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Currensea Expert Review: Wave goodbye to high holiday FX fees (6 November 2023)
Provider: Currensea
Verdict: Currensea is an FX card that connects directly to your bank account that can reduce the amount of foreign exchange charges you pay when spending money abroad.
Is Currensea a good card to use abroad?
The main reason why I’ve never used a currency card when on holiday is because quite frankly I can’t be bothered. Every single thing about holidays are expensive, from airport parking to buying three meals a day, to new clothes, to tourist tat, to buying a snorkle in the hotel gift shop for €30.
I know I should be using a currency card, becuase I’ve been involved in the FX markets for 20 years. I know that tourist currency exchange rates are opaque. I know that when I use my Natwest card abroad they charge me nearly 3% in the exchange rate. Just in the same way I know that when I book the holiday using my Amex to collect airmiles I will never use them and that it will never justify the exorbitant APR.
Like so many others I bury my head in the sand when it comes to FX and just ignore it. After all, the charges are in the exchange rate, not added afterwards. Plus, everyone rips you off on holiday. Why should your bank be any different?
I’ve even bought travel money at the airport, just in case I need to tip the taxi driver when we arrive. Oh, the shame!
There is too much admin for holidays as it is, so the last thing I need to deal with is transferring money from my bank to yet another card. Especially as I don’t actually have a wallet anymore. Except for holidays, a very nice Smythson travel wallet for passports that Mrs Berry bought me for Christmas one year. That is in fact where I keep my Amex, expired E111 card, my boating licence, copies of our marriage and birth certificates, passports, foreign notes and shrapnel. And now, my Currensea card…
I do have a Revolut card from when I reviewed it, but I’m certainly not going to bank with them on a day-to-day basis, because they are not a real bank. I like my banks to be traditional profitable companies listed on the London Stock Exchange, not an overvalued fintech with VC backers that don’t make any money.
Why have I decided to use a currency card after all this time?
Well, I was introduced to Currensea, by someone at Wealthify, who I quite like, because they took the concept of investing and made it hassle-free. Which is what Currensea has done for travel money, they made the process of having a currency card for holidays hassle-free. Which is what you want, less admin, not more.
Open banking
With a Currensea card, it connects to your bank account via open banking so you don’t need to move money between accounts. It knows how much money is in your bank account and deducts it straight from there when you use it.
Plus, holidays are now so ruinously expensive, that I thought I should at least try and save some money somewhere.
Before I went away to test Currensea I was having a chat with a friend of mine over lunch at The Ned, about the money apps that do well because they make things easy. I love GoHenry for example, because it’s made pocket money easy, but it does cost £3.99 a month. My friend was singing the praises of Hyper Jar, which he used in Singapore, as he says they don’t charge any FX fees at all, and has no monthly fee. That makes me wonder though, if a financial provider doesn’t charge you, how can it make money? Because if it doesn’t make a profit is your money really safe with them?
Cheap
So, I actually don’t mind that Currensea charges 0.5% in exchange rate spreads (the difference between where you buy and they buy). Because good businesses should make money.
Currensea does offer zero spread exchange rates but you have to pay £25 for their Premium service or £120 for their Elite package. I’ve got no interest in paying for things I may not use and to make my money back on a £25 annual subscription I’d have to spend £5,000 a year abroad, which I probably don’t do, on a regular basis.
Although it would have been helpful this year when I was in Italy over the summer and a carport fell on my rental car during a storm and I had to pay €1,500 in excess insurance. I used my Amex for that, as my Natwest debit card wouldn’t work. No idea why, but for some reason, it never does for car rental. But American Express can have their 2.99% because the whole process of spending 2 hours in the Hertz rental bureau by Perugia station was bad enough and by that point I would have paid anything to get back to the pool. Plus, this was 3 months ago, and I’m still trying to claim the excess back from iCarhireinsurance.com. More holiday admin, and this time the lethal combination of Italian paperwork and insurance company claims department bureaucracy. See what I mean, what’s the point in saving a few euros on FX, when you get stung on so many other things?
So Currensea is cheap, but not too cheap.
However, they are still cheaper than Starling and Revolut. Starling used to be great for money transfers, but when I reviewed them as a comparison to Remitly, they seem to have become very expensive for small international payments.
When I spoke to the CEO of Currensea James Lynn, he was adamant that Currensea are cheaper than both and sent me links to their research about how these neo-banks can widen the spread at weekends and so on.
If you want to dive deeper into how they are cheaper you can read up on Currensea’s research and their pricing comparison to Starling and Revolut.
