Please read these Terms and Conditions carefully before using Currensea

These legal terms are between you and Currensea and by using the Currensea card and Account, you agree to them. Where you sign up on behalf of a business, these terms will apply to both you and the business. You should read this document along with our Privacy Policy. It’s important that you understand these T&Cs, so if you have any questions please contact us at help@currensea.com or call 020 3319 6588 and we will be happy to explain.

What is Currensea?

We are Currensea, a payment service that lets you connect your existing Bank Account to your Currensea card to let you make international purchases.

This bit is important: when you create a Currensea Account, it is not a bank account. It is a payment card and online dashboard or mobile app, connected to your Bank Account via Open Banking. You cannot send or receive funds via your Currensea Account. Therefore:

• any reference in these terms or on our website to your “Currensea Account” means your Currensea card and the online dashboard or mobile app

• any reference in these terms or on our website to your “Bank Account” means your separate bank account which is linked to your Currensea Account

• any reference in these terms or on our website to your “Card” or “Currensea card” means your Currensea Mastercard debit card (this may be a physical or virtual card depending on what you choose when you sign up)

• when you make a card transaction using your Currensea card, it will take funds from your Bank Account via Direct Debit or Faster Payment

• for other defined terms please see the glossary at the end of these T&Cs

Who we are

Currensea Limited (“we”, “us” or “Currensea”) is a company registered in England and Wales with company number 11413946 and whose registered office is at 4 Claridge Court, Lower Kings Road, Berkhamsted, United Kingdom, HP4 2AF.

We are authorised by the FCA as a Payment Institution with Firm Reference Number 843507. The head office address is 12 Hammersmith Grove, London, W6 7AP.

We are also a Mastercard™ Principal Member, with Member Number 256494.

Who you are

We need to have up to date information about you, which includes your full name, date of birth, home address, email address and mobile phone number. If you are applying on behalf of your business, you must have the authorisation to do so and have access to your business bank account, as well as your company number and other details about your business.

If you change your name, move address, change your Bank Account details or change your contact details (including your mobile phone number or email address), you must notify us as soon as possible. We may need to carry out additional Know-Your-Customer (KYC) checks to confirm that the details and information you provided are correct. If required, we may perform a soft credit check via a credit reference agency.

To be eligible for a personal Currensea card you must:

• Be aged 18 or over

• Have a valid mobile phone number

• Have an active current account with one of the UK banks we support (basic accounts are not supported)

• Be registered and have access to online or mobile banking

• Have a good credit history and no payment defaults

To be eligible for a business Currensea card you must:

• Be aged 18 or over

• Have a UK home address

• Have a valid mobile phone number

• Be registered and have access to online or mobile banking

The business you represent must:

• Be a UK registered business

• Have given you authorisation to sign up, from the directors (for a Ltd), members (for a LLP) or partners (for a partnership)

• Have an active bank account with one of the UK banks we support

• Have a good credit history and no payment defaults

How to contact us

You can reach us by email at help@currensea.com or via the contact form on our website and in your Currensea dashboard.

How Currensea works

When you sign up to Currensea, you link your Bank Account through your bank's secure online banking platform or mobile application. We perform a check on your linked Bank Account to ensure it meets our eligibility criteria. Once linked, you provide us with the authority to debit your linked Bank Account for transactions made using your Currensea card. Authorised spend using your Currensea card, will be taken as consent to debit your linked Bank Account for the GBP/£ equivalent amount, based on the exchange rate.

For each transaction made, we will send an email to the email address you have provided, identifying the merchant and the amount of the transaction. The email will also show the exchange rate used and the GBP/£ amount that will be debited from your Bank Account.

You have also authorised us to access information from your Bank Account, based on the usage conditions in our Privacy Policy.

Costs of using Currensea

Your Currensea card is a debit card designed to save you money on international purchases. Our consumer rates can be found here and our business rates can be found here.

Please note that the rate may change throughout the day, but we will let you know what rate has been applied to your transaction in your confirmation email. You can also check the rate via the transaction list in your Currensea dashboard or mobile app.

We don’t charge any fees to use your Currensea card abroad. However, an additional rate applies to ATM withdrawals over a certain amount per month, depending on your pricing plan. Please see our Rates table for more information. Please note, some ATM providers may charge a separate transaction fee.

