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Posted on December 5, 2019 by staff

New UK travel card touts open banking tech

A new UK FinTech firm offering a travel money card has opened its wait list ahead of a launch later this year into an increasingly crowded market.

Currensea is backed by a team of angel investors and advised by previous Robin Terrell, previously UK MD Amazon and Marc O’Brien, previously CEO of Visa UK.

Its new-to-market travel currency card connects to a user’s existing bank account, allowing them to spend on holiday without the need to open a new account.

The firm, founded in 2018 and based in London, claims that it has no hidden fees, no transaction fees and offers competitive exchange rates.

It has said it can save travellers up to 90 per cent versus high street banks.

In support of sustainability, its physical card has been designed to be bio-degradable.

The firm’s card enters an increasingly competitive UK market. Challenger banks such as Starling, Curve, Monzo and Revolut offer no fees on initial ATM withdrawal abroad and low or no monthly fees.

James Lynn, CEO, Currensea said the card still had a place in this market and wanted to increase transparency in the sector.

Citing their survey of over 11,000 UK adults, he said the data suggested 46 per cent would not open a new travel card to avoid hassle, or because of a lack of trust in challenger banks.

“Currensea certainly meets these needs and is integrated with most UK high street bank accounts providing customers with an easy, hassle-free option,” he said.

Currensea uses technology which takes advantage of the UK government’s Open Banking regulations, allowing it to access a user’s existing bank.

“The Open Banking regulatory changes coming into place, we were excited to be able to work with banks to design a product specifically with the new regulations in mind,” he said.

“Lloyds were one of the first banks to work with us and the other high street banks quickly followed suit. We are excited to open our waitlist with hundreds signing up in just a couple of weeks.”

We believe that everyone has the right to access their money abroad at a fair rate and without charges,” Lynn.

Currensea is authorised by the Financial Conduct Authority and uses the latest bank security and encryption technology, so it’s as secure as your bank.