Following this announcement, Android customers have the option of easily accessing their Currensea card via their Google Wallet and can use the card both on in-person and online transactions. Using Google Pay, customers have the possibility of making secure contactless purchases over the USD 45 limit, having the added convenience of making use of their phone instead of carrying a card.
Making use of Open Banking technology, the Currensea travel debit card enables travellers to spend from their existing current account directly when abroad, instead of having to switch bank accounts or risk leaving money on a pre-paid card. As per information provided in the company’s press release, the card guarantees foreign exchange (FX) rates that are 0% to 0.5% above the FX base rate on every transaction abroad by having normal fees that are leveraged by banks and other card providers removed, enabling users to save from 85% up to 100%.
What is more, customers can also take advantage of reduced FX rates when using Currensea to book accommodation prior to traveling. To exemplify, using the card to spend USD 1,000 in the local currency for an Amsterdam hotel on booking.com would save in FX fees an amount of USD 34 compared to a bank debit card, as it removes the common bank fees that are associated with overseas transactions.
The implementation of the Google Pay functionality is set to simplify the checkout process for UK-based customers making use of the Currensea card. Users have the option of accessing cashback offers at more than 70 retailers of the likes of ASOS, Body Shop, Boots, Cadburys, Lastminute.com, and Waterstones. Furthermore, they can also choose to have their spending rounded up to the closest 5p and have it donated to charity partners such as St Martin-in-the-Fields Trust, Royal Trinity Hospice and Surfers Against Sewage, who all provide supporter branded debit cards though means of the Currensea ‘Powered by’ offering.
When talking about the announcement, company officials have stated that the Google Pay functionality marks a step in the company’s journey in providing travellers increased control over their money. By providing increasingly fast, convenient, and secure payments via Android devices, the fintech supports their mission in making travel spending increasingly fair, ensuring that Currensea is not only a cost-effective option, but also a simple to use one.
An UK-based fintech, Currensea helps enable consumers and SMEs to spend abroad directly from their bank account, without having the normal FX bank charges applied and without the difficulties of opening a new bank account. By making use of Open Banking technology, the company’s debit card works with the customers’ existing bank account without there being a need for prepaid cards or accounts in different currencies.
The company has a total user amount surpassing 45,000, having had a 243% increase in users since the start of 2022 and has helped save users GBP 1.1 million in foreign exchange fees, marking a 400% increase from 2021. The company has secured GBP 4.55 million in funding, which includes VC funding from Blackfinch Ventures and 1818 Venture Capital, in addition to a crowdfunding round on Seedrs, as per the information found in the press release.
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