Your Currensea card has been finely tuned for international spend. The means reduced limits apply for GBP spend in the UK. We’d suggest using your normal Bank Account debit card when spending in GBP.

Using your card

When using your Currensea card to make a transaction, you must have enough funds available in your linked Bank Account. We’ll check the balance of your Bank Account to ensure there are sufficient funds before approving the transaction. Once a transaction has been authorised, funds will be collected via Direct Debit or Faster Payment. If we are unable to collect the funds from your Bank Account, we may charge you for late payment. Your Currensea Card is not a credit card and is not intended for borrowing.

When using a business Currensea card you must ensure that the business has sufficient funds available in the linked Bank Account. If we are unable to collect the funds or the payment was not authorised by the directors (for a Ltd), members (for a LLP) or partners (for a partnership), they are also liable to cover the payment. Directors, members and partners must therefore be made aware of these terms before signing up for your business Currensea card.

If the Direct Debit or Faster Payment is unsuccessful, we’ll contact you regularly and keep trying to collect the funds, or request that these are sent to us via Faster Payment. If we have still not received the funds after 7 days, we will charge a late payment fee of £40 and apply a compounded monthly fee of 25% on funds outstanding (which will include the late payment fee). Your Currensea card will be blocked until outstanding funds are repaid. Currensea reserves the right to refer any outstanding payments, including any additional fees, to a third party. If further fees are applied by those third parties, these will also be added to the balance. Outstanding payments may be reported to credit reference agencies and negatively impact your personal or business credit score.

You can keep track of how much you are spending via the transaction list in your Currensea dashboard or mobile app.

Spend on your Currensea card is subject to our Fair Use Policy. We may block a transaction if:

• we suspect any criminal or fraudulent activity on your Currensea card (to protect you)

• we’re not legally allowed to process the transaction

• the transaction takes you over your Currensea spend limits

• you don’t have enough funds in your linked Bank Account

• we’ve had to apply a fee due to uncollected funds

• your spend is not in-line with our Fair Use Policy

• the transaction is for a non-permitted purchase. Details of non-permitted purchases can be found in our Fair Use Policy

If we do block a transaction, we'll let you know as soon as possible via email. Therefore, please ensure your contact details are correct.

Limits

Spend limits will be based on your balance and transaction history, as well as other profile or business information.

Your spend limits can be viewed in your Currensea dashboard or mobile app. These limits may change over time, and we will let you know if they do. Please note, your Currensea card cannot be used for ATM withdrawals in the UK.

Please contact us at help@currensea.com if you want to discuss your limits.

Keeping your card safe

You must always keep your Currensea card and its details safe and never let anyone else use them. You should memorise your PIN and other security information and keep them secret at all times.

You must only ever reveal your card number to make a transaction, report the loss or theft of the card, or if we ask you to. We’ll never contact you to ask you for your passwords or full security details. When we contact you, we’ll always check we’re corresponding with the right person by asking you several security questions associated with your Currensea Account.

If your Currensea card is lost or stolen, or you see unrecognised transactions, you must freeze it immediately via your Currensea dashboard or mobile app and contact us at help@currensea.com as soon as possible. If you need a new card, we may charge you £5 for a replacement.

We’ll usually refund you for any unrecognised transactions, unless:

• you didn't keep your Currensea card and PIN safe (as we have told you above)

• you broke the terms of these T&Cs or website Terms of Use

• the unrecognised transactions are over 13 months old

• you acted fraudulently or with intent or gross negligence

• the losses are not the direct result of our actions

Authorised transactions

All spend using your Currensea card is deemed as authorised, thereby giving us the authority to take the funds from your linked Bank Account via Direct Debit or Faster Payment. You will receive an email notification each time a transaction takes place using your Currensea card. If you did not authorise the transaction, you must freeze your card via your Currensea dashboard or mobile app immediately and contact us at help@currensea.com as soon as possible. If you have been a victim of fraud, we will usually refund any money you have lost, unless you acted fraudulently or with gross negligence (as listed above).

Purchase protection

For your protection, Currensea supports Mastercard™ chargebacks. This may help you reclaim funds if:

• your goods do not arrive

• your goods arrive damaged

• your goods are different from how they were described

• the merchant has ceased trading

If you need to raise a chargeback, please contact us at help@currensea.com.

