The Verdict
Average Success Rate
Currensea 5-Year Avg
The following dataset includes the performances of ready-made portfolios/funds offered by investment platforms and may include both actively and passively managed ready-made portfolios/funds. Performance indicated is also net of all fees to 31st January 2024, unless stated otherwise; any tiered fee structure will be disclosed. Ready-made portfolios/funds that include cryptocurrencies or any other securities outside cash and equities are not included in the dataset.
The dataset only includes ready-made portfolios/funds which are explicitly advertised by their respective platforms as being for ‘beginners’, and which are exclusively offered by the platform itself. Funds which are managed by other providers and may be identically offered across multiple platforms were not included in this dataset. For example, the Vanguard UK All Share Acc. ETF was offered by Plum, but as it is not directly managed by Plum and customers could reasonably access it on multiple platforms, it was not included for the purposes of this research. Other discretely advertised securities or investments are not included.
Industry avg.
The industry average is the median average of all fund/ready-made portfolio performance figures we collated from 23 investment providers. To see the full dataset, visit X page.
Currensea is specifically designed to lower your costs when spending money abroad. Unlike Wise or Revolut, however, it doesn't require you to open a new account and put money in. Instead, it links up with your regular bank account via Open Banking networks, and manages your transactions from there, charging you via direct debit for the costs of the exchanges.
A note on that, however: Currensea doesn't link-up with neobanks or digital banks like Monzo, Revolut, Starling, Chase, and Kroo. It only works with high street banks.
If you like this set-up (I do), it certainly makes for a convenient travel money option. There are fantastic exchange rates, zero fees for using their services if you go for the Essentials plan, and zero fees for exchanging money if you go for the paid Pro or Elite plans. Of course, one way or the other, you end up paying for a service (I'd be calling it a scam if you didn't!). But overall, when you compare the costs of spending abroad with Currensea with the fees charged by your regular high street bank without a Currensea card linked, then it's a no-brainer. This is a cheap way to spend money abroad.
Read More
Reasons to use
- Uses the interbank exchange rate (the real exchange rate) with no mark-up
- Zero foreign exchange fees for paid plan-holders
- As Currensea links up with your main bank account, you don't need to keep topping up a secondary account or card while you're away
- Works seamlessly with all of the 180 currencies worldwide
- 93% of Trustpilot reviews are 5-star
- Virtual and physical debit card available for free
- Withdraw £200 / £500 / £750 per month (depending on plan) fee-free from overseas ATMs
Reasons to avoid
- Doesn't work with Monzo, Revolut, Starling, Chase, Kroo and other digital banks. It only works with high street banks.
- Foreign exchange fees on the free account are more expensive than Revolut
- Fees for using ATMs over the free allowance are high
Fees
Currensea fees feel fair and are some of the lowest around for access to the interbank exchange rate. There's a free account but you'll need to pay 0.5% in FX fees to convert currency, which isn't the cheapest conversion rate on the market. Alternatively, you can pay £39.99 per year and access fee-free currency conversions for the whole year. If you travel often, then it could be worth getting the upgrade. I worked out that it's the equivalent of spending £8000 and paying the 0.5% FX fee on the free plan. So, if you think you're likely to be spending more than £8000 abroad over the course of a year, it's worth paying for the Pro plan. The Elite plan is considerably more expensive at £150 per year, but if you can make use of the various top-end travel perks, then it's also worth the expense.
Read More
Reasons to use
- Interbank exchange rate used for currency conversion
- Withdraw £200 / £500 / £750 per month (depending on plan) fee-free from overseas ATMs
- Premium and Elite plan users pay no fees for non-sterling transactions
- Essentials plan has no annual fees
- Premium plan is just £39.99 per annum and gives you fee-free currency conversion
Reasons to avoid
- Non-sterling transaction fee for Essential plan users is not the lowest available - 0.50%
- 2% FX on ATM withdrawals over £200 is high (for Essential plan accountholders)
- Top priced plan is £150 p.a.
Account Opening
Account opening is free, and fully digital. You'll need to connect to your bank account during the onboarding process which, depending on what bank you use - and whether, like me, you can never remember your password, can either be quick and easy, or a protracted process.
Another couple of small issues - you will need to be prepared to sign a direct debit mandate during onboarding as that's how Currensea collect their fees when you use your card. I personally find direct debits a bit off-putting as the potential for hassle is there when it comes time to cancel. But Currensea assures me that payments will only ever be taken as and when I use my card (as I opted for the free account).
You will also need to decide which type of account you wish to sign up to during onboarding. However, information about what each account entitles you to, and the differences between them, is made clearly available to help you make up your mind.
Reasons to use
- Fully digital
- Onboarding process is well-laid out and simple to follow
Reasons to avoid
- Must login with your bank and set up a direct debit during onboarding
Safety
Currensea is authorised and regulated by the UK Financial Conduct Authority (FCA). That means it must abide by regulations that keep your money safe.
Banks are covered by The Financial Services Compensations Scheme (FSCS). However, Currensea is an Electronic Money Institution (EMI). EMIs, unlike banks, are not part of the Financial Services Compensations Scheme. However, as Currensea customers use their bank accounts, rather than funding a separate Currensea account, you are not placing your funds into an unprotected account when using Currensea. This may be one advantage over using Wise or Revolut, where funds are not protected by the FSCS.
Reasons to use
- Authorised and regulated by the Financial Conduct Authority
- Currensea does not get its hands on your funds - they remain protected by the FCSC in your main bank account
Education
Currensea does not offer any educational resources around foreign exchange fees or spending money abroad. Check out our free 2024 Travel Money Guide, instead, which you'll find in the Insights menu.
Customer Service
Currensea is the UK's best-rated travel card on Trustpilot, scoring an astonishing 4.9 out of 5 stars on average. And even more astonishingly, just 1% of reviews gave it a 1-star rating. That's very unusual because people generally come on to Trustpilot to either give high praise or to vent rage, so a 1% 1-star rating suggests there are few complaints with Currensea.
Reasons to use
- Exceptionally high customer satisfaction ratings
- Just 1% 1-star reviews on Trustpilot
- UK phoneline available: 020 3319 6588
- Email help available: help@currensea.com
Disclosure
Share
Fact
Checked
Best for UK investors
FCA approved
Verdict
Available
