The new app, Sumo, is aimed at helping the holidaymakers to plan, save and manage their spending for their travelling when overseas. Initially available in Sweden, the app allows the customer to set up a fee-free multi-currency account, coming with an intelligent contactless debit card.
The app can automatically identify the local currency and allow users to pay, as well as withdraw cash without incurring transaction charges or paying additional fees. Sumo support seven currencies and allows the user to save money in multiple currencies. Furthermore, users can make four fee-free ATM withdrawals at home and overseas per month.
The two companies plan to add new functionalities to the platform over time; the app is expected to be available in the UK and other markets from 2018.
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