Nomo, a fully digital Sharia-compliant cross-border bank, launches new multi-currency account, allowing customers to hold, spend and send money in 6 different currencies – GBP, USD, EUR, KWD , United Arab Emirates dirham and Serbia.
The new account helps customers avoid exchange fees at checkout and money transfers, enabling a convenient and secure digital payment solution.
The digital arm of the Bank of London and Middle East (BLME), backed by Boubyan Bank, Nomo simplifies international banking for GCC clients.
Abdullah Al-Tuwaijri, BLME board member, said: “This launch complements Nomo Bank’s strategy to continuously strengthen its core digital business. Our customers can now enjoy their banking experience through the best digital solutions that fit their lifestyle.”
He continued: “Nomo’s new multi-currency account allows customers to transact in six different currencies, all linked to a single card, providing a comprehensive banking solution that allows customers to use it instead of carrying Multiple bank cards or cash in sight.”
As a purely digital bank, Nomo leverages technology to create efficiencies and a world-class banking experience for customers compared to traditional traditional financial institutions. The bank’s multi-currency accounts are designed for frequent travelers, those studying and working abroad, and investors with international assets who need a fast, secure and affordable way to frequently send and receive money across borders payment.
All Nomo customers can open new currency accounts in seconds and exchange currencies instantly at competitive market rates. All new currency accounts are automatically linked to the Nomo debit card and Apple Pay and can be used worldwide with no international card fees.
Since its launch in 2021, Nomo Bank has become a popular international payment method for Kuwaiti customers during their stay in the UK, allowing them to spend and transfer money in British pounds for free. Thanks to the launch of the new currency, customers can now pay in local currencies in more than 25 countries in Europe, the Middle East and the Americas, avoiding the high fees usually associated with paying in foreign currencies.
“The new currency accounts will strengthen Nomo’s position as a truly international digital banking operation, becoming the primary international bank account for many of our customers,” said Sean Gilchrist, CEO of Nomo Bank. “Our focus is on making it easy for customers to pay in their local currency and transact across borders without paying high fees that erode funds being sent out.”
With cross-border payments set to exceed $390 billion by 2022, consumers are constantly looking for low-fee money transfer providers to ensure that as many transfers as possible reach the recipient, rather than being lost in fees.
Nomo aims to disrupt the GCC transfer market by offering international spending and transfers in local currency, as well as free transfers to GBP bank accounts – ideal for customers with offshore portfolios looking to send and receive money at low fees.
“With our recently launched property finance product, multi-currency accounts will play an important role for clients with overseas property portfolios,” Gilchrist added.
“Whether transferring a down payment, paying maintenance, or collecting rent, low-cost transfers are important to investors. Nomo’s mission is to provide international banking, investing and Real estate financing services. By reimagining banking for clients in the Middle East, we are creating opportunities for affluent clients looking for easy-to-use technology-based international banking solutions,” he added.
As a UK licensed bank, every Nomo user is covered by the Financial Services Protection Scheme. – trade arab news agency