Introducing Currensea – The UK’s First Direct Debit Travel Card
Currensea is a brand new way to spend money abroad, their Direct Debit Travel Card works as the layer in front of your current bank account – saving you money, giving you extra security, and making your bank account work that bit harder for you.
So is it right for you?
Don’t you wish you could go on holiday without the hassle of incurring those annoying fees banks charge when paying abroad? The alternative generally results in you having to manage a separate bank account or keep an eye on your prepaid balance to make sure you can cover your bills.
However, Silversurfers have found a new, better solution in the form of Currensea.
What is Currensea?
Currensea is the UK’s first Direct Debit Travel card. It partners with the top high-street banks to save you at least 85% of the fees you get charged on your normal bank card, on every transaction.
It’s essentially a Mastercard debit card that sits on top of your existing bank account. You don’t have to worry about topping up and exchanging currencies on the card before you spend, as you would with traditional prepaids, Currenseas clever technology recognises which currency you’d like to spend in and does the hard work for you – Saving you between 2-3% over the high-street banks and traditional prepaid cards (such as Caxton, FairFX and the PostOffice).
Currensea was founded in 2018 by James Lynn and Craig Goulding, with the aim at removing the hidden FX fees for travellers when spending abroad and the hassle of topping up or prepaying.
All the security without any additional fuss
Because you are spending as seamlessly abroad as you do at home, with the money only taken after you’ve spent – your cash stays safe in your high-street bank account. Currensea is authorised by the Financial Conduct Authority and never holds any of your funds, so you’re safe in the knowledge that your money is protected.. Plus, you’re also protected with Mastercard™ chargeback. This may help you reclaim funds if:
- your goods do not arrive
- your goods arrive damaged
- your goods are different from how they were described
- the merchant has ceased trading
You can also rest assured that you have complete control of your Currensea card at any time via your dashboard on their app or via their website. You can freeze and unfreeze your card, set spend limits and block certain transactions such as online and ATM spending until you’re ready to do so.
The fee saving is a huge plus for any traveller. Shockingly, banks charge on average 3.25% per transaction when spending on your normal bank debit card abroad. This means the more you use the Currensea card, the more you can save. By putting most of your spend on the card (hotel, dining and activities) for a family trip to Florida could see you save over £80 vs. a prepaid or bank card.
See how Currensea compares to other providers.
Does Currensea offer different travel cards?
Currensea currently offers three different plans. The Essential plan is free to use, the Premium plan is £25 per year and the Elite plan is £120 per year. The Essential Plan has a 0.5% FX rate on each transaction, whereas the Premium and Elite plan offer 0% FX, meaning there are no additional fees when spending. The Elite plan also includes a host of exclusive benefits and membership access.
Currensea also has no additional weekend charges so you are guaranteed to get the FX rate you expect when using it abroad.
The travel card that helps you give back
Currensea is all about travel and saving you money, but it also recognises that some people want to help to offset the environmental impact of their travel. Whether you want to plant trees with OneTreePlanted.org or remove ocean bound plastic withplasticbank.com, Currensea provides a simple way for you to give back to an environmental organisation. It’s so simple, for every transaction, Currensea calculates the savings you would make vs. your bank and allows you to choose how much (if any) you want to automatically donate to that organisation and applies it to your transaction. But remember you are in total control and can change this at any point.
As an example, for every £25 equivalent spent on the Currensea card overseas you could plant a tree, or for every £30 equivalent you can recover 100 plastic bottles from the ocean. How great is that?
How does Currensea work?
It’s really simple:
- Sign up and connect – Currensea works with all the major high-street banks and uses the same encryption technology as the banks, keeping your details safe and secure.
- Spend globally – All 180 currencies around the globe are accepted, just spend as you would with your bank debit card. Your bank confirms you have the funds available, transactions go through at the real-time rate.
- Save (at least) 85% – Currensea notify you to let you know how much you’ve saved and how much you’ll be charged in GBP after each transaction.
- Giving back donation – If selected, your % contribution to plant trees and/or remove plastic bottles is automatically donated to the chosen charities.
- No need to pre-pay or top-up – Currensea collects the funds automatically by Direct Debit from your bank after you’ve spent, so there is no need to worry about adding balances or opening a new bank account to benefit from the savings.
What the customers are saying?
With an average Trustpilot score of 4.7 out of 5, customers mention that it is ‘seamless to use’, has ‘excellent service’, and enables customers to ‘draw cash and pay bills abroad in the cheapest way possible’.
Find out more about how Currensea could help you on your next holiday.