Thomas Cook Money has collaborated with Finnish fintech business Ferratum Group, to launch the first ever mobile banking app designed for holidays. Sumo is designed to simplify the way that holidaymakers plan and save for their travels and manage their spending when overseas.

In the first wave of Sumo, available initially in Sweden, customers can quickly and easily set up a fee-free multi-currency account that comes with an intelligent contactless debit card. This can automatically identify the local currency, thus enabling them to pay at point of sale (POS) at home and overseas without incurring transaction charges and withdraw cash without incurring additional fees.

Sumo also has a range of regular and fixed-term savings accounts that will help people take a year-round approach to planning for their holiday, which remains one of the biggest annual household spends. With the in-built savings tool, customers can set up a weekly or monthly savings plan to reach their target goal. Once they have reached their holiday savings target, customers can simply click through to the Thomas Cook holiday booking engine to book their holiday.

The Sumo app has been developed with ease at its core, with its simple to use interface; customers can be set up securely in under 10 minutes. Supporting seven currencies, including Euros and Sterling, Sumo makes it even easier for customers to plan and manage their holiday money both at home and abroad. One of the benefits of being able to save in multiple currencies is that customers can exchange their money when the rates are most favourable. Additionally, Sumo allows customers to make four fee-free ATM withdrawals at home and overseas 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 whilst keeping control of their budget.

Sumo also allows customers to 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.”

“Working with Ferratum has given us an established, ground-breaking platform for mobile banking services, which we are developing for the future. Ferratum’s international reach is also a great fit for our biggest markets, ensuring we can roll out this service to more countries and more customers in time,” added Mooney.

Jorma Jokela, founder and CEO of Ferratum Group, said: “I am incredibly excited to be partnering with Thomas Cook Money, one of the best loved travel brands in the world. 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.”