Mobile banking service Lunar Way fearless for feeless travel
Denmark-based mobile banking service Lunar Way has launched its travel card – and the chance to experience the world without fees.
Its newest feature, called the Lunar Way Travel Card, is its attempt to stand out in a world of roaming charges.
Lunar Way says: “One area where the consumer has always been stung is when traveling abroad. The mobile phone industry is currently undergoing a huge change. Governing bodies have declared roaming charges to be unnecessarily high, and with some of you currently being charged up to 4% in transaction fees. We believe traditional banking has the same issue.”
It says currently many banks charge ATM fees, exchange fees and transaction fees. With its new card prepaid multi-currency Mastercard, users can change the currency of their card from within the Lunar Way app. This means no more exchange fees. Users can switch currency between EUR, GBP, USD, SEK and NOK.
The waiting list is now open on its website. The card will then be available in September.
Lunar Way launched last year with a local partner, Københavns Andelskasse (Copenhagen Cooperative Bank). Lunar Way is itself not a bank, but is a provider of digital financial services, similar to Simple or Moven. Its model is to partner with established banks (that have banking licences).
However, a few months after that, Nykredit, Denmark’s largest mortgage provider, invested in Lunar Way to become its new banking partner and replace Københavns Andelskasse.
At that time, Mark Dissing Bækgaard, head of marketing and communications at Lunar Way, told Banking Technology: “We’ve been very happy to work with Københavns Andelskasse. They wanted to build a platform and learn what they could offer to fintech start-ups and we needed a good start to launch our partner-bank model.”
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