Currensea

Currensea: a travel debit card linked to the user's bank

Currensea is a travel debit card launched in 2020 in the UK. It is presented as the country's first direct debit travel card. It works by connecting the card to the current account the user already has at their bank, without the need to open a new account or maintain a prepaid balance. The company was founded by James and Craig, who were looking for a simpler alternative to bank fees and the drawbacks of traditional prepaid cards.

How it works and what sets it apart

The user downloads the mobile app, links their existing bank account and receives a physical card which, according to the company, typically arrives within five working days. The card can be added to digital wallets such as Apple Wallet and Google Wallet. On every overseas purchase, Currensea debits the amount directly from the user's bank account and applies the exchange rate at the time of the transaction, with no need to top up a balance or transfer funds between accounts.

The company states that by removing the foreign exchange markups applied by traditional banks, users can save up to 85% on FX fees compared with conventional high-street banks. Currensea says its cards are accepted in 180 currencies and that more than 200,000 travellers use them.

Plans and fees

Currensea offers three subscription plans:

• Essential: no subscription fee, with a delivery cost of £4.95. Includes access to the real-time exchange rate. According to company data, Essential cardholders save an average of £43 a year in FX fees.
• Pro: annual fee of £39.95 and free delivery. Provides access to the Currensea Pro Rate, described as the best available on the market, and travel perks worth over £690. Pro cardholders save an average of £118 a year in FX fees.
• Elite: annual fee of £150 and free delivery. Includes perks worth over £2,300, such as luxury benefits and a personal lifestyle manager, in addition to the Currensea Pro Rate. Elite cardholders save an average of £195 a year in FX fees.

The company notes that its subscription-free Essential plan is often cheaper than cards labelled "fee-free", which according to Currensea apply hidden charges and exchange rates. The company estimates that its customers save an average of £55 a year in FX fees compared with using a traditional bank card. The app allows users to view their accumulated savings.

Security and spending controls

The card includes security features such as setting spending limits to protect the bank account against fraud and theft, the ability to freeze the card from the app if it is lost or stolen, and Mastercard chargeback rights if a purchase goes wrong. Currensea sends instant notifications and emails with the cost of each transaction in both pounds sterling and the local currency.

Compatible banks and scope

Currensea works with major UK banks. Among the banks it can be linked to are Bank of Scotland, Barclays, Coutts, First Direct, Halifax, HSBC, Lloyds Bank, Nationwide, NatWest, RBS and Santander. The company operates exclusively in the UK and its card is intended for residents with accounts at British banks.

Corporate and regulatory information

Currensea Limited is registered in England and Wales with number 11413946. The entity is authorised and regulated by the UK Financial Conduct Authority (FCA), including for the provision of payment services under the Payment Services Regulations 2017 (Reference No. 843507), and is a Principal Member of Mastercard. It is also registered with the Information Commissioner's Office (ICO) under number ZA524676.