Home Business News Travel debit card Currensea saves travellers over £3 million in exchange fees

Travel debit card Currensea saves travellers over £3 million in exchange fees

by LLB Finance Reporter
3rd Jan 24 8:46 am

The UK’s first travel debit card, Currensea, has saved travellers over £3 million in foreign exchange (FX) fees since its launch in 2020.

The Currensea card saves at least 85% on every overseas transaction by cutting out the normal fees leveraged by banks.

Currensea cards are now used globally every 10 seconds, with card usage doubling across 2023 compared to the previous year, as the UK’s appetite for travel returns alongside a growing awareness of high foreign exchange rates and a demand for enhanced value when spending abroad.

Alongside cutting costly foreign exchange fees for users, Currensea users are making a positive environmental impact when they spend on their cards – with travellers removing 7 million plastic bottles from the ocean through donations to environmental causes.

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James Lynn, Co-Founder of Currensea, said: “With rising costs at home, travellers are increasingly demanding value on their holidays. Currensea’s simple solution to remove FX fees has now saved travellers over £3 million and counting.

“With UK travellers forking out an unnecessary £2.7bn in FX fees every year, it’s vital that savvy holidaymakers understand the real cost of spending abroad. There is a chronic lack of transparency among many payment options with hidden costs and misleading rates that mislead travellers, ultimately costing them more. It’s just as important for travellers to secure value for money on their travel money as it is to get a good deal on flights and accommodation.

“Currensea’s aim isn’t only to offer travellers the lowest FX fees, we also wanted to provide an effective method for supporting the environmental and sustainable causes close to their heart. It’s inspiring that so many customers have donated to reduce plastic pollution in the ocean and support reforestation efforts.”

Currensea has also just announced that its card can now be used with Apple Pay, unlocking access to lower overseas foreign exchange fees for more customers.

James Lynn adds: “Apple Pay functionality is another major step in our journey to give travellers more control over their money. Offering faster, convenient and more secure payments through Apple devices will support our mission to make travel spending fairer – ensuring that Currensea is not only the most cost-effective option for travellers but also the most hassle-free.”

Currensea is a travel debit card which uses open banking technology to link directly to existing bank accounts allowing people to spend directly from their current account when abroad. Its users benefit from access to the best foreign exchange rates at only 0% to 0.5% above the foreign exchange base rate. Currensea saves at least 85% on every overseas transaction by cutting out the normal fees. For example, a user spending $1500 while visiting the USA would save £40 compared to using a card from a high-street bank.

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