Easy
Another thing Currensea does really well is make the process of signing up easy. A few months ago, I was having another lunch (again at The Ned) with some forex brokers who live and die on account opening conversions. We were praising the speed at which you can open an account with one of their competitors. It’s one of the reasons they onboard so many customers. The account opening process salami tactics you in a fluid motion. Taking you through the process step by step, with very little drop-off. The comparison to only a few years ago, when you had to send back paper forms is incredible.
This is the new psychology of client acquisition – you have to make it easy, which Currensea does. Any chinks in the armour and potential customers drop off. I know I would have. If an administrative task is unnecessarily hard and you don’t actually have to do it. Why would you?
Safe?
There is one issue though, and that’s that it doesn’t connect to Apple Pay, which would be a pain, if you were on a City break as you’d need to carry the card and can’t pay with your phone. But actually, on the beach, it isn’t an issue because you can’t keep your phone in the zip-back pocket of your swimming trunks. You can keep a card in there, but probably not your main banking card, because if you lost that snorkingly it would be a pain. But if you lose your currency card, you don’t have to update your card details on every website and app you’ve ever used to pay for something.
Another good thing about using a different card abroad is that you can have a different pin number. So you don’t have to worry so much about fraud by giving up your magic four numbers to anyone looking over your shoulder. You can also freeze your Currensea card in the same was as you would be able to with your normal debit card.
The business
It’s not been plain sailing for Currensea though, they were founded in 2017 and went live in 2019 just before the pandemic. But, perhaps this wasn’t such as bad thing as they could focus on the product rather than growth. Some serious currency entrepreneurs founded Currensea, the co-founders Craig Goulding and James Lynn built Barx (the Barclays FX system) and Jet Stream at Credit Agricole
Currensea raised money from some serious people too, who understand the travel industry well. James Lynn told me Marin Muyser one of the co-founders of booking.com was so impress with the idea that he approached them to invest. Currensea have also overfunded on Seedrs to £3m from a £1m raise. I asked James what he thought about raising money as most people hate it, but he claims to actually have enjoyed it. Probably because it went well and they now have a huge amount of brand advocates, who not only use the product but are part-owners of it too.
Now though, Currensea has a Trustpilot score of 4.9, a lot of their customers are men age 45 (dads like me trying to save money on holiday presumably), but they also have a good spread of users from 20-90 years old. Of those 100,000 customers, they spend about 2-3k per year and are sticky too. As, once your Currensea card is connected, you can tuck it away until the next jaunt.
Verdict
Can Currensea save you money when spending abroad? Yes, it can. I tested it at the water sports centre at the Blue Lagoon Village in Kos, when I went paragliding with my children, which cost €160. I paid half with my Natwest Debit card and half with Currensea.
It was £1.56 cheaper with Currensea.
Pros
- Connects to your bank account
- Bank beating exchange rates
- Easy to use
Cons
- Cannot use on Apple Pay
- Have to pay for zero fees
- Pricing (4.5)
- Market Access (4.5)
- App & Platform (5)
- Customer Service (4)
- Research & Analysis (4)
Overall
4.4Tell us what you think of this provider.
Currensea Alternatives
| Name | Logo | Currencies | Min - Max | GMG Rating | User Reviews | CTA | Feature | Expand |
|---|---|---|---|---|---|---|---|---|
| | Currencies 40 | Min - Max £1 - £1m | GMG Rating | User Reviews | Account Types:
| Wise won "Best Money Transfer App" in the 2024 Good Money Guide Awards because of its low costs, simple-to-use app, and range of currencies. Wise Expert Review & Rating: Updated 25/06/2026Provider: Wise Verdict: Wise Won Best Money Transfer App in the 2025 Good Money Guide Awards. Wise is one of the best (and cheapest) money transfer apps for sending currency abroad since it pioneered peer-to-peer (P2P) low cost international payments. Wise helps people send money abroad for much less than it would cost to do it through a high street bank. It was launched as TransferWise in 2011 as a P2P currency network, but has since grown to provide money transfers to over 15 million customers sending more than £9 billion a month. Is Wise a Good Money Transfer App?
