Home A Guide to Challenger Banks

A Guide to Challenger Banks

Financial services continue to reconfigure and evolve at a rapid rate; at times it can feel hard to keep up. The fallout from the global financial crisis changed the face of consumer behaviour forever, and a new wave of challenger banks have emerged as a result. In this guide, we examine the growing popularity of these alternative banking services, what they do differently and how they compare to the traditional institutions.

Updated: 07/02/2022
Read time: 22 minutes
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What is a “Challenger Bank”? 

The term “challenger bank” typically refers to the new generation of smaller banks who are challenging the larger incumbents for market shares. Also referred to as digital first, digital only and neobanks, these companies are relatively smaller than the leading national banks. In the UK, the “Big 4” national banks are Barclays, HSBC, Lloyds and the Royal Bank of Scotland, and in the US, JPMorgan, Chase, Bank of America, Wells Fargo and Citigroup dominate the market. 

New challenger banks compete for business by specialising in areas underserved by the “big banks.” An example of one pioneering challenger is Metro Bank, which began competing against the UK’s long-standing incumbents back in 2010, by offering their services 7 days a week.

Challenger banks form as a result of several circumstances: the divestment of larger banking groups, the reimagining of a failed corporation or as an entirely new entity altogether. Regardless of the conditions, every new bank must follow the same rules and regulations as all other authorised banks. 

Best challenger banks

GoHenry
About GoHenry Bank The app launched in 2012 and is offered for free during the first month in the UK and US. GoHenry is regulated by the Financial Conduct Authority, so you can trust the legitimacy of the app.  Can I use GoHenry for international bank transfers? GoHenry is simply a debit card service without […]
YNAB
About YNAB The program, which was established in 2004 by Jesse Mecham and his wife, Julie, began as a basic budgeting spreadsheet template until it evolved into the cloud-based version was launched in 2015.  The couple follows four principles to manage their expenses, which they developed into a software. Its focus is to help people […]
Tide
About Tide Tide focuses on building modern business accounts for the self-employed. It offers e-money accounts in partnership with PrePay Solutions (PPS) and business bank accounts in partnership with ClearBank. Although Tide distinguishes itself from a bank, it is regulated by the Financial Conduct Authority (FCA).  It currently caters to more than 300,000 businesses. Many […]
Glint
About Glint  Its clients can buy, save, share, and spend in US dollars, euros, Great Britain pounds, and gold currencies that link to the Glint Mastercard network. The Financial Conduct Authority (FCA) authorized Glint as an Electronic Money Institution. However, FCA does not regulate gold, which Glint secures in a Brinks Vault in Switzerland.   Can […]
N26
About N26 N26 began life as a fintech solution devised by Valentin Stalf and Maximilian Tayenthal, who wanted to simplify banking by providing total transparency for an elevated range of free financial services, all accessible via the tap of a few buttons. This transparent approach is applied to all N26 products; the website and mobile […]
Revolut
About Revolut The Revolut blueprint was a prepaid money card provided by Mastercard and “designed for a global lifestyle.” Since first entering the market in 2015, Revolut has expanded their offerings and now host a range of products including virtual bank accounts and various tiers of membership to suit personal and business needs. The company […]
Monzo
About Monzo Monzo was founded in 2015, storming onto the scene as an online-only solution aimed at customers looking to make the switch to digital banking. Starting out life as a prepaid Mastercard and accompanying mobile app, Monzo was originally designed as a type of pay-as-you-go travel card. In response to the notable shift in […]
Smile Digital Bank
About Smile Digital Bank With Smile bank being a division of The Co-operative bank, all the funding came from the parent bank. The bank has continued to invest and launch new products since the early 2000s, winning numerous awards along the way. Smile digital offers intuitive online banking and mobile app platforms. So, what do […]

The rise of challenger banks: how did they become so popular? 

