Starling Bank has taken the wraps off a new Euro Account offering as it begins preperations for life after Brexit.
The move by the UK challenger comes as it works to apply for an Irish banking license as a gateway to European expansion.
Starling says the fee-free account will be attractive to European expats living in the UK and UK citizens on the continent who are paid in euros, or those who need to make regular payments in euros.
The bank says thousands of customers have already signed up for the new account on a waiting list which has been open since September.
Euro Account holders will initially be able to hold, send and receive payments in euros. Later this year, Starling personal account debit cards will be enabled to work with the Euro Account.
Once it’s open, users will be able to transfer money from their personal account to their Euro Account with just one tap. Transfers into the account will be made at real market exchange rate with no markup.
Anne Boden, CEO of Starling Bank, says: “Whatever happens with Brexit, the UK will always retain strong ties with Europe. The first phase of our Euro Accounts offer is a landmark moment as Starling sets European expansion in its sights for 2019.”