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About Currensea App
It was founded in 2018 and they are regulated by the Financial Conduct Authority as an Authorized Payment Institution. Also, the app has raised a total of 5.3 million GBP from a seed funding source.
Can I Use Currensea for International Bank Transfers?
To make transfers using Currensea you must use the source bank. Therefore, the same fees and transfer times will apply. To increase the transfer time and reduce fees, check out the various money transfer services.
How long do transfers take with Currensea Bank?
Expect the transfer time of challenger banks to take around 1-5 business days. To cut down on the transfer time you will need to make use of 3rd party services like Skrill and Payoneer.
Are There Transfer Limits?
The transfer limits associated with sending money through Currensea is the same as with your source bank.
Can I Use a Currensea Debit Card When Traveling Abroad?
Currensea offers a travel card that can be used when going abroad. However, the funds come from your source bank. The card is used to save money and all the big UK banks are the partners of Currensea. It’s likely that you can link up all the accounts in your portfolio to the Currensea debit card.
Currensea Bank Exchange Rates and Fees
Exchange Rate
180 countries are covered in the exchange rate policy of Currensea. They have secured 16 major currency parings and 164 other pairings. Check this page out to learn more about the exchange rates.
Transfer Fees
Currensea aims to cut the transfer fees from what you’d buy if using traditional banks separately. You can view the charges comparison chart to see the fee structure and how it compares if you did not use Currensea.
Additional Costs
There is no membership charge for using Currensea unless you upgrade to the Premium or Elite versions, which are 25GBP and 120GBP per month respectively.
How Do Currensea Bank Transfer Fees Compare to Using a Money Transfer Provider?
Currensea does a good job of saving you money, but you would save even more if you were to use a money transfer service. That’s because they provide the best transfer fees and offer speedy delivery time.
Currensea Pros and Cons
Take a look at the positives and negatives of using Currensea:
- Save on fees – the website claims to save you 85% on money transfer fees.
- Bank partners – Currensea has high-profile bank partners like NatWest and HSBC.
- Exchange rates – compared to other challenger banks the exchange rates are competitive.
- FCA – the app is regulated by the Financial Conduct Authority.
- Bank transfers – you cannot make bank transfers without a funding source.
- Not ideal for UK – the card is designed to be used abroad and does not make sense for UK use.
Currensea additional products
Save the Planet: you can use the card to give a % to causes that reduce plastic use in the world.
Upgrade Membership: you can upgrade your membership to premium and Elite to enjoy added perks.
Accommodation Discounts: you can get discounts and free nights when booking at select venues.
Lounge Keys: the Elite version provides over 1,100 lounge keys worldwide.
Summary
Currensea is a good travel companion when going overseas. You can use the card to save money and get perks such as free nights and lounge keys. Also, the app is regulated by the Financial Conduct Authority.
However, Currensea is only a way to use funds from a bank you already have an account at. To send and receive money using bank transfers, you’ll need to use 3rd party alternatives such as Zoom and XE. They will save you even more money and offers very fast transfer speeds.