Our Plans

We offer plans for both personal customers and business customers. Details of our personal plans can be found here, if you’re looking for our business plan please check here.

When you subscribe to one of our paid plans, you are committed for 12 months. Payment is collected via your Currensea Direct Debit. If you choose to end the agreement before the 12-month term has elapsed, you will be charged for any outstanding payments. You can upgrade your plan at any time through your Currensea dashboard or mobile app.

Your subscription will automatically renew after 12 months. To prevent this, please get in touch at least 30 days before your subscription is due to end.

Giving back

Our Giving Back feature provides a simple and convenient way to give back to a charity of your choice. This includes environmental charities which allows you to offset some of the environmental impact associated with your travels. You can find out more about Giving Back here.

We can withdraw or change the terms of this initiative at any time, without letting you know in advance.

The Giving Back feature may not be available for all customers.

How to make a complaint

If you have a complaint, please contact us at help@currensea.com and we'll do our best to fix the problem.

If you're still not happy, you can refer your complaint to the Financial Ombudsman Service. For more details, you can visit their website at www.financial-ombudsman.org.uk

Making changes to this agreement

This agreement will be available on our website and through your Currensea dashboard or mobile app. If we make any changes, we'll give you two months' notice (unless the change is urgent or due to legal requirements).

If you don't agree to these changes, let us know by contacting us at help@currensea.com. Once we have checked there are no uncollected payments, we'll close your Currensea Account.

Ending the agreement

To close your Currensea Account and cancel your Currensea card, please get in touch with us by emailing help@currensea.com. We’ll need to ensure there are no uncollected payments before we can end the agreement. Once we've ended it, your Currensea card won't work and you won't be able to access your Currensea dashboard or mobile app.

We can end the agreement (and stop providing any services) by giving you at least two months' notice. We may end the agreement or stop you using your Currensea card immediately if we believe you've:

• broken the terms of this agreement or website Terms of Use

• used your Currensea Account to break or attempt to break the law

• given us false or inaccurate information at any time

• put us in a position where we might break the law

• been abusive to anyone at Currensea or a member of our community

• tried to access a Currensea Account other than your own

• allowed anyone else access to your Currensea card, Currensea dashboard or mobile app

• attempted to get around usage restrictions set by your Bank Account

General legal information

Who is this agreement between?

This agreement is between Currensea and you. You can’t transfer any rights or obligations under it to anyone else.

We can transfer our rights and obligations in this agreement if we reasonably think that this won't have a significant effect on your rights or for legal reasons. When we transfer rights and obligations, we will let you know beforehand.

English law and courts

The laws of England and Wales apply to this agreement.

If these terms and conditions are available in any other language, the translation is for reference only and the English version will apply. English Courts have non-exclusive jurisdiction.

Our right to enforce the agreement

If you have broken the agreement between you and us, and we don't enforce our rights, or we delay in enforcing them, this will not prevent us from enforcing those or any other rights at a later date.

Entire agreement

Only the Terms and Conditions as set out in this agreement apply.

Rates Table

Fair Use Policy

Currensea has been designed to save you money on your international purchases. In order to ensure that you get the best experience using Currensea, there are some fair use limitations to be aware of. We reserve the right to limit the use of, or block your card, if we see that you are using it in the following ways:

• GBP spend in the UK: if you are using Currensea solely or frequently for GBP spend in the UK

• Ecommerce micropayments: if you are using Currensea solely or frequently for ecommerce micropayments (such as for online games)

• Non-permitted purchases: if you are using Currensea for any non-permitted purchases. Non-permitted purchases include:

  • online gambling or betting

  • dating or escort services

  • massage parlors

  • money transfer services (including Money Service Bureaus);

  • financial products (including prepaid cards, loans, virtual currencies, stocks and bonds, currency and commodity exchanges)

  • defence or weapons (including manufacturing and/or distribution of weapons, explosives or armaments)

  • activities undertaken by unregistered or unregulated charities

  • distribution of non-licensed drugs

If your Currensea card has been limited or blocked and you disagree with our decision, please get in touch and we’ll be happy to review this. If after further review our decision remains unchanged, we’ll let you know why.

Glossary

The following defined terms are used in the Currensea Account ​Terms and Conditions​. If you do not understand any of the glossary terms, please contact us at help@currensea.com​ and we will be happy to explain.

Glossary Terms