Ziglu expands with its new fee-free Dollar account

By Joy Dumasia

Ziglu is expanding its foreign exchange service with the launch of its market-leading fee-free US dollar account, helping tourists and business travellers to spend without being hit by currency exchange charges. It aims to save money for tourists, British ex-pats, and business travellers in the US and is an addition to Ziglu’s existing euro account, which launched last month.

Customers can open US dollar accounts and exchange money from their sterling account instantly and at highly competitive exchange rates, without any spreads, margins or commission added on. Travellers using most UK debit and credit cards in the US are subject to a range of fees, including non-sterling transaction fees and non-sterling purchase fees, while customers converting pounds into US dollars can be charged commission and margins on the exchange rates, as well as receiving uncompetitive exchange rates.

Ziglu customers do not need to carry an additional card in the US. The Ziglu Mastercard debit card automatically takes funds from their US dollar account without applying any spreads, fees or commissions. Ziglu customers can also make fee-free instant US dollar payments to other Ziglu customers. The US dollar account continues the expansion of the range of services from FinTech, which includes interest-bearing investment accounts alongside its sterling current account and a curated selection of cryptocurrencies.

Mark Hipperson, Founder and CEO of Ziglu, said: “Our focus is challenging the big banks and challenger banks in providing better transparency and value as the FX market largely remains a rip off for UK customers due to the high commissions, fees, spreads and hidden fees levied by many UK banks – we don’t think that’s fair and are so are addressing it.”

Recently, IBS Intelligence reported that UK-based banking and crypto app Ziglu has raised a record £7.19 million and closed its crowdfunding campaign early on leading crowdfunding platform Seedrs after a surge in investments.