Digital Islamic bank Nomo launches multi-currency accounts

Nomo, the digital Sharia-compliant cross-border bank, has announced the launch of its new multi-currency accounts, allowing customers to hold, spend and send their money in six 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.

With the ‘Send money to a mobile contact’ feature, you can send money to any Nomo user on your contact list, no matter where they are.

It’s fast, easy and fee-free.
#NomoTransfers pic.twitter.com/ECVe6TcQoq

— Nomo (@nomo_bank) March 2, 2023

As a digital-only bank, it leverages technology to create efficiency and an innovative 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.

Abdullah Al-Tuwaijri, BLME’s board member, stated: “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.”

All Nomo customers can open new currency accounts and exchange money instantly with competitive market rates.

All new currency accounts are automatically linked to our debit card and Apple Pay, which can be used globally with no international card fees.

Nomo since 2021

Since its launch in 2021, the 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 the recent launch of our property finance offering, multi-currency accounts will play an important role for customers with overseas property portfolios,” Gilchrist added.

“Whether it’s transferring a down payment, paying maintenance fees or collecting rent, low-cost transfers can be very important to investors.

“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-licenced bank, Nomo’s user’s are protected by the Financial Services Protection Scheme.

In other news, in January 2023, Dubai Investments, a Dubai-listed entity, has acquired 9 per cent of Monument Bank Limited, a UK-based digital lender.

Monument Bank is focused on the overlooked ‘mass affluent’ segment in the UK, Dubai Investments said in a statement.

The bank aims to offer core banking and other related services, and optimise time by leveraging digital capabilities to expand globally.

The value of the deal remains undisclosed.

Monument Bank’s property investment lending and savings products use in-app capabilities for client interactions. The bank is currently working on a broader suite of products and services that can help facilitate customers, both in the UK and globally. The lender is regulated by the Financial Conduct Authority (UK) and the Prudential Regulation Authority (UK)

Read: Dubai Investments acquires 9% stake in UK-based digital bank