Three foreign exchange entrepreneurs will today launch a new travel money firm, Centtrip, a London-based startup which aims to cut currency conversion charges for consumers.
Centtrip founders Tony North, Brian Jamieson and Daniel Butcher previously founded Schneider Foreign Exchange and HiFX, foreign exchange businesses that were recently sold for a combined £350m.
“We are not here to simply challenge the banks; we are here to challenge the consumer to find a better way. To introduce a whole new dimension to the travel money, banking and payment card experience,” said Jamieson.
Centtrip offers a single prepaid MasterCard that can be used to pay in 14 currencies at the actual live currency rates, rather than incurring a bank’s conversion charges. Consumers pay one fixed annual fee of £10 and 0.5 per cent of the value of funds.