Denizen, a banking platform backed by BBVA’s New Digital Businesses unit, has launched a new borderless bank account for expat banking, enabling customers to receive money in one country and pay it out in another immediately – avoiding transfer and currency exchange fees.

Denizen notes that country-specific regulations, currencies and settlement times are halting the free flow of money around the world, which in turn results in additional time, stress and fees for consumers. The firm’s new offering offers zero foreign exchange fees and no bank-owned ATM fee debit card.

Joaquin Ayuso de Paul, co-founder and CEO of Denizen, commented: “National borders act as barriers to the free movement of money, inhibiting individuals and limiting the potential for global commerce.

“Denizen is on a mission to simplify banking for global citizens,” he continued. “By delivering the world's first truly borderless account, we make it easy for anyone to access the financial system from anywhere, then carry it with them as they move for work or travel.”

Ian Ormerod, general manager of New Digital Businesses at BBVA, added: “As someone who has lived and worked in a number of countries globally, I know first-hand how difficult it is to manage money across borders. Denizen solves a very significant problem for more than 50 million expats and 250 million migrants.”

The service is currently available to expatriates living in Spain and the United States, with expansion across Europe planned for 2018.

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