Nomo Launches Multi-Currency Accounts and Cards for Global Transactions

Nomo, the world’s first fully digital Sharia-compliant cross-border bank, has launched its new multi-currency accounts, allowing customers to hold, spend and send their money in 6 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), backed by Boubyan Bank, Nomo simplifies international banking services for GCC customers.

Mr. Abdullah Al-Tuwaijri, BLM’s Board Member, stated: “This launch complements Nomo Bank’s strategy of continuously enhancing its core digital business. Our customers can now access banking experiences through the best digital solutions suited to their lifestyle.”

He continued: “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.”

As a digital-only bank, Nomo leverages technology to create efficiency and a world-class customer banking experience compared to traditional legacy financial institutions. The bank’s multi-currency accounts are designed for frequent travelers, 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.

All Nomo customers can open new currency accounts in seconds and exchange money instantly with competitive market rates. All new currency accounts are automatically linked to the Nomo debit card and Apple Pay, which can be used globally without international card fees.

Since its launch in 2021, Nomo 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 local cash 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 of Nomo Bank, said. “Our focus is to let customers pay in the local currency easily, and conduct cross-border transactions without high fees eating away at the money being sent.”

With cross-border payments topping USD 390 billion in 2022, consumers are constantly looking for low-cost transfer providers to ensure that as much of the transfer arrives with the recipient instead of being lost in fees.

Nomo aims to disrupt the GCC transfer market by offering international spending and transfers in the local currency and fee-free transfers to GBP bank accounts – ideal for customers with offshore investment portfolios looking to send and receive money with low fees.

“With the recent launch of our property finance offering, multi-currency accounts will play an important role for customers with overseas property portfolios,” Mr. Gilchrist added. “Whether transferring a down payment, paying maintenance fees, or collecting rent, low-cost transfers can be critical to investors.

“Nomo’s mission is to make international banking, investments, and property finance accessible to customers who seek global market access and a world-class financial services experience. 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-licensed bank, every Nomo user is protected by the Financial Services Protection Scheme.