New travel money business launches with ‘spread free rates’
A new travel money business called Centtrip has launched with the first prepaid Mastercard offering 14 currencies on a single card at ‘spread free’ exchange rates. This means customers receive the market rate, or the price Centtrip pays for the currency.
They can use Sterling or Euros to buy any of the currencies via their debit cards or by making a bank transfer. If using any other currency to make their purchase, they need to use a bank transfer.
Customers can manage their accounts via a smartphone app or online through a multi-currency travel account. The card allows customers to carry significantly higher balances compared to £5,000 or £6,000 for most prepaid currency cards. Customers pay one fixed annual fee of £10 and 0.5% of the value of funds loaded to their account. Thereafter they can buy foreign currency from Centtrip at authentic 0% rates from the live market, as much as they need and as often as they want.
Looking at four different scenarios for spending between £1,500 and £50,000 in Euros and using ATMs abroad,(1) MoneyComms found for the lowest value example the savings from using Centtrip when compared against the average cost of using UK debit, credit or FX cards was £22.11, £29.97 and £19.6 respectively. The corresponding savings on its £50,000 Euro scenario were £1,011.9, £1,085.6 and £975.95. The research also applied the same scenarios to US Dollar transactions and similar savings from using Centtrip were identified.
In addition to spread free exchange rates, no charge for point-of-sale transactions in the UK or abroad and competitive international ATM fees, Centtrip’s card also offers the heritage and confidence of the MasterCard brand. This means it’s accepted at over 34 million locations and 2.1 million ATMs worldwide.
Centtrip was established by Tony North and Brian Jamieson, who together with Daniel Butcher were co-founders of two of the UK and Europe’s most successful corporate foreign exchange brokers with a combined annual turnover of $30 billion.