Entrepreneur UK's London 100: Currensea Currensea saves UK travellers millions by eliminating costly foreign exchange fees on overseas spending
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Industry: Fintech
UK travellers are currently wasting a staggering £2.7b in foreign exchange (FX) fees every year by using their bank cards abroad. Nearly two thirds (65%) of travellers think bank charges for spending money abroad are too high, whilst over half (55%) say they feel like they're being ripped off using their debit cards abroad.
Currensea was born out of the co-founders' frustration with the limited spending options available – forced to choose between paying extortionate bank fees or juggling money between multiple accounts, they knew there had to be a better way.
In 2020, Currensea launched its simple solution to empower consumers to eliminate the FX fees leveraged by their bank or other financial provider when spending abroad. Since its launch, Currensea has saved customers over £5m with £1.5m saved on FX fees during the summer holidays last year alone.
