The Caxton Account will offer a money transfer capability, and unlimited holding periods. The Account will work in tandem with Caxton’s upgraded Mastercard, controlled with a new smartphone app; the card can hold up to 15 major currencies, meaning a customer does not possess separate cards when travelling to different countries. The app enables users to check their balance and view statements, load and change currencies, block a lost or stolen card and request a forgotten pin.

“Until today, consumers wishing to open and hold a bank account in a different currency have been limited to separate accounts and sort codes,” Rupert Lee-Browne, Caxton FX’s chief executive said. “This is a great leap forward for anyone who wants simple currency banking. Forget ‘international transfers’ and start thinking about buying currency, sending it when it’s convenient for you, holding it if you want to. And having access to lots of currencies on a card, all controlled from an app.”