The Currensea debit card uses Open Banking to connect directly to someone’s bank account with their approval, allowing travellers to make overseas transactions directly from funds in their current account, whilst saving around 85% on foreign exchange fees and customers can then opt to donate all or part of these savings to charity.

Customers can opt to roundup UK spending, when using the card in-store or online, to the nearest GBP 0.05 and automatically donate this to the St Martin’s Trust. Open banking allows roundups to be completed in real-time, offering customers increased control over their finances as they can see how much has left their account immediately.

When spending abroad, Currensea allows its users to access convenient foreign exchange (FX) rates at only 0% to 0.5% above the FX base rate. With high street banks charging 3-5% per transaction abroad, Currensea saves at least 85% on every overseas transaction by cutting out the normal fees and these savings can also be donated, according to the company. For example, a user spending USD 1500 while visiting the USA can choose to contribute 50% of their savings, over GBP 20, while still saving money on foreign exchange.