Thomas Cook launches banking app
Thomas Cook Money has launched a banking app to help customers save for their holidays and manage their spending overseas.
Sumo, which will be made available to UK holidaymakers next year, allows users to set up a fee-free multi-currency account that includes a contactless debit card.
The card allows customers to pay for goods at home and overseas without incurring transaction charges. They can also make four fee-free cash withdrawals at home and overseas every month.
Sumo also has a range of regular and fixed-term savings accounts and an in-built savings tool enables customers to set up weekly or monthly savings. Once they have reached their savings target, they can click through to the Thomas Cook website to book their holiday.
The Sumo app supports seven currencies, including euros and sterling, and savers can exchange their money when the rates are most favourable.
Available initially in Sweden, it will be rolled out to other markets including the UK next year.
In Sweden, customers can use the app to apply for an overdraft facility and to transfer money to family and friends via SMS.
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."
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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