Denizen launches global banking account
Denizen Financial in March 2018 unveiled its global, border-less account for expat banking which allows customers to receive money in one country and pay it out in another immediately.
This avoids international transfer fees and eliminates currency exchange fees. Designed for mobile populations, the Denizen global banking platform makes managing finances across borders fast, easy and more affordable.
Expats, immigrants, and frequent world travelers are often forced to maintain multiple accounts across countries, and then transfer money between them to pay bills, deposit payments, and more. This results in significant fees and even delays access to funds. Country-specific regulations, currencies and settlement times effectively halt the free flow of money around the world. This results in additional time, stress and fees for world travelers, expats, immigrants and other global populations.
The global account is the first product in a planned family of Denizen solutions designed to eliminate the cost, uncertainty and hassle of international banking today. A Denizen account offers a no FX fee and no bank-owned ATM fee debit card and features a mobile app for on-the-go money management.
Denizen is currently available to expatriates living in Spain and the United States. The service is set to expand in 2018, adding as many as ten top European Union countries in the second half of the year as well as the United Kingdom. Denizen will also continue to expand its product lineup with new credit and banking solutions.
Behind the scenes
Banking services in the U.S. are provided by BBVA Compass Bank, of Birmingham, Alabama, a subsidiary of the Spanish multinational Banco Bilbao Vizcaya Argentaria (BBVA); in the E.U., they are provided by Wirecard Bank, from Munich, Germany.
Denizen’s initial funding round was provided by BBVA’s New Digital Businesses unit, which is incubating startups in its Silicon Valley-based fintech lab in an effort to foster disruption in the banking sector and learn from those innovating the future of financial services.