Thomas Cook Money has created a mobile banking app designed for holidaymakers to save cash and dodge transaction fees.
In a collaboration with Finnish fintech firm Ferratum Group, Sumo is designed to simplify the way holidaymakers plan and save for their travels and manage their spending when overseas.
Sumo will initially be available in Sweden, but is due to roll out in the UK in 2018.
Customers can set up a fee-free multi-currency account that comes with a contactless debit card which automatically identifies the local currency and completes withdrawals without additional transaction fees – which are often around £3 but can be higher.
Savings accounts, both regular and fixed-term are also available for people to save for their holidays through weekly or monthly savings plans. Once they’ve reached the value of their holiday, they can pay from their card via the Thomas Cook holiday booking engine.
The Sumo app, which Cook claims is the first of its kind, can be set up in less than ten minutes, supports seven currencies including Euros and Sterling and allows four fee-free ATM withdrawals per month.
As part of the sign-up process, eligible customers will be able to apply for an industry standard overdraft facility up to a maximum of 20,000 SEK (Swedish Krona). This will allow customers to dip into additional funds via the app, to top up their holiday spending while managing their budget.
Customers can send money to friends and family via SMS to cover shared holiday expenses.
Anth Mooney, managing director of Thomas Cook Money, said: “We know holidays are a big investment which is why we’ve designed a service that makes it as easy as possible for our customers to plan and save all year round for their weeks in the sun and to spend their money on holiday with confidence.
“Sumo has all the security and services customers should expect of a traditional bank account, but because it has been designed with holidaymakers in mind, it includes some great added extras, from removing foreign loading fees on card transactions to offering four fee-free ATM withdrawals at home and overseas per month.”
Jorma Jokela, founder and CEO of Ferratum Group, said: “We’ve built a mobile bank to ensure the customer experience is super quick and easy, while giving customers all the features they need to live their life on the move. With consumer expectations evolving at speed, the platform approach ensures that our ecosystem can always provide relevant features and services.”