Starling Bank, the leading UK digital bank, has made its debit card smarter, giving business and personal customers the power to spend directly in pounds or euros with a single debit card.
The dual currency card feature goes live on the same day as Starling launches its Business Euro Account. 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 ideal for small businesses that want to:
- Pay overseas suppliers
- Receive payment from customers in the Eurozone
- Rent out European property as a business
- Receive payment for services in euros, as a self-employed contractor
For those who conduct a lot of business in euros, the new Starling account can also help to reduce exchange rate risks, and unlike similar offerings on the market with other banks, there are no fees for euro to euro transactions.
The Business Euro Account is available to both new and existing Starling business account customers. Once it’s open, they can transfer money from their business account to their euro account with a single tap in the app. Customers 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).
In another new development, Starling is now extending its international currency transfer service to weekends, so customers can convert currency via the Starling app instantly, 24/7. This new feature will give users greater flexibility and peace of mind should they need euros in an emergency.
Because currency markets don’t operate on weekends Starling will calculate an exchange rate that takes into account the risk of currency fluctuations. Customers will always see the exchange rate before the conversion is made, so will have the option to wait until Monday morning.
To start using the new Euro Card feature Starling account holders, both business and personal, must open a Euro Account. Their existing debit card can be switched on (in-app) to operate in either pounds or euros, depending on the currency of the transaction.
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 we know our customers will value both in their personal and business lives.
“Businesses of all sizes have customers and suppliers spread across different countries. Our new Business Euro Account will make a huge difference to these kinds of business customers, who are regularly carrying out international transactions whilst operating on a tight budget.
“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.”