Entrepreneurs in the financial services sector started to notice a shift in the consumer banking landscape – millennials stopped trusting “big banks” following the fallout from the global financial crisis – and a gap in the market began to form. Responding to this, a number of finance professionals decided to launch intelligent, alternative digital services. Having identified the need for simplistic, transparent and convenient functionality, with special emphasis on customer experience, these challenger banks acquired the dissatisfied customers of bigger banks.

The name “challenger banks” derives from their propensity to challenge the status quo and tendency to ask the pressing questions: How can we shake things up?  What works best for customers? How can we make banking easier? Striving to provide a service that is better in some way than the traditional offerings. 

We have seen a sharp increase in the number of challenger banks entering the market in the last five years. These companies offer customers redefined financial services, focused primarily on the mobile banking experience. From paying for goods and services by tapping your smartphone, to sending money to friends and family, modern banking is marketed towards digital convenience. Challenger banks are doing everything they can to tailor their services to the digital requirements of new customers, with a real focus on elevated user experience. 

Challenger banks pride themselves on being transparent; but are they as trust-worthy as conventional, long-standing banking institutions? 

Are challenger banks safe and secure?

In order to trade, challenger banks must be licensed and regulated by the relevant financial authority in the country they conduct business in. The same laws and regulations apply to challenger banks as traditional banks, however, not all of them are serviced by compensation schemes. 

Furthermore, start-ups are known for being at greater risk of failing, so it is important to know whether your money will receive direct protection by the relevant regulators. There have been a few examples of challenger bank start-ups who were not covered by financial regulators and therefore could not protect their customers when the company was forced into administration. Most current challenger banks comply with the requirements of financial authorities, but be sure to read the fine print before setting up an account. 

Different types of challenger banks

Digital challenger banks

Unlike the traditional banks who still pay for high street stores, online-only challenger banks such as Monzo and Revolut are able to keep their costs down. This form of cost-cutting means challenger banks are able to offer more favourable interest rates, a hugely enticing factor for anyone looking for a better value bank account. Other popular digital challenger banks include Starling, N26, NuBank, Tide and Empower Finance: all of whom offer their services exclusively via digital channels. 

Mature challenger banks

The phrase “challenger bank” predominately refers to newly incorporated movers and shakers, so it is worth noting some alternative banks have been challenging the market for more than a decade. Not all challenger banks offer online-only services. Several of the more mature brands have physical branches, like the UK’s Metro Bank (founded in 2010) and TSB (launched in 2013), These mature challenger banks have paved the way for their digital-only counterparts. 

Compare challenger banks

Revolut Vs N26: International Transfers Compared
About Revolut and N26 Which brand has lower transfer fees? ✅ Verdict:  N26 reigns victorious Due to their advantageous partnership with Wise, N26 is in a better position and therefore wins the award for lowest transfer fees. Which brand offers better exchange rates? ✅ Verdict: N26 wins this one, but only just Revolut is able […]
Monese vs Revolut
About Monese and Revolut Monese and Revolut are two UK-based challenger banks born and bred in London’s financial district. Both companies aim to develop digital financial services that transform traditional methods of banking, to suit the needs of modern day consumers.  Revolut was also founded in 2015, as another mobile-operated challenger bank. The brainchild of […]
Monese vs Monzo
Digital challenger banks are changing the face of international bank transfers as we know it, and Monese and Monzo are at the forefront of this revolution. We will be looking at how both companies approach cross-border payments, by reviewing the fees, exchange rates, speed, global coverage and online reputation of each.
Starling vs Revolut
In this comparison we will be weighing up the similarities and differences between these two UK-based challenger banks. Both companies provide fully licensed banking services, which we will run through, but we are mainly interested in the finer details of their international money transfer services.
N26 vs Monzo
Challenger banks, also known as neobanks, are a type of banks that are shaking up the status quo by operating exclusively online or without the traditional expectations of long-established large national banks. They are set up to compete with the bigger banks, by providing more accessible and convenient online alternatives to traditional banking services. Both […]
Monzo vs Starling
These two challenger banks both hail from London and are often pitted against one another as they share many similarities, as well as one overarching objective: to shake up the banking experience for individuals and businesses alike. However, when looking at their international money transfer services, there are some major differences between the two. In this comparison we will weigh up these differences, by taking a closer look at the way both banks handle global remittances.
Revolut vs Monzo
Despite their differences, Revolut and Monzo attract a similar crowd: technology-savvy customers who are searching for the same high standards upheld by long-standing high street banks, but presented digitally via mobile applications and online platforms. We will now compare how each brand performs in the most important areas covered by any financial service provider. Which […]

Challenger bankers: understanding the pros and cons

In this next section we will compare the pros and cons of banking with an alternative challenger provider:

Pros
Quick and convenient customer service: users are able to freeze accounts, replace lost or stolen cards and set up new accounts through mobile apps; no need to make a trip to the bank
Travel perks: Customers often benefit from international money perks such as free ATM withdrawals abroad, low or zero fees and mid-market rate FX
Personalised features: digital bank features include tracking spending habits, spending reports, spare change round-ups, assistance with saving goals
Prepaid debit cards and diverse types of account are available
Higher rates of interest on savings and other accounts
Instant alerts: Most challenger banks offer real-time payment notifications which can provide details of transactions, including location
Cons
Tough competition: Pressure to offer more traditional services, such as mortgages and loans, to generate more revenue and keep up with the big banks
Big bank acquisition: The bigger banks may attempt to take over or combine services with challenger banks, in a bid to obtain more market share
Start-up uncertainty: moving your hard-earned money, and savings, to a newly incorporated bank runs the risk of losing the protection and financial strength of bigger banks
Digital-only: Not all challenger banks have physical branches for those who still prefer dealing with financial matters face to face.
Third party data: The success of a challenger bank sometimes relies on sharing customer data with third party partners who review your spending patterns

It seems there are almost an equal amount of advantages and disadvantages when banking with a challenger service. However, most the disadvantages listed above derive from the unknown. While it strongly depends on your requirements and preferences as a customer, those who are happy to revert to a fully digital banking experience would definitely get a great deal out of a challenger bank account.

With plenty of functions to help create a more personalised and convenient user experience, leading challenger banks offer customers elevated elements of a traditional bank account.

Learn more about challenger banks

Why don’t Brits trust challenger banks?
How do the British public feel about challenger banks? What actually is a challenger bank? A ‘challenger bank’ is a relatively small bank that’s been around for less than a decade – in opposition to ‘traditional banks’ or ‘established banks’ such as the big four of HSBC, Barclays, Lloyds or Natwest. Some banks meet this […]
A Guide to Challenger Banks
Financial services continue to reconfigure and evolve at a rapid pace. As it turns out, the global financial crisis played an enormous part in changing the face of consumer behaviour forever, and a new wave of challenger banks have emerged as a result.

Summary

It is fair to say we can expect more challenger banks to hit the market in coming years. As the majority of banking services continue to move online, with popular customer preferences focused on online and smartphone accessibility, financial incumbents are being forced to close the doors of their physical branches. Since the COVID-19 pandemic, over a third of bank branches have closed in the UK alone. Global banking giants HSBC have reported that 90% of customer contact is conducted using smartphones with services primarily delivered online. As a result, 82 HSBC branches are due to close in the UK in 2022, and it is likely a lot of other institutions will follow suit.  

With this in mind, it is important to stay up to date with challenger banks and their various offerings. MoneyTransfers will always be there to guide you through unknown territory, providing all the need-to-know information about market leaders and fine tuning our comparison tool to ensure we are helping you find the best services.

Challenger Bank Reviews

Atom Bank
About Atom Bank Founded in 2014, Atom Bank provides purely-digital banking services to customers in the UK. Based in Durham, north-east England, Atom is the UK’s first ever app-based bank, built around a business model which focuses on accessible, competitively priced mortgages, savings accounts and innovative business loans for SMEs. As an online-only entity with […]
Bunq Challenger Bank
About Bunq  From humble beginnings in the Netherlands, Bunq has gone from strength to strength and now covers 30 territories in Europe. Founded by Canadian businessman Ali Niknam in 2012, Bunq received its full banking license from the Dutch Central Bank in 2014 before partnering with Wise, to offer “lightning-fast international payments” in 2018.  Since […]
Acorn Account
About Acorn Account Spectrum Payment Services Limited was founded in 2007 to provide personal current accounts to clients, and subsequently in 2012 to provide SME accounts under the business names CardOneMoney and Acorn Account. Equals Group PLC purchased Spectrum Payment Services Limited in August 2017 in order to diversify and offer digital financial solutions to […]
Oval Money
About Oval Money Oval Money is a London-based UK firm established in 2016. It describes itself as a free software that seeks to help everyone become more financially savvy. It aims to address the worldwide problem of financial literacy by empowering individuals to make better financial decisions. Oval teaches users to track spending patterns and […]
Tally Money
About Tally Money Tally Money is not officially a bank, but the Financial Conduct Authority regulates it. Transparency and safety are cornerstones of their mission statement as they attempt to provide a fairer financial system. The setup means the funds you hold at Tally Money will not get devalued since they are no tied to […]
Squirrel
About Squirrel The app helps avoid going into overdraft and also it can connect with a variety of bank accounts. It’s an app based service that many users are successfully saving money with.  Can I use Squirrel for international bank transfers? Since Squirrel is a money saving app, there is no functionality to send and […]
Soldo
About Soldo The company was founded in 2017 and follows a strict compliance process. They are regulated and authorized by the Financial Conduct Authority (FCA) and Central Bank of Ireland (CBI).  Can I use Soldo for international bank transfers? Yes, it’s possible to send money internationally using Soldo. The details depend on where you are […]
Osper
About Osper Osper was founded in 2012 and has raised $11.2 million in funding. A few of the investors include Horizon Ventures, Index Ventures, Techstars and Right Side Capital Management.  Can I use Osper for international bank transfers? You cannot use Osper for international bank transfers. But you can make payments using the debit card. […]
GoHenry
About GoHenry Bank The app launched in 2012 and is offered for free during the first month in the UK and US. GoHenry is regulated by the Financial Conduct Authority, so you can trust the legitimacy of the app.  Can I use GoHenry for international bank transfers? GoHenry is simply a debit card service without […]
Currensea
About Currensea app It was founded in 2018 and they are regulated by the Financial Conduct Authority as an Authorized Payment Institution. Also, the app has raised a total of 5.3 million GBP from a seed funding source.  Can I use Currensea for international bank transfers? To make transfers using Currensea you must use the […]
Cleo
About Cleo Bank accounts are backed by a $250K guarantee and it has bank level encryption. In the Series B round of funding the app raised $44 million. It’s a London based company but their biggest market is now in the US.  Can I use Cleo for international bank transfers? Cleo is an app that […]
Chip
About Chip Chip is authorized by the FCA (Financial Conduct Authority) and you can find them on the ICO register. The app can be downloaded on the Google Play and App Store marketplaces.  Can I use Chip for international bank transfers? It’s not possible to receive or send money with Chip. You’ll need to make […]
Bud
About Bud Bank The idea behind this challenger bank is to create a platform that brings together a range of services. It means you can use the platform for sending money and making investments. It’s registered with the Financial Conduct Authority for your peace of mind.  Bud launched in 2016 and the Series A investment […]
Bean app
About Bean Bank The app launched in 2016. It is authorized and regulated by the Financial Conduct Authority. They use encryption technology to keep your private data safe. It notifies you about forgotten subscriptions and recommends what card alternatives to use.  Can I use Bank Dozens for international bank transfers? Bean does not offer any banking […]
YNAB
