Fintech firm Currensea has opened the wait list for its new travel money card, the first in the UK to be linked directly to users’ bank accounts.
The card is designed to work as an extension of a current account, allowing customers to spend money abroad without having to open a new account. There will be no transaction or withdrawal fees, and the Fintech says it will offer “competitive exchange rates”.
Currensea is backed by a team of angel investors, and is advised by former UK managing director of Amazon and ex-chief executive of Visa UK, Marc O’Brien.
Several challenger banks including Monzo, Starling and Revolut have launched cards with no transaction fees abroad and competitive exchange rates, but all require customers to open an account with them.
Revolut and Monzo charge customers a fee if they withdraw more than £200 worth of cash abroad in a month. Starling bank does not charge for withdrawals.
Currensea chief executive James Lynn said there was consumer demand for a travel card that was “integrated with most UK high street bank accounts”.
“We believe that everyone has the right to access their money abroad at a fair rate and without charges,” added Lynn.
Main image credit: Currensea