Currensea Cardholders Can Donate to Charity With Payments Across the Globe

Every sector is digitizing to keep up with the world’s evolving financial trends, and many will be happy to hear that charities are no different. One of the ways they can benefit from digitization is when companies like it Corncia, a debit card backed by open, money-saving banks linked to existing bank accounts, is launching round functions as part of its ‘subsidised’ service, allowing customers to make charitable donations when spending in the UK and abroad.

The ‘Powered-by’ concept is the first of its kind, launched in 2021, that allows charities to issue branded cards to their supporters so they can round out UK spending or convert savings from overseas spending into charitable donations.

The Currensea Card uses open banking to connect directly to someone’s bank account with their consent, allowing travelers to make direct foreign transactions from the funds in their checking account, while saving at least 85 percent on foreign exchange fees – customers can then choose to donate all or part of the These savings are for charities.

And for the first time, Currensea is now also allowing its cards to be used to spend in the UK, allowing users to use the tour functionality to donate to charity.

Currensea customers can choose to round up their UK spend, when using the card in store or online, to the nearest 5 points and automatically donate them to Saint Martin’s Trust. Open Banking allows reports to be completed in real time, providing customers with more control over their finances as they can instantly see how much is left on their account.

With the average person making 380 debit card transactions a year in the UK, this new partnership brings St Martin’s Trust a potential donation of nearly £24 per person, including Gift Aid, from UK collective spending alone.

When spending abroad, Currensea gives its users access to the best foreign exchange rates between 0 percent and 0.5 percent above the base rate for foreign currencies. Since major banks charge 3-5 percent for each offshore transaction, Currensea saves at least 85 percent on each offshore transaction by dispensing with regular fees and these savings can also be donated. For example, a user who spends $1,500 while visiting the US can choose to contribute 50 percent of their savings – more than £20 – while still saving money in foreign currency.

mosques flexibleCo-Founder of Currensea, commented: “This is another major announcement following the recent launch of the ‘Powered By’ programme. We are pleased to partner with one of London’s most reputable institutions and offer another great option for clients looking for more control over how their money is spent. “This partnership is a great example of the opportunity that embedded funding can present – ​​charities can adopt a fintech approach without the high costs of developing technical infrastructure and reap the benefits of streamlining the donation process.

“Not only can Currensea customers avoid the high foreign exchange they typically encounter when spending abroad, but they can now also support charitable causes such as the St Martin’s business immediately and automatically by donating part or all of that savings directly.

“Spend Rounding is a simple way to give back to our community, with a small contribution that makes the difference. Unlike some rounding schemes that charge a lump sum at the end of the month, Open Banking ensures that rounding is done on the Currensea Card in real time so customers can clearly see their donation and the amount The total deducted from their account instantly – this makes managing their money easier than ever before.”

Through its partnership with Global processing services (Global Positioning System), Currensea has created several firsts in the payments industry including becoming the UK’s first open banking debit travel card, to now bring the same technology to the charitable sector.

june DewarThe CEO of GPS said: “In the four years since its launch, we’ve only been scratching the surface of open banking’s potential to help drive global progress toward financial empowerment through next-generation payments. That’s why we’re thrilled to continue our long-standing partnership with Currensea from Supporting its second phase of the Powered By initiative with St. Martin-in-the-Fields.Together, we’ve created a truly ground-breaking program as Currensea’s API cloud-first platform enables Currensea to bridge the gap between fintech and all Major major banks, allowing their customers to donate to charity however and wherever they want.”

The St Martin-in-the-Fields Trust works with many of London’s most vulnerable communities and donations from using the Currensea Card will be used to support projects including the maintenance of the historic building, community projects such as St Martin’s Voices Choir, and projects including 18 Keys aimed at improving The life of a woman who stays away from homelessness.

Homelessness services are typically geared more towards men than women, and the 18 Keys Project supports homeless women and includes the conversion of accommodation, the creation of safe spaces to house women, and the support and encouragement of future independence. More information can be found in the notes to editors below.

Katie whatSt Martin-in-the-Fields Director, commented: “This is a great option for our fans who are looking for a simple way to donate to the vital causes St. Martins continues to advocate. Donating a Five Points may not seem like a lot to many people, but to charities, it is part of the An integrated contribution that can change people’s lives.Also, instead of wasting money on foreign exchange fees abroad, the Currensea Card is a great option to save money and donate to charities at the same time.It is a unique way for donors to continue their support while saving on travel fee costs when spending in the outside “.

This is the latest partnership in Currensea’s unique ‘powered by’ program, other partnerships include the Cameron Bespolka Trust, a charity that encourages young people to connect with nature and animals.

  • Frances Bennell

    Francis is a junior journalist with a BA in Classical Civilization, with a special interest in North and South America.

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