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Starling begins preparations for European banking licence

Theo Osborn | 13:03 Monday 4th February 2019

Starling Bank has confirmed that it has begun preparations to apply for a full European banking licence.

Anne Boden, CEO at Starling (pictured above), is in Dublin today (4th February) to start the process.

The mobile bank is currently passporting its banking licence into Ireland to provide products to customers in the country.

It recently announced that it would be establishing a subsidiary in the country before moving into other markets in Europe.

This comes as the mobile bank launches euro accounts, which will allow customers to hold, send and receive euros for free.

The accounts have been designed for UK residents who have a variety of needs, including European expats living in the UK, people who travel frequently to and from eurozone countries and those who have family and friends living in Europe.

The accounts will offer the same money management tools as Starling’s app, but not overdrafts or loans.

Later this year, Starling’s personal account debit cards will be enabled to work with the euro account.

Customers must have a Starling personal current account to open a euro account.

“Whatever happens with Brexit, the UK will always retain strong ties with Europe,” said Anne.

“The first phase of our euro accounts offer is a landmark moment as Starling sets European expansion in its sights for 2019.

“With no extra costs or lengthy, burdensome sign-up process, our customers can bank across the eurozone quickly through their smartphones.

“Soon, we will have debit cards for the account, taking us one step further down the path of bringing the Starling experience to people living outside the UK.”

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