UK: Thomas Cook Money to launch new bank Sumo

Thomas Cook Money has partnered with Ferratum, one of Europe’s largest digital lenders, to launch a new app only bank designed to help consumers manage their holiday and travel finances.

The banking app, which will be operated by Ferratum and called Sumo, will include a fee-free multi-currency account that will allow users to store up to seven different currencies simultaneously.

The account will also come with an ‘intelligent’ debit card that will be able to identify the local currency and pay in that currency, without incurring any charges for transactions. The account will offer 4 fee-free ATM withdrawals each month.

Sumo will also offer savings accounts, including both regular savers and fixed-term savings accounts. These accounts will include features to help consumers save for and spend on their holiday, including the ability to set up automatic savings plans and send money to family and friends via SMS.

Sumo launched in Sweden in late 2017 and is expected to launch in the UK in early 2018.

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