Tuesday, April 16, 2024

Ziglu Launches Market-leading Fee-free Euro Account

UK-based banking, exchange and investment app Ziglu is launching a market-leading fee-free euro account which enables tourists and business travellers to spend without incurring currency exchange charges.

The account, which is an addition to Ziglu’s existing sterling current account, is being launched as COVID-19 travel restrictions ease, and will save money for tourists, British expats and business travellers in the Eurozone.

Customers can open euro accounts from October 1st and convert cash from their sterling account instantly and at highly competitive exchange rates, without any spreads, margins or commission added on.

Bank customers using most UK debit and credit cards in the Eurozone are subject to a range of fees, including non-sterling transaction fees and non-sterling purchase fees, while customers converting pounds into euros can be charged commission and margins on the exchange rates, as well as often receiving uncompetitive exchange rates.

Ziglu customers do not need to carry a second card when using their Ziglu Mastercard debit card in the Eurozone, as it automatically takes funds from their euro account and  without applying any hidden charges. Ziglu customers can also make fee-free instant euro payments to other Ziglu customers.

The new account expands 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.

Ziglu is leveraging its best pricing digital currency expertise to now bring better solutions to the FX marketplace too, starting with Euro.

Mark Hipperson, Founder and CEO of Ziglu said: “Using UK debit cards in the Eurozone can be extremely expensive, and the charges and commissions are hard to understand for customers and a massive profit for the banks that take advantage of them.

“We set out to challenge the big banks and challenger banks at their own game, using the world of digital currencies to financially empower our customers. Our euro account is the latest example of this, and will ensure that our customers have a bit more money to spend as travelling in the Eurozone becomes easier.”

Ziglu has seen exceptional growth this year with its customer base quadrupling over the course of 2021, and has recently seen its latest £1 million crowdfund on Seedrs, the leading equity crowdfunding platform, oversubscribed in just 81 minutes – less than half the time of Ziglu’s previous crowdfund in September 2020, which ultimately raised more than £6 million and was Seedrs’ largest equity raise in 2020.

The crowdfund launched on Monday 27th September in conjunction with a major Series A fundraise with venture capital firms, and will help drive the continued rapid expansion of the fintech.

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