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.”