Starling Bank launches dual currency debit card
The challenger bank allows all account holders to apply for a euro account, which is free for personal customers and £2 a month for business customers.
The euro account is aimed at people who regularly send or receive payments in euros. For example, self-employed people with European clients or people who work in the UK but are paid in euros.
Users can spend from their euro account using their existing debit card so do not need to request a replacement.
To switch to your euro account you will need to activate ‘currency controls’ using the app.
Starling will then determine which account should be debited based on the currency that transaction is in. Euro transactions will come from your euro account, including cash withdrawals, while non-euro transactions will continue to come from your sterling account.
Anne Boden, chief executive and founder of Starling Bank, said: “A single card that can buy things in both euros and pounds is long overdue and something that we know our customers will value both in their personal and business lives.”
Starling has also launched a business euro account, which charges no fees for euro to euro transactions.
Andrew Hagger of finance specialists Moneycomms, said: “For businesses operating in European markets and for consumers who travel frequently or perhaps have a holiday home in Europe, this will be a welcome and popular innovation.
“It’s great to see the fin tech (fintech is one word) savvy challenger banks such as Starling recognising and solving financial issues faced by customers – coming up with simple yet smart radical solutions.
“The costs for these services look to be good value particularly when you realise how much simpler it will make life for those who frequently need to spend in both currencies.”