- Currensea, which offers the UK’s first open banking-enabled direct debit travel card, launches its ‘powered-by’ programme, allowing charities and businesses to offer custom branded cards which allow people to allocate savings made on foreign exchange charges to a specific purpose.
- The Currensea card uses open banking to allow travellers to make overseas transactions directly from funds in their current account, whilst avoiding high bank fees and saving at least 85% on every transaction.
- Users can donate a portion, or all of the savings they made on foreign exchange fees to a selection of organisations, while accessing the best rates of 0-0.5% above the FX base rate, contrary to the average of 3.25% charged by banks per transaction abroad.
- The first charity signed up to offer the new service is the Cameron Bespolka Trust which will use donations to help young people to connect with nature and animals.
4 November 2021: Fintech Currensea, which has created the UK’s first open banking powered direct debit travel card saving users at least 85% on foreign exchange (FX) charges, is launching a first-of-its-kind concept to allow cardholders to convert these savings into donations.
Currensea provides its users with access to the best FX rates at only 0% to 0.5% above the FX base rate. With banks charging 3-5% per transaction abroad, this results in savings of at least 85% on every transaction abroad. The Currensea card uses open banking to partner with someone’s existing bank account, allowing travellers to make overseas transactions directly from funds in their current account, while avoiding high bank fees.
With this new ‘powered-by’ service, Currensea helps charities and businesses to issue their own branded card to supporters, customers, or employees. The cards allow users to donate a portion, or all, of the savings they make using the card, while removing the fees. For example, a user spending $1500 while visiting the USA can choose to contribute 50% of their savings – over £20 – while still saving money on foreign exchange.
The first charity to sign up to this new service is the Cameron Bespolka Trust, a charity that encourages young people to connect with nature and animals. In partnership with the RSPB, the Trust is renovating Cameron’s Cottage, a unique residential educational facility for young people to immerse themselves in nature. This is one of the charity’s projects that the donations made by Currensea card users will contribute towards.
James Lynn, Co-Founder, Currensea, comments: “Our ‘powered-by’ cards provide people with more choice on where their hard-earned money goes. Rather than being hit by unexpected fees – an average of 3.25% per transaction – people have a choice; they can either benefit from the full savings of at least 85% or automatically allocate funds to a specific purpose or donate to the causes that mean the most to them. Rather than lining the pockets of banks, people can now save money on holiday as well as donate to their chosen charity. This latest partnership with the Cameron Bespolka Trust allows us to help travellers benefit from a new way to give back.”
Kevin Bespolka, Founder Trustee, Cameron Bespolka, comments: “We’re delighted to be partnering with Currensea on its ‘powered -by’ product. We used our cards widely this summer in Europe and we hope our donors will do the same as they start travelling again. The card is an excellent way for our supporters to save fees and make donating as easy as possible.”
British FinTech Currensea enables consumers and SMEs to make purchases from or while abroad, without the foreign exchange charges normally applied by banks. Thanks to its use of Open Banking technology, Currensea’s debit card works with your existing banking account so you don’t need to worry about inconvenient prepaid cards and different currency accounts.
Founded by Barclays and JPMorgan alumni in 2018, Currensea has since amassed over £5m in funding, become the world’s first Card Based Payment Instrument Issuer (CBPII), and launched its consumer and business propositions in 2020.
It has recently been named a finalist in the innovation category of the British Bank Awards 2021 as well as winning Open Banking Product or Service of the year at the FSTech Awards 2021, and Best International Payments, Remittance of use of FX at the Emerging payments awards 2021.
It has also recently been certified Carbon Neutral by Carbon Neutral Britain.
You can find out more about Currensea here: https://www.currensea.com