Starling Bank, a U.K.-based digital bank, announced a business euro account and has gone live with a dual currency account that allows business and personal customers to spend directly in euros or British pounds from the same debit card.
In order to start using the new Euro Card feature, business and personal account holders must open a euro account. The existing debit card can be switched on inside the app to operate in either pounds or euros.
Founder and CEO Ann Boden said the new features go a long way towards making Starling Bank a truly international, 24/7 service.
“A single card that can buy things in both euros and pounds is long overdue and something we know our customers will value both in their personal and business lives,” Boden said in a company release. “Businesses of all sizes have customers spread across different countries. Our new business euro account will make a huge difference to these type of business customers, who are regularly carrying out international transactions whilst operating on a tight budget.”
Starling said the new account will help its 77,000 business customers conduct transactions across the Euro zone and help reduce currency exchange costs. The business account is designed to help customers that need to do the following:
- Pay overseas suppliers.
- Get payment from customers in the Euro zone.
- Rent out European property as a business.
- Get payment for services in euros as a self-employed contractor.
For customers that conduct a lot of business in euros, the account also helps reduce rate exchange risk, according to the bank. The company notes that unlike similar products from other banks there are no fees for euro-to-euro transactions.
Both new and existing Starling business account holders can open a business euro account and customers can transfer funds from their business account to their business euro account with a single tap on the mobile app.
A monthly charge of two British pounds ($2.58) per month will be charged for the business euro account and transfers to the account are made at the prevailing rate, plus a 0.4% fee.
Lastly, Starling said it is extending its international currency transfer service to weekends, allowing customers using the Starling app to convert currency 24 hours a day, seven days a week.
Cover image: Starling.
Topics: Mobile Apps, Mobile Banking, Region: EMEA
Sponsored Links: