Thomas Cook Money in collaboration with Finnish fintech business Ferratum Group has launched a mobile banking app designed for holidays.

The new app, Sumo, is designed to help the holidaymakers to plan, save and manage their spending for their travelling when overseas.

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Initially made available in Sweden, the app allows the customer to set up a fee-free multi-currency account and comes with an intelligent contactless debit card.

It can automatically identify the local currency and allow the users to pay at point of sale at home and overseas as well as withdraw cash without incurring transaction charges or paying additional fees.

Sumo has a range of regular and fixed-term savings accounts to set up weekly or monthly saving plan and help in planning their holiday.

Customers can also send money to friends and family through SMS to cover shared holiday expenses.

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The app support seven currencies and allows the user to save money in multiple currencies. Furthermore, Sumo users can make four fee-free ATM withdrawals at home and overseas per month.

Ferratum and Thomas Cook Money are expected to add additional services and functionalities to the platform over time.

Thomas Cook Money managing director Anth Mooney 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.”

The new app is expected to be available in the UK and other markets from the next year.