Travel debit card Currensea forecasts that its solution will save holidaymakers £1.3m in foreign exchange (FX) fees this summer.
Securing value for money remains a top priority for holidaymakers this summer, with 79% of people believing it is more important than ever to get a good exchange rate. However, 74% of travellers believe bank charges for spending abroad are too high.
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By GlobalDataParents are particularly at risk of losing out 59% parents of school age children are being caught out by high FX fees when using their bank card abroad, compared with 41% of travellers without children. 36% of parents also still exchange most of their money at the airport despite the poor rates and high fees, far higher than the 22% of non-parents who do this.
According to Currensea, UK travellers are currently spending £2.7bn in unnecessary FX fees every year when using their bank cards abroad
Since its launch in 2020, Currensea has saved travellers over £4m in FX fees, with the Currensea card saving at least 85% on every overseas transaction by cutting out the normal fees leveraged by banks and other providers.
The money-saving solution has also recently surpassed 100,000 cardholders with the Currensea card now used globally once every nine seconds.
James Lynn, Co-Founder of Currensea, commented: “We’ve all got our eyes peeled for a bargain when searching for accommodation or flights, but families also need to ensure that they’re getting value from their spending money as well. High foreign exchange rates and hidden costs eat into family holiday budgets when they could save hundreds from embracing lower-cost alternatives to everyday bank cards, pre-paid cards, and cash.
“Clearly, there is huge demand for a simple solution that removes unnecessary fees and ensures our hard-earned savings stretch further this year.”
Currensea is a travel debit card which connects to bank accounts, allowing travellers to spend directly from their existing current account when abroad, rather than needing to switch bank accounts, top up secondary accounts or risk leaving money on a pre-paid card.
