International payments specialist AFEX has announced it will work with prepaid card and e-money business Centtrip to launch a suite of pre-paid FX solutions for UK businesses.
The service, available to AFEX’s corporate and SME clients, offers live market rates on 14 currencies in one account and one card.
The fourteen currencies available are the US Dollar, Pound Sterling, Australian Dollar, Canadian Dollar, Danish Krone, Japanese Yen, New Zealand Dollar, Euro, Hong Kong Dollar, Norwegian Krone, Polish Zloty, South African Rand, Swedish Krona and the Swiss Franc.
Research from Centtrip reveals the average foreign exchange spread on credit cards, debit cards and prepaid travel money cards charge circa 2.5%.
Centtrip analysis of industry data reveals that in 2014, British employees made 6.7 million business trips abroad, spending £4.4 billion in travel expenses.
If spent on credit or debit cards for example, the foreign exchange related charges applied to these transactions by card providers would generate an average £110 million in fees to the customer.
By comparison the new AFEX CurrencyPass Prepaid MasterCard created with Centtrip would generate fees of circa £22 million, a genuine saving of circa £88 million on the same annual spend.
Charging only a £10 annual fee and 0.5% of the value of funds loaded to their account, customers are provided with direct access to currency in the live market.
Managed 24/7 online and via a smartphone app, it is free of conventional bank charges and has no hidden fees. The card is accepted at over 2.1 million ATMs and is free to use at over 35 million locations worldwide.
Stuart Holmes, General Manager EMEA, AFEX said:
"We strive to be at the forefront of introducing innovative new product offerings to make the lives of our customers easier and put them in control when it comes to managing their finances around the world.
"In developing a prepaid currency card, it was imperative that we partnered with a provider that can offer a proven and transparent solution, in line with the range of other services we offer."
Brian Jamieson, Co-Founder and Managing Director, Centtrip said:
"We are delighted that AFEX chose to partner with Centtrip to develop its AFEX currency prepaid MasterCard. We have experienced substantial growth in 2015 and this partnership with one of the world’s leading independent brokers is a testament to the quality of the ground-breaking and award-winning services and technology we have created.
"Like AFEX, we are passionate about providing savings and control to our customers, removing the unnecessary costs and hassle of managing international currency exposure."