New Products
Coutts Launches Multi-Currency Debit Card With Zero Fees
The RBS-owned firm's latest offering caters to its increasingly-transient client base.
Coutts, the UK private
bank, has launched a multi-currency debit card in a bid to better
serve its transient client base.
In what the bank believes to be a world first, its latest
offering enables all of Coutts' 76,000 clients to link their
existing debit card to a maximum of 19 different currency
accounts. As a result, when a client is travelling overseas, they
can use a single debit card and the funds will automatically be
debited from the relevant linked currency account, Coutts said in
a statement. Additionally, no conversion charges will apply and
the debit card will perform just as a locally-issued bank card
would.
The Royal Bank of
Scotland-owned firm decided to launch the card following
feedback from clients after they were asked what they were
looking for in a private bank. Coutts' clients lead increasingly
international lifestyles and often have second homes, with the
bank's ultra-high net worth clients travelling as much as 24
times a year. Some of these clients were accumulating fees
that could run into the thousands.
“We worked closely with Visa to deliver this new product and we
continue to invest in digital products and services that reflect
the complex and international lifestyles nature of our clients,”
said Stuart Newey, head of UK banking, adding: “This is another
example of us gearing our services based on what our clients say
they want. We launched this last week and already more than 1,000
clients have signed up and we will be looking to expand the range
of currencies available over the coming months.”