Currensea, which has created the UK’s first direct debit travel card saving users at least 85% on overseas transaction fees, has launched its unique ‘powered by’ programme, allowing travellers to convert these savings into charity donations.
The first charity utilising 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.
Currensea allows its users to access the best foreign exchange (FX) rates at only 0% to 0.5% above the FX base rate. With banks charging on average 3.25% per transaction abroad, Currensea saves at least 85% on every transaction abroad by cutting out the normal high-street bank fees.
With this new ‘powered-by’ service, Currensea allows charities to issue branded cards to their supporters. The cards allow users to donate a portion, or all, of the savings they make using the card to the charity, with no 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 Currensea card uses secure technology called open banking – a data-sharing approach between financial institutions – to connect directly to someone’s bank account, allowing travellers to make overseas transactions directly from funds in their current account, whilst avoiding high bank fees.
James Lynn, Co-Founder, Currensea, comments: “Our ‘powered-by’ offering provides 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 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 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 for charities. 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.”