But in a nutshell… Should you use Wise? Yes. Is it cheap? Yes. Is it easy to use? Yes. Is it safe? Yes. Since Wise was founded back in 2011, I’ve followed its progress. There are many firms that shout loudly about wanting to disrupt an industry. But most of the time, it’s marketing hyperbole. However, in Wise’s case, it has disrupted how we send money around the world – by making it cheap and making it easy. The only reason not to use Wise is if you already bank with Starling, as the fees are pretty similar and you probably don’t want another app on your phone if you don’t need it. Truly DisruptiveA few years ago, before Wise was founded, I wanted to send €30 to a friend in Munich. It was an absolute nightmare. I was banking with NatWest, which wanted £20 as a minimum fee for sending the money to a European bank account. Next I tried PayPal – still expensive. So I withdrew €30 in cash from a Euro cash machine in London, put it in an envelope and sent it through the post. The only other option was the inconvenience of visiting a Western Union shop. Thankfully along came TransferWise. It was a boom time for money transfer apps but this one had the best story: it was circumventing “evil” banks by transferring money abroad using P2P networks. If you needed to transfer €30 to Germany, it matched you with someone in Germany who wanted to transfer €30 to England. No need to do any FX, and therefore less in fees to pay. It also had fantastic marketing – for example stripping off to the pants in front of the Bank of England to protest “rip-off” banking charges. It was a stroke of genius, really, as British people love seeing naked people, and hate banks. Of course liquidity gaps need to be filled when there isn’t someone on the other side of your transaction and TransferWise used firms like Currency Cloud (now owned by Visa) to ensure that customers always got the best price. Richard Branson was also an investor. So there you go. Over the years, Wise as grown by being easy to use and charging low fees. How Does Wise Work?Wise offers international money transfers and a multi-currency account with a pre-paid card. You can send 40+ currencies to 160+ countries, and hold 40+ currencies in a Wise account. You can pay into your Wise account by debit card, credit card or bank transfer. If you have funds in a multi-currency account, you can use those to fund a transfer when sending money abroad. And you can choose to lock in a rate for up to 48 hours. Wise says international transfers typically arrive in seconds. Wise matches up buyers and sellers of currency in different countries, rather than physically transferring money internationally. Wise Customer ServiceWe’ve marked Wise down a bit as it doesn’t provide a telephone number. This is fine for small transactions but if you’re sending a large amount of money abroad, you may be better off using a currency broker. Wise does offer a call back service for amounts over £80,000, though. With a broker, you can phone up an account executive or dedicated dealer, who can provide updates on your transfer or help out immediately with any issues. But all in all, Wise customer support, is fairly efficient. Is Wise Safe?Wise is about as safe as you can get for sending small amounts of money abroad. Wise is not a bank – it doesn’t have a banking licence in the UK but is authorised by the Financial Conduct Authority as an “e-money business”, which means funds are ring-fenced but not protected by the Financial Services Compensation Scheme (FSCS). Wise is listed on the LSE (LON:WISE) with at market cap of around £9.6 billion, as at January 2026. That is well up from where it was at its IPO, but even though lots of tech firms listed in 2021, it was a pretty bad time to come to market, and most have performed poorly since then because of overall market conditions and over ambitions venture capitalists wanting a return on their investments. So the stock markets also think Wise is pretty good. Since TransferWise launched, the group has grown to provide money transfers to over 15 million customers sending more than £12 billion a month. It’s a shame it is planning on ditching the London stock markets for the glamour of high valuations in the US. Using a listed app is helpful as you can see how it’s faring financially. If the Wise share price starts to go down, this could indicate potential financial problems and be a sign to switch to a different app. Apps & PlatformWise makes it incredibly easy to transfer money abroad – the app is really simple to use. If you have a large amount of money to send, you’re better off with a currency broker because they can help with market timing and lock in exchange rates with forward contracts and currency options. Plus if you ask nicely and are transferring enough money, a broker might undercut Wise’s exchange rates and fees. Remember, that in FX, everything is negotiable. Wise is also venturing into other products, like multi-currency bank accounts and investing. PricingWise is among the cheapest money transfer apps and it displays the fees clearly on the website and app, but it’s not the absolute cheapest. We found Atlantic Money offering GBP-USD transfers at the interbank rate plus £3. But I suspect that isn’t sustainable and it’s only one corridor, while Wise offers 21 currencies. If you want to know more about Atlantic Money, you can read my interview with the founders, Neeraj Baid and Patrick Kavanagh (who helped build Robinhood), and make up your own mind about the service. Research & AnalysisWise doesn’t really have any currency forecasts, which is fine because exchange rates are hard to predict. But it would be nice to have at least some commentary on the markets. We’ve given Wise a mid-ranking for research and analysis as it does provide lots of excellent guides online and has a good insight tab on the app which can help you see where your account money is being spent. If you want currency forecasts, you can read our regularly updated analysis of whether now’s a good time to buy USD or EUR. Is Wise a Bank?No. The company does not hold a UK