Mobile banking app, ipagoo, is now available to customers in the UK. The iPhone and Android offering, which is pitched at expats, travellers and foreign students, allows customers to open several accounts in multiple countries and banks as if they were primary residents of those countries, without needing proof of address. UK customers can hold as many accounts as they like in France, Italy and Spain with further countries to follow later this year.

ipagoo, owned by London-based Orwell Group, has a fixed pricing structure. Customers pay a fee of £5 per month which includes one current account, one debit card, three faster payments per month, and unlimited free transfer between ipagoo accounts in different countries or currencies. The venture doesn’t offer borrowing or overdraft facilities; people can only spend the money that is available in their accounts.

Carlos Sanchez, CEO and Co-Founder, ipagoo says: “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 is to offer one global operator. Not only are we 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 we have a key role to play in democratising the banking landscape  and offering competitive products as identified by both Deloitte and Barclays in recent reports.”

by Scott Thompson
Scott is Senior Editor at IBS Intelligence. You can follow him on Twitter and contact him at: Scott.Thompson@ibsintelligence.com
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