Starling Bank, a digital challenger bank, is now offering a debit card that allows customers to spend directly in Pounds or Euros (ie no standard forex fee).
According to a release, the dual currency card feature goes live on the same day as Starling launches its Business Euro Account. Starling expects that the new account will help Starling’s 77,000 business customers make transactions across the Eurozone and reduce currency exchange costs.
The Starling Business Euro Account is described as being ideal for small businesses that want to manage payments or receive money in euros. Unlike similar offerings on the market with other banks, there are no fees for euro to euro transactions, says Starling.
The Business Euro Account is available to both new and existing Starling business account customers. Users will be charged a flat fee of £2 per month to use the Business Euro Account and transfers into the account will be made at the prevailing exchange rate, plus a 0.4% fee (of the transaction value).
Starling also added that it will now offer international currency services over the weekend. Because currency markets don’t operate on weekends Starling will calculate an exchange rate that takes into account the risk of currency fluctuations.
Anne Boden, CEO and founder of Starling Bank, said a single card that can buy things in both Euros and Pounds is long overdue and something that they know their customers will value. Boden predicted that the new Euro account will make a huge difference to their customers.
“These latest features represent another milestone in our mission to transform banking into a truly international, 24/7 service and demonstrate once again that we have come a long way towards that target in a short space of time,” said Boden.