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Shoreditch fin-tech company Centtrip redefine the travel money sector and attracts the attention of one of the world’s influential and senior female bank executives – Marisa Drew.
The rise of financial technology (fin-tech) companies across the globe is challenging and disrupting the entire financial establishment. London is leading this revolution. At the heart of this is the once tired but now revitalised and redeveloping Old Street area. Dubbed Silicon Roundabout due its growing amount of tech companies, both large and small, it is now attracting more investment than its illustrious US namesake.
Once such company is Centtrip. It was founded by three former competitors as co-founders of two of the UK and Europe’s most successful foreign exchange brokers. They are pioneering change in the travel money sector. Delivering a transparent, fairer and authentic on-line account and international payment card with access to currency at live market rates free of the mark ups, commissions and fees typically charged by the banks, bureau de change and other payment card providers.
Centtrip attracted a number of sophisticated and influential investors including the former Chairman & CEO of EMI, the original founder of the market leading Hotels4U and a former director of Thomas Cook. Notably early investors also included Marisa Drew, a senior executive at Credit Suisse and listed in the “International Power 50 – Fortunes Most Powerful Women”.
She instantly recognised the potential and wide reaching possibilities of Centtrip stating:
Once in awhile a technology or business idea comes along and has the potential to shake-up an industry. Centtrip is one of those that has the makings to disrupt the currency exchange market as we know it. The best part of it is that the Centtrip customer wins out of the equation. The more transactions they do, the larger the savings they will reap..but even the smallest individual consumer can save a significant sum of money by using the Centtrip card with no strings attached….a pretty compelling proposition.
Centtrip is the only prepaid MasterCard in the world with 14 currencies on a one card at true market rates as well as an e-money account and smartphone app that allows you to manage the card and money as well as buy and sell across the 14 currencies without charge. The rate Centtrip get is the rate they give. Centtrip deal in physical currency, meaning you are not charged to convert when using the card because you have bought and hold the real currency. All the benefits of cash without the risks. Funds are secure in client trust accounts with Barclays, providing peace of mind on top of the real benefits of more money and more control at more destinations worldwide.
Typically, banks, bureaus and other payment cards charge 2% up to 9% for every currency conversion. Barclays and Amex charge 2.99% for every international transaction. Add costs such as the 3% for ATM withdrawals and using your card abroad can be a very expensive mistake. Buying money over the counter can be more expensive still and brings the risks of carrying large quantities of cash.
Centtrip is different, charging one fixed annual fee at just 0.5% of the annual load limit you choose ranging from £10,000 to £100,000 annual loads. For example; a fee of only £50 allows you to convert up to £10,000 as and when you need it, completely free of any other charge over a 12 month period (minimum load is £250). There are no fees for international purchases on the card and ATM withdrawals are fixed at £1.60. Many claim free ATM use but they still charge currency conversion so not free and even a £100 withdrawal will actually cost in excess of £2.00.
Official Sponsors of the Telegraph Travel Awards 2014, Centtrip is perfect for individual travellers and international property owners as well companies with a commitment to international business travel. Centtrip prepaid MasterCard is accepted at over 34 million locations and 2.1 million ATMs worldwide. To learn more or apply visit www.centtrip.com
