Dual currency card feature pits Starling against Revolut and WeSwap.
Starling’s business and personal customers have, until now, been able to hold Euros in their separate Starling Euro Accounts, but spending their Euros has been another story… until today.
This morning Starling unveiled a new feature to quickly let account holders convert their existing Starling debit card into a euro debit card with only a few taps.
The feature works by letting the card detect the currency being used, and automatically switching between either Pounds or Euros.
“A single card that can buy things in both Euros and Pounds is long overdue and something that we know our customers will value both in their personal and business lives,” said Starling’s CEO Anne Boden.
The auto-switching between Pounds and Euros puts Starling’s Euro Accounts up against Revolut and WeSwap in the holiday travel market, letting you hold foreign currencies at better exchange rates and then spend these while abroad.
Today Starling is also launching a premium Business Euro Account (to mirror its existing Personal Euro Account) at a £2/month cost that lets its 77,000 business customers operate in both currencies seamlessly.
Starling’s currency conversion feature, which lets customers convert currency between their Pound and Euro accounts, is also being extended to operate over the weekends, giving the ability to convert seven days a week.
For weekend conversions Starling says it will calculate its own exchange rate “that takes into account the risk of currency fluctuations” as currency markets don’t operate over the weekends.
“Businesses of all sizes have customers and suppliers spread across different countries,” said Boden.
“Our new Business Euro Account will make a huge difference to these kinds of business customers, who are regularly carrying out international transactions whilst operating on a tight budget.”