Starling issues dual currency debit card

Starling issues dual currency debit card

Starling Bank has issued a dual currency debit card which enables users to pay for purchases in either pounds or euros.

The app-controlled card feature goes live on the same day as Starling launches its Business Euro Account.

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.

Business and personal customers need to open a Euro account to begin using the dual currency card. 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, says: “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."

Comments: (2)

A Finextra member
A Finextra member 30 October, 2019, 12:53Be the first to give this comment the thumbs up 0 likes

Is there really a customer need for this?  She same financial impact could be resolved by the issuer just taking in the transactions in Euro from the card clearing, convert them into GBP when entered into the cardholder account with a 0,4% currency conversion fee. Card schemes do not charge any currency conversion mark-ups since a number of years and why would you need to "buy Euros in advance" for card spending. Instead you should look for the debit card that gives you the lowest possible currency conversion mark-up. This service is also being regulated by the EU from April1, 2020, requiring full transparency from the payment provider rergarding conversion rate and mark-uP, which will put pressure on all card issuers and indeed acquirer DCC offers forcing down the mark-ups. 

Tapan Agarwal
Tapan Agarwal - Intellect Design Arena Ltd - London 04 November, 2019, 03:40Be the first to give this comment the thumbs up 0 likes

It probably is useful as a "multi currency account with a single debit card". Imagine a business which has sales across both Europe and UK. All the EUR collections can remain in the EUR account and GBP collections in the GBP acccount and the business owner carries only one debit card, The owner can convert from EUR to GBP when he/she feels the rate is good.

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