Press Release
Issued by Centtrip.
April 5, 2016
Global currency business Centtrip has announced plans to make the UK and wider European private jet market a key focus in 2016, providing it with access to the live currency market and real rates of exchange. Given the size of the private jet sector and its reliance on the foreign exchange market, the company is aiming to help improve the way private jet owners and operators buy their foreign currency.
Its research reveals there are now around 594 business aircrafts in the UK, ranging from pistons to business jet airliners, and that the market is growing. Indeed, the number of business aircraft delivered to the UK in 2014 was 28.6% higher than in 2010. There are around 4,277 business aircraft across Europe.
Centtrip is a global currency account with a multi-currency prepaid MasterCard card that launched in 2015 targeting affluent individuals and companies with a commitment to international bank payments and travel expenditure. Centtrip provides customers with access to the live market to buy currency with 0% foreign exchange rates, free of spread and commission, through one multi-currency account. The prepaid MasterCard card can hold 14 currencies simultaneously and comes with significantly higher balances and spend limits compared to GBP5,000 or GBP6,000 for most prepaid currency cards. In addition to spread free exchange rates, there is no charge for point-of-sale transactions in the UK or abroad and a transparent fixed international ATM fee of GBP1.60. The Centtrip card also offers the convenience and confidence of the MasterCard brand accepted at over 35 million locations and 2.1 million ATMs worldwide displaying the MasterCard acceptance mark.
Centtrip now has over 5,000 clients across sectors including luxury yachting, professional services and the music and sports industries. The vast majority of industries Centtrip works with face similar complex and expensive FX challenges to those in the private jet sector. For example, luxury yachting has developed strong FX strategies for managing umbrella operations with a number of vessels around the world; the costs incurred by crew members travelling overseas, and fuel and maintenance payments and expenses. With a dedicated account manager, the Centtrip global currency account provides clients with one central platform to set up and manage multiple cost centres suited to business needs. One centralised account also benefits from reduced costs associated with using multiple bank accounts.
Tony North, co-founder and managing director, Centtrip said: “We have enjoyed very strong growth since our launch, and to help build on this, we are excited about expanding into private aviation. It is a huge industry with over 39,000 business jet flights into Europe every mont). The foreign exchange challenges facing aviation companies in Europe, and owners of private jets, are huge and we believe we will help save them a fortune by offering live rates with no spreads through one central global currency account to manage numerous aircraft.”
”We currently do a lot of work in the luxury yachting industry, and believe there are synergies with this and the corporate jet space. For example, the FX strategies that are in place to manage umbrella operations with a number of vessels around the world; the costs incurred by crew members travelling overseas, and fuel and maintenance payments and expenses, could all be managed and mitigated against by the private jet sector. For these reasons, the private aviation market is a real area of focus for us in 2016. “
Centtrip fees are fixed and transparent with clients paying a maximum 0.5% of the value of funds loaded to their account. Thereafter, they can send payments in all major currencies and most exotic currencies direct from their Centtrip or bank account and control expenses using the prepaid MasterCard cards with real time transactions and balances.
Customers can manage their accounts via a smartphone app or online 24/7.
