Managing finances while travelling can be tricky at the best of times however there are now several banking apps available for savvy travellers looking to keep on top of their spending and ensuring their money is protected while abroad.
With mobile banking growing in popularity, so do the number of apps to choose from and Airport Parking and Hotels (APH.com) has compared the 10 most popular app services for travellers, available at www.aph.com/bankingapps.
Most mobile banks offer a standard free account with the option to upgrade to a premium monthly plan to receive more perks and benefits. Monzo, for example, offers a Standard Free plan with unlimited fee-free cash withdrawals in the EEA and the chance to earn 3.85% AER on travel funds with an Instant Access Savings pot. Monzo’s Max plan, charged at £17 per month, also offers three fee-free cash deposits, 4.35% AER on travel funds and a range of perks including an annual railcard, worldwide travel insurance and breakdown cover in the UK and Europe.
For travellers looking to have access to a number of different currencies in their account, Revolut was found to be the best offering 29+ currencies across all their plans and Travelex coming in second with 22 currencies. The remaining banking apps including Starling, Curve and Monese offer both GBP and Euros, with Starling also adding US Dollars and Monese including Romanian Leu, whereas Monzo only allow account holders to have GBP and are unable to convert balances into another currency.
When it comes to non-sterling transaction fees, most banking apps were found to charge the Mastercard exchange rate including Monzo, Starling, Currensea, FairFX however some will charge an additional transaction fee on top, including 2% with Monese and 1.99% with Revolut when not converted within the banking app.
Travellers looking to withdraw cash abroad, Starling is the best option allowing customers to spend and withdraw cash without any fees. Most of the other banking apps also offer fee-free cash withdrawals if it’s within the monthly allowance after which a fee is applied, with Revolut limiting customers to £200 or 5 withdrawals (whichever comes first) within a month on the Standard Plan and Monzo allowing unlimited in the UK and EEA, and £200 fee-free every 30 days elsewhere.
Nick Caunter, Managing Director of Airport Parking and Hotels (APH.com), said, “Digital savvy travellers are increasingly looking for ways to keep track of spending when on holiday and have immediate access to their account. Banking apps are an easy way to make payments when abroad and with a lot more choice now on offer, we hope the APH research helps showcase the most suitable app for travellers’ needs.”