A new digital current account has been introduced to Europe in order to improve transactions across the continent.
The online service, titled ipagoo, is targeting customers who regularly travel around Europe, providing them with a quick and easy way to transfer and manage their funds whilst on the move. The service will allow travellers to set up a new bank account facilitating international payments – a process that can take several months at a traditional bank. Users of ipagoo will be able to create and manage multiple accounts across several countries with different currencies all at the same time, linking them to their debit or credit card if they wish.
The founder of ipagoo, Carlos Sanchez, created the service based on his own experiences of living in different countries in Europe, and having to set up new bank accounts each time he moved. He explained: “It would always take months for the banks to provide something that should be so straightforward.”
The launch follows criticism of the European payments industry for its lack of transparency over transaction charges.