Nomo, the world’s first fully digital Sharia-compliant cross-border bank, has announced the launch of their new multi-currency accounts, allowing customers to hold, spend and send their money in 6 different currencies – GBP, USD, EUR, KWD, AED and SAR. The new accounts help customers to avoid exchange fees at the checkout and when sending money, enabling a convenient and secure digital payment solution.
The digital division of the Bank of London and The Middle East (BLME), and backed by Boubyan Bank, Nomo simplifies international banking services for GCC customers.
Abdullah Al-Tuwaijri, BLME’s Board Member, stated: “This launch complements Nomo Bank’s strategy of continuously enhancing its core digital business. Our customers can now access banking experiences through the best digital solutions suited to their lifestyle.”
He continued: “The new multi-currency account from Nomo allows customers to perform their transactions in six different currencies, which are all linked to one card, thus offering a comprehensive banking solution allowing customers to use it instead of carrying several banking cards or cash at hand.”
As a digital-only bank, Nomo leverages technology to create efficiency and a world-class banking experience for customers in comparison with traditional legacy financial institutions. The bank’s multi-currency accounts are designed for frequent travellers, people studying and working abroad, and investors with international assets who require a fast, safe, and affordable way to often send and receive money across borders.
All Nomo customers can open new currency accounts in seconds and exchange money instantly with competitive market rates. All new currency accounts are automatically linked to the Nomo debit card and Apple Pay, which can be used globally with no international card fees.
Since its launch in 2021, Nomo Bank has become a popular international payment method for Kuwaiti customers spending time in the UK, with fee-free spending and transfers in GBP. As a result of new currencies launching, customers can now pay in the local currency in over 25 countries across Europe, the Middle East and the Americas, avoiding the high fees often associated with paying in foreign currencies.
“The new currency accounts will strengthen Nomo’s status as a truly international digital banking proposition, serving as the primary international bank account for many of our customers,” Sean Gilchrist, CEO, Nomo Bank, said. “Our focus is to let customers pay in the local currency with ease, and conduct cross-border transactions without high fees eating away at the money being sent.”
With cross-border payments topping USD 390 billion in 2022, consumers are constantly on the lookout for transfer providers offering low fees, to ensure that as much of the transfer arrives with the recipient instead of being lost in fees.
Nomo is aiming to disrupt the GCC transfer market by offering international spending and transfers in the local currency, as well as fee-free transfers to GBP bank accounts – ideal for customers with offshore investment portfolios looking to send and receive money with low fees.
“With the recent launch of our property finance offering, multi-currency accounts will play an important role for customers with overseas property portfolios,” Mr Gilchrist added. “Whether it’s transferring a down payment, paying maintenance fees or collecting rent, low-cost transfers can be very important to investors.
“Nomo’s mission is to make international banking, investments and property finance accessible to customers who seek global market access and a world-class financial services experience. By reimagining banking for customers from the Middle East, we are creating opportunities for affluent customers who seek international banking solutions underpinned by easy-to-use technology.”
As a UK-licensed bank, every Nomo user is protected by the Financial Services Protection Scheme.