expat network

New Cross-Europe Online Bank Account Launches

ipagoo, a new online current account for consumers, has launched in the UK, France, Spain and Italy. By separating cash management from credit, ipagoo can offer real-time, cross-border transactions across Europe, available through a single relationship for the first time.

The new account, developed by the Orwell Group, is designed for everyone, but is particularly relevant to the growing number of consumers and businesses who live and transact internationally.

One of the key hurdles people face when they move abroad is the ability to set up a new bank account, which, with a traditional bank can take up to several months. Then users are left with multiple bank relationships and disjointed services from those banks, say Orwell.

Similarly, small and medium size businesses often face delays in getting banked in new markets and excessive costs as a result of their banking arrangements, which can seriously impact their ability to trade.

Through a single on-boarding process, individual or business customers can open and manage multiple current accounts across multiple countries in different currencies. Currently, ipagoo is available in the UK, France, Italy and Spain and will expand into Germany and then the rest of Europe over the next two years.

ipagoo customers can choose the account that is linked directly to their debit card and change it when it is convenient to do so –switching from a euro-based account to sterling, for instance.

Through a service known as ‘cash pooling’, account holders can also combine the money available in individual accounts into a pool and use the overall balance to make payments even if the nominated account has insufficient funds available.

The service costs £10 a month for individuals to use, and £15 for businesses.

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.