If you’re planning to spend money abroad, you probably already know that using your regular piece of plastic can be an expensive way to go. You are not only likely to incur a slew of hidden charges but you are also likely to get hugely unfavourable exchange rates. Fortunately, there is a wide range of specialist travel cards available these days that do not charge you extra when spending abroad. One of these specialist cards is Currensea, dubbed ‘the UK’s first direct debit travel card’.
Here’s what you need to know about Currensea, including how it works and whether it’s worth getting.
What is Currensea?
Currensea is a direct debit card that claims to help you save at least 85% of the costs you would incur on your normal debit or credit card when spending abroad.
The card connects to your existing current account through open banking. When you spend or withdraw on the card while abroad, it will charge your linked current account via direct debit.
The card is currently supported by almost all major banks, including:
- First Direct
- Halifax
- Lloyds
- HSBC
- Nationwide
- NatWest
- RBS
- Santander
- Barclays
How much does the Currensea card cost?
Currensea currently offers three different plans for its cards:
- Essential – free to use
- Premium – £25 per year
- Elite plan – £120 per year
While the Essential plan has a 0.5% FX rate, the Premium and Elite plans have a 0% FX rate, meaning that you pay absolutely nothing when you spend or withdraw on the card within the given limits.
What are the perks of the Currensea direct debit card?
With Currensea, you get access to the best foreign exchange rates at only 0% to 0.5% above the base rate. This is a very competitive rate, as high street banks typically add around 3% to the base rate. The result is savings of at least 85% on every transaction abroad.
Furthermore, there are no ATM withdrawal fees when using the card abroad. Traditional banks charge both a foreign transaction fee and sometimes a flat fee.
Since the card collects funds by direct debit from your bank, it also means that you don’t have to worry about topping up the card, prepaying or opening a whole new bank account.
The card runs on the MasterCard network. You are therefore assured of global acceptance as well as protection of your funds through MasterCard chargeback.
Are there any cons?
There are very few things not to like about Currensea. The biggest one is the meagre £500 monthly ATM withdrawal limit (£750 for the Elite plan). You can make withdrawals above these limits, but an additional fee of 1%-2%, depending on your plan, will apply.
If you plan to make a lot of cash withdrawals while abroad, this limit may not be enough to cover you, and you may want to consider other options, such as a travel credit card.
Furthermore, the annual fee for the Elite plan is quite high. Having said that, the Essential plan, which is free, and the Premium Plan, which costs £25, should cover the majority of the average traveller’s needs.
So, is Currensea worth getting?
If you are looking for a card to help you save money on your next overseas holiday, Currensea is definitely worth a look.
With this direct debit card, you get all the benefits of a specialist travel card without the hassle of opening a brand new account and then manually topping up your card or prepaying.
If this sounds like something you’d be interested in, head over to the Currensea website for information on how to apply.
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About the author
Sean is a personal finance writer with a strong passion for helping others become more financially literate and make better financial decisions. He covers everything from credit cards to savings to investing.
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