Ziglu Expands With Market-leading Fee-free Dollar Account
UK-based banking, crypto, FX and investment app Ziglu is expanding its foreign exchange service with the launch of its market-leading fee-free US dollar account helping tourists and business travellers to spend without being hit by currency exchange charges.
The new account launches just a few weeks after the US reopened to double-vaccinated UK travellers on 8th November.. It is aimed at saving money for tourists, British expats, and business travellers in the US, and is an addition to Ziglu’s existing euro account, which launched last month.
Customers can open US dollar accounts and exchange money from their sterling account instantly and at highly competitive exchange rates, without any spreads, margins or commission added on.
Travellers using most UK debit and credit cards in the US are subject to a range of fees, including non-sterling transaction fees and non-sterling purchase fees, while customers converting pounds into US dollars can be charged commission and margins on the exchange rates, as well as receiving uncompetitive exchange rates.
Ziglu customers do not need to carry an additional card in the US, as the Ziglu Mastercard debit card automatically takes funds from their US dollar account without applying any spreads, fees or commissions – truly spending like a local. Ziglu customers can also make fee-free instant US dollar payments to other Ziglu customers.
The US dollar account continues the expansion of 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.
Mark Hipperson, Founder and CEO of Ziglu said: “Our focus is challenging the big banks and challenger banks in providing better transparency and value as the FX market largely remains a rip off for UK customers due to the high commissions, fees, spreads and hidden fees levied by many UK banks – we don’t think that’s fair and are so are addressing it. “
Ziglu has seen exceptional growth this year with its customer base quadrupling over the course of 2021 and has recently raised a record £7.19 million through crowdfunding platform Seedrs alongside a major Series A fundraise with venture capital firms to drive continued expansion.
The success of the crowdfunding campaign marks the second year in a row that Ziglu has ranked as Seedrs largest equity raise beating its own record of more than £6 million in 2020 which was the biggest equity raise of 2020 at Seedrs.
Ziglu offers customers access to Bitcoin, Bitcoin Cash, Cardano, Chainlink, Dogecoin, Ether, Litecoin, Polkadot, Solano and Tezos. Ziglu is regulated by the Financial Conduct Authority, as an Electronic Money Institution, and is also one of the world’s first cryptocurrency platforms to comply with the Anti Money Laundering and Counter Terrorist Financing standards set by Financial Action Task Force (FATF), implemented in over 200 jurisdictions. As with any investment, capital is at risk.
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