Currensea has launched an open banking debit card which enables small businesses to make international transactions through their existing bank account without charges.
The average bank charge for an international transaction, such as paying a Zoom bill, is 3.25%. Currensea’s 0% charge means the rate reflects the best exchange rate available at that moment.
It also avoids the admin and due diligence required when creating and managing multiple business accounts while offering 16 interbank currencies… Its physical cards are developed by payment services provider allpay and includes a zero ATM withdrawal fee up to £500/month.
Founded in 2018 by JPMorgan and Barclays alumni and launching in January of this year, Currensea’s consumer card has been used in over 120 countries… [Co-founder:] “Following the success of our consumer launch, it was a no-brainer to offer the same service to SMEs” … SMEs share many of the same consumer pain points, but in a way they’re even harder hit by the pain points associated with international spending because the process of setting up a bank account is even more complex and costly, especially as they grow and scale.