However, you do need to make considerations regarding ATM withdrawal limits. This is set at a very measly £500 per month. This means that you will be unable to use Currensea as your propitiatory long-term travel card. For example, if you’re a digital nomad that spends a considerable amount of time outside of the UK, this likely won’t be suitable. You can, however, make as many in-person or online transactions as you like.
With that being said, although Currensea is yet to release information on what the premium account will come with, it is hoped that it will increase the £500 monthly ATM limit.
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