The app offers customers a new concept of banking and allows them, for the first time, to open multi accounts in different countries and send money across the world instantaneously. The simple task of setting up a new current account abroad can take up to several months with high street banks; it now takes just minutes with ipagoo.

The innovative mobile banking app has been designed for everyone but particularly benefits:
• Brits who own a second home in Europe
• British expats who send money back to the UK
• People who want to manage multiple current accounts across Europe. ipagoo is ideal for the 25 million people that travel around Europe
• Foreign students in the UK / Europe
• Parents who want to help their children with financial education / learn about money

ipagoo owned by the Orwell Group*, allows customers to open several accounts in multiple countries and banks as if they were primary residents of those countries - without having to have proof of address in those jurisdictions, which is the main barrier for people wishing to open a traditional bank account in a new country.

Turning the traditional model of banking on its head, ipagoo has a very simple and clear fixed pricing structure very similar to the pay monthly “Netflix model”. Customers pay a fixed fee of £5 per month which includes one current account, one debit card, three faster payments per month, unlimited free transfer between ipagoo accounts even in different countries or currencies that allows you to transact across Europe instantly.

Similarly sending money abroad can take several days to clear with traditional banks; ipagoo makes it an instant process, possible in just three clicks. ipagoo customers who live abroad - can have multiple accounts in multiple countries. ipagoo allows UK customers to hold as many accounts as they like in France, Italy and Spain with further countries to follow later this year.

Carlos Sanchez, CEO and co-founder of ipagoo said: “Physically it is relatively easy to travel around Europe. Financially it gets tricky if you want to spend money in multiple countries. This is made even more complicated if you have to pay bills, a mortgage or send money abroad. With so many people owning second homes abroad or sending money back to the UK, we believe ipagoo could be a godsend for them.

“ipagoo is a unique app with a clear charging structure. It has been designed to make spending and sending money abroad easy and instant. It minimises the impact of exchange rate fluctuations as you can hold money in different currencies. **25 million people from the UK travel to Europe every year yet people still have to pay exorbitant charges to use their card or send money abroad. We have created an easy-to-use app to help break down some of the barriers to international banking and help UK customers to transact in France, Spain and Italy with ease. The main barrier for people wishing to open a traditional bank account in a new country is having proof of address - ipagoo has taken that barrier away.”

ipagoo challenges the concept of a traditional bank as it exists in app form and doesn’t offer borrowing or overdraft facilities, encouraging better financial behaviours - customers can only spend the money that is available in their accounts.

It has checks and balances in place helping parents to teach their children to spend money wisely whilst still retaining overall control over how much their offspring spend and how they spend it. ipagoo’s controls include approved purchase and limitation on how much of a balance can be withdrawn in cash.

Sanchez added: “ipagoo is a revolutionary borderless mobile banking app and a real alternative for national clients or those with an international lifestyle who want to stay away from traditional banks. In creating and designing ipagoo it was very important to us to challenge the traditional model of banking. We wanted to create mobile banking roaming, exactly like telecom companies; the vision of ipagoo is to offer one global operator. Not only is ipagoo turning banking on its head by removing geographical borders but we are also striving to provide an accessible, transparent service that encourages good financial behaviour.

“We believe that ‘non banks’ such as ipagoo that create new banking models and disrupt the market are the future - and ipagoo has a key role to play in democratising the banking landscape and offering competitive products as identified by both ***Deloitte and Barclays in recent reports.”

ipagoo doesn’t invest or lend client money like high street banks. It segregates customers’ money in line with regulatory requirements ensuring it is separate and isolated. Further developments to ipagoo will be announced later this year.