Denizen, a Silicon Valley start-up, backed by BBVA is launching an account that will have no fees attached for account holders making global transactions.
It will be world’s first fee-free cross-border account. TransferWise already offer borderless accounts but there are charges attached to them.
By simplifying banking at the account level for global citizens, Denizen can improve time and cost savings for individual wire transfers, remittances, payments and more through a single solution.
Joaquin Ayuso de Paul, CEO of Denizen, stated: “National borders act as barriers to the free movement of money, inhibiting individuals and limiting the potential for global commerce. Denizen is on a mission to simplify banking for global citizens. By delivering the world’s first truly borderless account, we make it easy for anyone to access the financial system from anywhere, then carry it with them as they move for work or travel.”
Ian Ormerod, head of new digital businesses at BBVA, said, “As someone who has lived and worked in a number countries globally, I know first-hand how difficult it is to manage one’s money across borders. Denizen solves a very significant problem for more than 50 million expats and 250 million migrants. ”
A Denizen account offers a no FX fee and no bank-owned ATM fee debit card, and features a mobile app.
Targeting mostly expats, Denizen provides a solution for anyone that has to manage finances across country borders. The service is set to expand further in 2018, adding as many as ten European Union countries in the second half of the year.