Currensea - Spend money abroad directly from your bank account without charges

I think they charge €0.30 for a balance enquiry !

Just received mine in the post this morning. Yes, the 0.95% commission is a bit of a scam. Might conceivably be competitive with Curve who drop their rates at the weekend (and occasionally by more than the 0.5% they claim). It’s also an additional £500 per month you can pull out of the hole in the wall.

But that aside, the utility seems limited, and the advertising less than completely honest.

Can I ask how it’s a scam? They clearly state there’s a 0.95% markup

Yeah they corrected themselves by the looks of it. They say now ‘free yourself from bank charges’ which is correct.

It’s not explicit unless you go looking for it

https://www.currensea.com/exchange-rates/

“click here to see our exchange rate”

The “0.95% above wholesale” may seem obvious but it’s not. As a message to potential users, many of whom have no real understanding of exchange rates and their variants, this could have been spelled out rather simpler.

ie what’s “wholesale”?

Wholesale could have definitely been explained better - but as a consumer with no information I’m likely to think “0.95% above the base rate that banks use” which is kind of accurate?

Like without their 2.99% fees

I would see it as 0.95% above what I should be paying if I read that on a website.

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I’ve had the offer, done the whole registration thing.

So…what’s the point of having this card, please. Still not clear why…

(I’ve got Monzo, Starling and Revolut, by the way)

If you had Lloyd’s or Santander you’d be saving, is the point I guess

Not something I’d invest In unless they could tell me what happens tomorrow when Lloyd’s etc remove the fee

If you got Monzo, Starling and/or Revolut…the fact of the matter is…there’s really no point of having this card. Zero. Unless you want to give Currensea 0.95% for each transaction.

The ONLY thing I can think of, is if Monzo or Starling isn’t your main account and you want to save a minute bank transferring/topping-up.

You cannot even use Currentsea in the UK. If you do, you’ll get an extra charge doing so.

Are you sure about this one?

I do recall it saying exchange rates are 0.95% above wholesale - not that every purchase would cost me a 1% fee

I am 200% sure. I couldn’t be bothered to look it up right now, but it’s there in the terms and conditions when I read it this afternoon.

Maybe I should have reworded that. You CAN use the card in the UK, but you’ll be charged extra. £1 for using ATM included. Don’t ever use Currensea in the UK.

Having a nice exit and becoming rich.

The real audience isn’t the customers of the fintech banks. It is a traditional bank (or even American Express) that will acquire it in the end.

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And an additional 20p for each transaction. They do warn you about it when you get the card, though.

I have a Currensea card, which lives in the bottom of my travel bag as an absolute last resort back up, should I lose all other access to my money while overseas.
Hopefully, I’ll never have to use it, but it’s nice to know I have 1 final safety net should the worse happen.

Your safety net isn’t as safe as you think

Currensea sent me an email saying my card had been frozen until I connect my current account again

But… the connection wasn’t broken - they’d just frozen my card essentially for nothing

So alas, just get Revolut and carry a backup card - it’s a waste to interact with Currensea

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I do have Monzo, Revolut, Nationwide (C/C) and Tandem (C/C) with me when I travel.

But thank you for the advice.
I assumed Currensea would be fine just to sit idle until I were to ever need it.

Yeah

I only signed up because I was considering investing too - but they also talked me out of that by not being robust enough when I questioned them

“We don’t suspect this will happen but we have plans [that weren’t elaborated on]” clearly is a valid response to the concerns of anyone investing :joy::joy: