If you’re reading this, you’re interested in finding a new card to use when travelling abroad. Specifically, a card that doesn’t charge you high, or even worse, hidden fees when spending on your trip.
We’ve compared the Terms and Conditions of FairFX with our own card to see if it lives up to its name and help you choose the right travel card for you.
FairFX is a UK-based financial services company that was founded in 2007. It offers currency exchange and international payment solutions.
FairFX offers a multi currency prepaid card, international payments and travel cash. For the purposes of this comparison, we’ll be focusing on the multi-currency prepaid card.
We don’t believe fees should ever be hidden - so we’ve done the calculations for you.
If you top-up your FairFX card straight into foreign currency, the spread is 2.25%. So while FairFX state that it's "Free in one of the 20 supported currencies", you've already paid a 2.25% fee to achieve this "free" spend.
If you top-up in GBP, then spend in a foreign currency (including the "free" 20), then the exchange rate isn't quoted anywhere, but typically works out again as a 2.25% spread.
In summary, FairFX charges a 2.25% fee for spending.
Their first replacement card is free of charge but any further cards will cost you £6. It's worth noting that your FairFX card expires after 3 years, with a £2 per month charge for any funds left on it.
FairFX charges an additional fee over any FX charges of £1 per ATM withdrawal.
Currensea is a travel debit card that allows you to spend money directly from your trusted bank account, rather than having to open up a new one or top up a prepaid card. It is based on open banking, which was introduced several years ago to promote innovation and competition in financial services so that you have access to a wider range of options and rates.
Currensea has three travel cards, including Currensea Premium and Currensea Elite. For the purposes of this comparison, we'll be focusing on Currensea Essential, which is free like the FairFX multi-currency debit card.
What Currensea offers is a product focused on providing you with the best possible rates as you spend abroad. Our card partners directly with your trusted bank account (unlike other travel cards), meaning that you can spend with your Currensea card abroad just as you would at home with your regular debit card. Funds come straight out of your bank account, and you can spend whatever balance you have.
Because it’s not a prepaid card, you never have to top up your Currensea card. You don’t have to worry about losing it and any funds that might remain on it, nor do you have to constantly top it up and remember how much you have on it: we offer travel, but without the hassle.
We also check how much your bank would have charged you to use your regular debit card abroad- and we can tell you exactly how much money you saved by using your Currensea card.
We convert your currency based on the real-time interbank exchange rate, with an additional markup of 0.5% per transaction no matter when you use it or how much you spend with it. No hidden fees, no weekend fees, no increases to the markup - just clear, transparent information on how much we charge and how much you save.
We charge our usual fee of 0.5% for withdrawals up to £500 a month, and for anything over this amount we charge 2%.
While your first card is free, we charge a £5 replacement fee (but no delivery fees).
We compared how much it would cost spending with Currensea versus FairFX on a week-long holiday to Spain for a family of four. Take a look at the table to see the breakdown of spend.
| Currensea charges | FairFX charges | |
| €4375 on card spending | £18.48 | £83.17 |
| €400 on 3 ATM withdrawals | £1.69 | £10.60 |
| TOTAL | £20.17 |
£93.77 |
Total saved with Currensea vs using FairFX: £73.60
Both FairFX and Currensea offer competitive rates that undercut those offered by high street banks, and whichever product you choose there is no doubt that you'll save when spending abroad versus a typical high street bank
However, if you are after the best foreign exchange rates possible, then Currensea is significantly better. With FairFX charging an extra 2.25% markup, versus the real-time interbank rate with a markup of just 0.5%, you'll typically pay over four times more in charges to use FairFx.
Since FairFX is a prepaid card, you'll need to remember how much is on it and faff around topping it up as you spend abroad. And if you don't spend all the money you top it up with, you'll also have to remember to take the unspent balance off your card when you get home (with any applicable charges). On average in the UK in 2023, prepay travel card users returned home with £78 on their card..
With Currensea on the other hand, you can spend abroad just as you would at home with your regular debit card, since your card partners with your existing bank account. You can also set your own limits, to provide the same spending protection as a pre-pay card. We offer travel, but without the hassle.
Overall, if you're looking for a prepaid card to spend with while you travel and aren't that concerned by the FX rate, then FairFX is a great choice. But if you want a card you don't have to continually top up that focuses on providing the best rates possible, then Currensea is the right choice for you.