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

Are you tempted?

I’m not actually too bothered with transferring my money to an account for this tbh

Honestly, no.

My travel pair abroad is my Nationwide credit card and my Starling debit card. They work fine for me.

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Got a beta code today but having read this I’m not sure I’ll bother how.

I had a beta code last week. I went to the website to look at the details and I couldn’t see the point for my particular situation. I don’t need yet another card. If anything I need one for everything and those already exist.

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.