Starling Bank doubles up on currencies in its business card
In launching a new international account for its business clients, Starling Bank is converting the bank's debit card to support payments in either pounds or euros.
The digitally-focused, U.K.-based Starling Bank is providing the Business Euro Account and the app-controlled card to help those who do business across different countries.
The new products allow Starling Bank to counter European market competitors Revolut, a digital payments provider, and WeSwap, a digital currency exchange focusing on travelers.
“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," Anne Boden, CEO and founder of Starling Bank, said in a press release.
Business and personal customers need to open a Business Euro Account to begin using the dual currency card. Their existing debit card can be switched on through the app to operate in either pounds or euros, depending on the currency of the transaction.
With the new account, clients can transfer money from their business account to their euro account with a single tap in the app. Account holders will be charged a flat fee of £2 per month. Transfers into the account will be made at the prevailing exchange rate, plus a 0.4% fee on the transaction value.
“Businesses of all sizes have customers and suppliers spread across different countries," Boden said. "Our new account will make a huge difference to these kinds of business customers, who are regularly carrying out international transactions while operating on a tight budget."