“Open Banking is the secure way to give providers access to your financial information.” (1)
What is Open Banking?
Open banking is a set of reforms that allow you to share your financial information, such as spending habits, with pre-authorised providers to make sure that you get more out of your finances.
These changes come in the hope that they’ll bring more competition to the financial sector, which should lead to a wider range of services and products that help you better manage your money.
A few examples of Open Banking in practice include you connecting your bank account to an app that can help you find the best mortgage rate based on your spending habits, or connect you to a debit card that provides you real-time interbank rates.
Can I opt-out?
The best part is that you are completely in control. Banks only share your information if you authorise them to do so. Providers can’t look around your account as they wish, they can only see the information that you have pre-authorised.
Once you have authorised a provider to receive your information, you can change your mind at any time by withdrawing permission through your bank.
Security and Open Banking
For as long as we can remember, our banks have told us not to share our financial information, so the idea of Open Banking leaves many feeling uneasy. As long as you only trust authorised providers, your information is as safe and secure as it is with your existing high-street bank. As a rule of thumb, check a provider is authorised before you connect to make sure that you are protected.
You never share your online banking credentials, when you enter your details you are only sharing these with your online banking service, so you remain secure through the whole process. No provider will have access to your information without your permission.
One of the best safety perks is that providers must be authorised by the FCA (Financial Conduct Authority) to be listed on the register. So you know you’re only dealing with authorised providers.
Remove FX fees with Currensea and Open Banking
Currensea is the world’s first Open Banking debit card. Take a look at our listing on the Open Banking register.
The average bank charge for an international transaction, such as paying a Zoom bill, is 3.25%. Currensea’s 0% charge means the rate reflects the best exchange rate available at that moment. Without the need for multiple bank accounts and inconvenient top-ups.
Open Banking allows Currensea to partner with your bank account so you can get more for your money. No need to switch banks, just globalise your existing bank account with Currensea.