Ziglu launches a new fee-free Euro account

By Joy Dumasia

Ziglu is launching a market-leading fee-free euro account which enables tourists and business travellers to spend without incurring currency exchange charges. The account, which is an addition to Ziglu’s existing sterling current account, is being launched as COVID-19 travel restrictions ease and will save money for tourists, British expats and business travellers in the Eurozone.

Bank customers using most UK debit and credit cards in the Eurozone are subject to a range of fees, including non-sterling transaction fees and non-sterling purchase fees, while customers converting pounds in to euros can be charged commission and margins on the exchange rates, as well as often receiving uncompetitive exchange rates.

Ziglu customers do not need to carry a second card when using their Ziglu Mastercard debit card in the Eurozone. It automatically takes funds from their euro account without applying any hidden charges. Ziglu customers can also make fee-free instant euro payments to other Ziglu customers.

The new account expands the range of services from the fast-growing FinTech, including interest-bearing investment accounts alongside its sterling current account and a curated selection of cryptocurrencies. Ziglu is leveraging its best digital currency expertise to bring better solutions to the FX marketplace, starting with Euro.

Mark Hipperson, Founder and CEO of Ziglu, said: “Using UK debit cards in the Eurozone can be extremely expensive, and the charges and commissions are hard to understand for customers and a massive profit for the banks that take advantage of them. We set out to challenge the big banks and challenger banks at their own game, using the world of digital currencies to financially empower our customers. Our euro account is the latest example of this, and will ensure that our customers have a bit more money to spend as travelling in the Eurozone becomes easier.”

IBS Intelligence reported that UK-based money app Ziglu has seen its £1 million crowdfund oversubscribed in just 81 minutes, beating its previous record of three hours on Seedrs, the leading equity crowdfunding platform.