APH.com highlights best banking apps for overseas travel

Managing finances while travelling can be tricky but there are now several banking apps available for savvy travellers to keep a handle on spending and protect their money while abroad.

As mobile banking grows in popularity, so do the number of apps to choose from.

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 for access to different currencies in their account, Revolut was found to be the best, offering 29+ currencies across all their plans with Travelex coming in second with 22 currencies.

Other banking apps including Starling, Curve and Monese offer both GBP and Euros, with Starling also adding US Dollars and Monese including Romanian Leu.

Monzo only allows 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.

Monese charges 2% and it is 1.99% with Revolut when not converted within the banking app.

For 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.

Monzo allows unlimited withdrawals in the UK and EEA, and £200 fee-free every 30 days elsewhere.

Nick Caunter, MD of Airport Parking and Hotels 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, we hope the APH research helps showcase the most suitable app for travellers’ needs.”

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