banking licence and your balance is not protected by the FSCS. You can get interest on cash held in your Wise account with their money market investment products “Wise Assets”. For more info, read our guide on how to earn the best interest rates from money you hold with Wise. Wise is primarily a low-cost international money transfer app that allows you to save money when sending money abroad. However, Wise provides some of the features that banks also provide, such as holding and exchanging multiple currencies, and sending and receiving payments. And you can have a multi-currency account with a pre-paid debit card. The firm is authorised as an “e-money” provider, which means your money has some protection but not as much as it would have with a bank. Money in bank accounts is protected by the FSCS guarantee, which covers balances up to £120,000 per eligible person, per bank. Wise lets customers send payments to more than 160 countries and spend internationally with the Wise card. Local bank details are provided for up to 9 currencies including US dollars, pounds sterling and euros. If you are looking for a bank account in the UK, you can see a list of current bank account switching offers here. Pros
Cons
Overall4.2 | ||
| | Currencies 36 | Min - Max £1 - £250k | GMG Rating | User Reviews | Account Types:
| | ||
| | Currencies 100+ | Min - Max £1-£75k | GMG Rating | User Reviews | Account Types:
| Remitly Review Provider: Remitly Verdict: Remitly is a low-cost money transfer app that was founded in 2011. Since then it has grown to service over 4.5 million active customers transferring money to 13 different countries. Remitly went public in 2021, and it’s shares are listed on the NASDAQ exchange valuing the company at around $4.9bn. Summary Remitly is a cheap and easy way to send small amounts of money abroad. Especially if you are a new customer, as you get better exchange rates on your first £1,000 sent abroad. Pros
Cons
Overall3.8 | ||
| | Currencies 130+ | Min - Max £1 - £375k | GMG Rating | User Reviews | Account Types:
| Xe Money Transfers Expert Review & Rating: Updated 25/06/2026 Provider: Xe Verdict: Xe started off life as an online currency conversion calculator, then started flogging the data to currency transfer providers, then in 2002 decided to compete with all it's customers and offer online money transfers (which it provides through HiFX in the UK. At the time, HiFX was one of the largest money transfer providers in the UK, but as Xe.com is one of the largest currency conversion calculators in the world (in the top 500 websites by traffic) HiFX decided to rebrand to Xe. Is Xe a good international money transfer app? Xe is a good option if you are looking for cheap no no-frills, small to medium-sized currency transfers from a trusted and well-established brand. However, if you have a large amount of currency to transfer and need personal service, you are better off with a currency broker. I’ve always liked Xe.com, the website has always been an excellent resource for currency information. But ever since they were bought by Euronet under their HiFX brand in 2017 you can now use them for international currency transfers. They offer loads of currencies, a slick app, and the ability to send money by debit, credit card and bank transfer to other bank accounts, to be picked up as cash or to a mobile wallet. As international payments have grown in popularity you can also use them for business international payments. Is Xe cheap for international money transfers? I’m not sure Xe is as cheap as it used to be. When I was testing the app it looks like Xe exchange rates are around 1% from the midmarket. When I requested some quotes, the midmarket was 1.3294 for GBPUSD, and Xe quoted me 1.3186. Doing it the other way round, the USDGBP rate was 0.7522 and Xe quoted 0.7458 (about 0.85%) away from the mid-market. It’s a bit frustrating that money transfer apps are still hiding fees in the exchange rate market up (read my guide on how to compare exchange rates here). Especially when it says there is no send fee. Granted, “Send Fee” and “Exchange Rate Market Up” are two different things, but it still stinks.
Is Xe safe for money transfers? Yes, we rate Xe.com as a safe way to send money abroad as they have been established since 1995, owned by a larger parent company and are authorised by the Financial Conduct Authority under the Payment Services Regulations 2017, registration 462444, for the provision of payment services. Who owns Xe.com money transfers? Xe.com is ultimately owned by Euronet Worldwide Inc, which is a public company listed on the NASDAQ with the ticker code EEFT. Xe.com is managed by HiFX, which acquired XE.com in 2017. Prior to this HiFX only offered money transfer services for business, but the acquisition enabled them to offer individual currency transfers. You can see thier share price and how much they are worth below.
Pros
Cons
Overall3.8 | ||
| | Currencies 130 | Min - Max £1 - £50k | GMG Rating | User Reviews | Account Types:
| Western Union Expert Review & Rating: Updated 25/06/2026Provider: Western Union Verdict: Western Union lets you send money to more than 200 countries around the world. It was founded in 1851 in Rochester, New York, and was named the Western Union Telegraph Company when the New York & Western Union Telegraph Company merged with the rival New York and Mississippi Valley Printing Telegraph Company in 1856. It was a pioneer in transmitting telegrams and in 1871 it introduced a money transfer service through its extensive telegraph network. It stopped sending telegrams in 2006 and now offers money transfers to almost every country in the world. Today it has 150 million retail and digital customers with its headquarters in Denver, Colorado. Summary Western Union has made a real effort recently to modernise it’s app and reduce exchange rates and fees to compete with new start-ups. Still, one of the best ways to send cash abroad and now very competitive for smaller electronic transfers. Pros
Cons
Overall4.1 |
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.