UK-headquartered banking, exchange, and investment app Ziglu is introducing a fee-free Euro account which has been designed to enable tourists and business travelers to spend “without incurring currency exchange charges.”
The account, which is an addition to Ziglu’s sterling current account, is being introduced as COVID-19 related travel restrictions begin to ease, and will “save money for tourists, British ex-pats and business travellers in the Eurozone.”
Clients are able to open Euro accounts from October 1, 2021, and convert their cash from their sterling account “instantly” and at competitive exchange rates, “without any spreads, margins or commission added on,” the announcement noted.
Bank clients using most UK debit and credit cards in the Eurozone are “subject to a range of fees, including non-sterling transaction fees and non-sterling purchase fees, while customers converting pounds in to euros can be charged commission and margins on the exchange rates, as well as often receiving uncompetitive exchange rates,” the update clarified.
Ziglu clients need not carry a second card when using their Ziglu Mastercard debit card in the Eurozone, as it “automatically takes funds from their euro account and without applying any hidden charges,” the announcement noted. Ziglu clients are also able to “make fee-free instant euro payments to other Ziglu customers.”
The new account “expands the range of services from the fast-growing Fintech, which includes interest-bearing investment accounts alongside its sterling current account and curated selection of cryptocurrencies,” the update noted.
Ziglu aims to leverage its best pricing virtual currency expertise to provide improved solutions to the FX marketplace too, “starting with Euro.”
Mark Hipperson, Founder and CEO at Ziglu, stated:
“Using UK debit cards in the Eurozone can be extremely expensive, and the charges and commissions are hard to understand for customers and a massive profit for the banks that take advantage of them.”
“We set out to challenge the big banks and challenger banks at their own game, using the world of digital currencies to financially empower our customers. Our euro account is the latest example of this, and will ensure that our customers have a bit more money to spend as travelling in the Eurozone becomes easier.”
Ziglu reports steady growth in 2021 with its client base increasing 4x during the course of this year, and has recently “seen its latest £1 million crowdfund on Seedrs, the leading equity crowdfunding platform, oversubscribed in just 81 minutes – less than half the time of Ziglu’s previous crowdfund in September 2020, which ultimately raised more than £6 million and was Seedrs’ largest equity raise in 2020.”
The Fintech firm’s crowdfunding had launched on Monday, September 27, 2021 “in conjunction with a major Series A fundraise with venture capital firms, and will help drive the continued rapid expansion of the fintech.”
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