Currensea review: Fees, rates and transfer time

Thinking of using Currensea? The UK travel card provider is a popular choice for Brits looking for a way to spend overseas, and it also offers money transfers along with a convenient mobile app.

To help you work out if it’s the right choice for you, we’ve put together a handy Currensea review.

We’ll look at what fees it charges, focusing on international money transfers in particular. Plus, info on Currensea’s exchange rates for currency conversion, how to set up your first transfer and everything else you need to know.

We’ll also show you how Currensea compares to alternatives like Wise when it comes to the cost of sending money overseas.

So, let’s get started.

What are the fees for an international payment with Currensea in the UK?

Currensea charges a flat fee of 0.5% for all international transfers, regardless of amount, currency or destination.¹ This makes it pretty simple to estimate the cost of your transfer.

But this isn’t the only cost to consider when sending money overseas with Currensea, as you also need to factor in exchange rates. We’ll look at what rates the provider uses next.

Currensea exchange rates

The exchange rate Currensea uses for currency conversion depends on what plan you have, and what currency you’re spending in or sending.

If you have the free Essential plan with Currensea, there’s a FX fee of 0.5% on the mid-market exchange rate. For paid plans, it’s 0% - so there’s no mark-up.

If you’re on a paid Currensea plan (Premium or Elite), you’ll get the mid-market exchange rate on 16 major currency pairings. You can see which currency pairings it applies to here. For all other currency pairings, the Mastercard exchange rate is used - although this may only apply to spending on the Currensea travel card.²

Read more about Currensea’s exchange rates.

A quick cost comparison - Currensea vs. Wise

To help you get an idea of how Currensea’s fees and exchange rates stack up against an alternative like Wise, let’s do a quick example.

Let’s imagine you want to send £2,000 from the UK to France, perhaps to a friend or family member living there (who has a bank account denominated in euros).

Here’s how much it’ll cost with both Currensea and Wise (correct as of 11th Dec 2024):

An important thing to note here is that Wise takes its fee from the money you send, while it may be the case that Currensea adds it on afterwards.

This may mean that the ‘recipient receives’ total shown above may actually be less and the transfer is more expensive for you - as you’ll need to factor in the fee you have to pay at the end.

See how Currensea and Wise compare in other areas.

How do international bank transfers work with Currensea?

Currensea works a little differently to some international money transfer services. It doesn’t have any accounts itself, but instead links to your UK bank account and acts as a kind of layer in front of it. It uses Open Banking to facilitate the connection between the Currensea app and your bank account.

This means you send money from your bank account when you make an international transfer, but via Currensea - meaning you pay Currensea’s fees, rather than your bank’s.

How to make an international bank transfer with Currensea

To send your first overseas transfer with Currensea, you’ll need to follow these steps:⁴

1. Download the Currensea app and create an account. If you already have one, you’ll just need to sign in.
2. On the Currensea dashboard, tap ‘More’ and then ‘Money Transfer’
3. Tap in the amount you want to send and choose a currency - at the moment, you can only send money in euros (EUR), US dollars (USD), Hungarian forints (HUF) and Polish Zloty (PLN) using Currensea.⁵
4. Review the fees and exchange rates associated with your transfer on the on-screen transfer calculator. Here, you’ll be able to see exactly how much it’ll cost you.
5. Select the linked bank account you want to send money from. If you haven’t yet linked an account, you’ll need to do this via Open Banking before setting up your transfer.
6. Follow the steps and enter details to create a new recipient, or select someone from your existing recipient list.
7. Check all the details and confirm, and Currensea will send your transfer.

What you will need

When you’re adding a new recipient for an international money transfer in the Currensea app, you’ll be asked to provide the following:

• The full name of the person you’re sending the money to
• The recipient’s IBAN number (International Bank Account Number) and bank account number
• The relevant SWIFT/BIC code, or routing code if you’re sending a transfer to the USA
• The amount you’d like to transfer and the currency you’d like to transfer the funds in.

You might also be asked for additional details, such as the recipient’s bank name and address, but you’ll be prompted in the app if so.

And of course, you’ll need the details for your own UK bank account, so you can add it as a linked account in the Currensea app.

What do I need in order to receive an international bank transfer with Currensea?

As Currensea doesn’t offer accounts, you can’t use it to receive international bank transfers from senders in other countries.

So, you’ll need to provide the sender with your UK bank details instead, or use an alternative for receiving international payments.

Currensea transfer times - how long does it take?

Currensea says that its money transfers should arrive in the recipient’s account the next working day, as long as you send by 9pm UK time.⁵ This only applies on weekdays. If you miss the cut-off time, it’s likely that it’ll take another working day for your money to arrive.

If you send a transfer at the weekend, your recipient will get the money the following Tuesday.⁵

How to contact Currensea

Have a question about money transfers with Currensea, or need help signing up? Here’s how to contact the company’s customer services team:⁶

• Submit an online support request here
• Call 020 3319 6588 (you may be prompted to leave a voicemail and receive a callback)
• Email help@currensea.com
• Online live chat, available Monday to Friday, 9.30 am to 5.30pm.

Send and receive global payments for less with Wise

Want great exchange rates and fast, secure, low-fee* global transfers, but without any subscription fees? It could be worth checking out Wise.

Open a Wise account online and you’ll get amazing mid-market exchange rates on every single transaction with no subscription fees.

Other benefits include:

• Manage your money in 40+ currencies all in one place
• Send money worldwide for low, transparent fees*
• Receive money for free in a number of major currencies
• Spend like a local in 150+ countries with the Wise card (including online shopping)
• Move money on the go with the handy Wise app
• Securely send large sums with a dedicated large transfer service
• Earn returns on GBP, EUR and USD balances with Wise Interest - Capital at risk, growth not guaranteed

Capital at risk. Growth not guaranteed. Wise Assets UK Ltd is authorised and regulated by the Financial Conduct Authority with registration number 839689. When facilitating access to Wise investment products, Wise Payments Ltd acts as an Introducer Appointed Representative of Wise Assets UK Ltd. Please be aware that we do not offer investment advice, and you may be liable for taxes on any earnings. If you’re uncertain, we urge you to seek professional advice. To find out more about the Funds, visit our website.

And that’s about it - our comprehensive Currensea review, covering international transfers, exchange rates and how to set up your first transfer. We’ve even thrown in a quick cost comparison between Currensea and Wise.

After reading this, you should now have all the info you need to compare Currensea to other providers and work out if it’s the best choice for you. Just remember to consider both upfront fees and exchange rates when working out the overall cost of international transfers.

Whether you’re sending money to family in other countries, paying bills for an overseas holiday home or paying freelancers for your business - it’s always worth doing some research to get yourself the best deal.

Sources used:

1. Currensea - Currensea pricing
2. Currensea - Currensea's live exchange rates
3. Wise - Wise live exchange rates
4. Currensea - Currensea money transfers
5. Currensea - How money transfer with Currensea works
6. Currensea - Currensea contact number

Sources last checked on date: 11-Dec-2024