Currensea vs. Wise (UK): everything you need to know

If you travel a lot outside the UK, you’ll need a way to spend and withdraw cash in all the countries you visit - without paying hefty fees. Luckily, there are a few solutions out there for UK travellers, including specialist international debit cards and money transfer services.

In this guide, we’ll be pitting two popular UK-based solutions against each other - Currensea and Wise.

Travel debit card specialist Currensea is a relative newcomer to the fintech world, having launched in 2018. Global money transfer service Wise has been around since 2011, and offers personal and business accounts, travel cards and money transfer services.

But which is the best option for you? Read on for Currensea vs. Wise, a full comparison of fees, exchange rates, supported currencies, money transfers, travel cards and more.

Currensea vs. Wise: An overview

Let’s start with a quick overview of Wise vs. Currensea, on all the main features, fees and comparison points that matter to you.

Currensea vs. Wise - Accounts

Currensea doesn’t offer an account, as it works by connecting to your bank account. In effect, it acts as a layer in front of your bank account, which is why you can use Currensea to send international transfers even though you don’t actually have a personal account with the company.

Your Currensea card will also be linked to your bank balance, so you don’t need to pre-load it with funds before spending.

Plus, there’s a Currensea app so you can track transactions and manage your card.

Wise, on the other hand, offers multi-currency online accounts for both personal and business customers.

With a personal Wise account, you can hold 40+ currencies all in one place, view and convert between different currency balances, send and track transfers, receive money from overseas and manage your Wise card. You can do all of this online, or on the move with the Wise app.

There’s also a relatively new feature called Wise Interest, which lets you earn returns on balances held in GBP, EUR or USD currencies. Your money is invested in a fund that holds government-guaranteed assets, but you can access it at any time. Capital at risk.

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.

Does Currensea have subscription fees?

While Wise has no account opening or ongoing subscription fees, Currensea does have some paid plans.

There’s a free Essential plan, but if you want more features and limits (and fewer per-transaction and FX fees), you can upgrade to one of the following plans:¹

• Premium - £25 a year
• Elite - £120 a year.

These paid plans also come with various travel perks, offering cashback and discounts on things like hotel bookings and car hire.

Wise vs. Currensea - Money transfer

Both Wise and Currensea offer money transfer services.

With Wise, you can send money worldwide using your online account. You can tap in the details of your transfer to see fees, exchange rates and transfer times upfront, and confirm the transaction in just a few clicks. All transfers are trackable, both online and in the Wise app.

Currensea works a little differently. You won’t be sending from your Currensea account (as the provider doesn’t offer accounts) but from your bank account, via Currensea.² The main benefit of this is that you don’t need to pay bank fees, although of course Currensea has its own fees.

Using the Currensea app, you can set up and send your transfer. At the moment, you can only send transfers in four major currencies - euros, US dollars, Polish zloty and Hungarian forints.²

Transfer fees

Now, how much do both providers charge for international transfers?

With Wise, fees vary by currency and the payment method you choose (i.e. bank transfer, debit or credit card). They start from 0.33%* and you’ll always see the fee upfront, before you send.

In comparison, Currensea charges a flat fee of 0.5% for all transfers.²

Read our review about money transfers with Currensea.

Exchange rates

Alongside the upfront transfer fee, it’s always sensible to check what exchange rate you’ll get when sending money overseas. A poor rate can really eat into your funds, making the transfer more expensive for you.

Wise keeps it pretty simple when it comes to the exchange rates used for converting currency. It’s always the mid-market rate, with no margin or mark-up on top.

The Currensea exchange rate varies depending on what plan you have. For free Essential plan holders, there’s a FX fee of 0.5% on the mid-market exchange rate. For paid plans, it’s 0%.¹

Large transfers

If you need to send a large sum overseas for a large purchase (for example, buying property or a car in another country), you’ll need to know you can do it securely - and what limits are involved.

Currensea has a transfer limit of £20,000 per transfer,² while Wise offers virtually unlimited secure transfers with the help of a dedicated large transfer team.

Make your large transfer

Sources used:

1. Currensea - Currensea pricing
2. Currensea - How money transfer with Currensea works
3. Currensea - Currensea's live exchange rates
4. Wise - Wise live exchange rates
5. Currensea - Currensea cash withdrawal limits
6. Currensea - Currensea security

Sources last checked on date: 10-Dec-2024