About YNAB The program, which was established in 2004 by Jesse Mecham and his wife, Julie, began as a basic budgeting spreadsheet template until it evolved into the cloud-based version was launched in 2015.  The couple follows four principles to manage their expenses, which they developed into a software. Its focus is to help people […]
Tide
About Tide Tide focuses on building modern business accounts for the self-employed. It offers e-money accounts in partnership with PrePay Solutions (PPS) and business bank accounts in partnership with ClearBank. Although Tide distinguishes itself from a bank, it is regulated by the Financial Conduct Authority (FCA).  It currently caters to more than 300,000 businesses. Many […]
Monese
About Monese Monese won the “best challenger bank” in the European Fintech Awards in 2016 and was among the top 20 LinkedIn’s hottest startups in 2019. With clients spanning 31 countries, Monese takes pride in its 4.0 ratings out of the highest 5 from Trustpilot. It has an app that can be downloaded from Apple […]
Pockit
About Pockit  Pockit, which has over half a million users, is an electronic money agent of Payrnet Limited, a 100% Railsbank Technology, Ltd. subsidiary. It is authorized and regulated by the Financial Conduct Authority (FCA).  Can I use Pockit for international bank transfers? Yes. Pockit allows you to send money abroad through Pockit’s partnership with […]
Raisin Bank
About Raisin Bank  A review of Raisin UK’s services by trustpilot.com garnered “excellent” by 57% of 1,042 customers. All in all, it seems that Raisin has earned the trust of its clients and its partners. In June 2021, Raisin “top(s) Euro 1B invested in ETFs, thanks to lockdown,” according to AltFi Digital Forum. Can I […]
Monument Bank
About Monument Bank Monument Bank is a newly formed bank dedicated to offering retail banking products and services to a community that is underserved and deserves far more from their banks. It is authorized with restriction by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.  Monument has signed agreements with a number […]
MyPocket
About MyPocket  Fair-eZone, which focuses on payment and money transfer services, developed MyPocket’s mobile app as a means of fulfilling its mission to offer essential financial services to European residents.  The Financial Control Authority (FCA) approved and authorized Fair-eZone as an Electronic Mobility Device Agent of Prepaid Financial Services Limited. Likewise, MyPocket is FCA-authorized and […]
Pleo
About Pleo Pleo is currently available in Denmark, Ireland, Spain, the United Kingdom, Sweden, and Germany. Can I use Pleo for international bank transfers? Yes. Since Pleo is not a bank, it simply connects your Pleo account to your business bank account so you can transfer funds as needed. It is totally free of charge […]
Plutus
About Plutus Plutus is the first FinTech company to successfully bridge the gap between crypto and fiat monetary systems while remaining true to both cultures. Cryptocurrencies were created to provide users complete ownership over their assets, and Plutus keeps this integrity by allowing users to keep custody of their private keys. Can I use Plutus […]
Snoop
About Snoop The app intends to put all the user accounts in one place to facilitate easy monitoring of spending activities.  It also aims to create a list of money-saving tips tailored to the customer’s spending and saving behavior and notify users when making overpayments on bills and purchases. Can I use Snoop for international […]
BABB
About BABB The BABB app earned an “Excellent” rating of 83% in consumer review website Trustpilot, with its continuous improvement features and “banking the unbanked” principle as its main attractions. Can I use Babb for international bank transfers?  Yes, Babb can be used for international bank transfers. Since BABB is using blockchain technology and cryptocurrency, […]
Cashplus
About Cashplus Bank Cashplus raised 7.5 million GBP to launch the UK’s 1st prepaid card for general use. Recently they raised $69 million after securing a banking license to help them grow as a company.  Can I use Bank Cashplus for international bank transfers? Yes, you can send and receive international bank transfers with both […]
Coconut Bank
About Coconut Bank Coconut’s biggest distinguishing characteristic is that it strives to simplify your taxes and spending.  Under the Payment Services Regulations 2017, Coconut is registered as an Account Information Service Provider with the Financial Conduct Authority (FCA) (reference 931194).  Coconut offers a business current account to some customers, however it is not a bank. […]
Curve Bank
About Curve Bank The company launched in February 2016 and raised 9.9GBP million using Crowdcube. The funding was secured from 11,795 investors in just 54 hours. It is a safe platform because it’s regulated by the Financial Conduct Authority.  Can I use Curve for international transfers? It’s not possible to send money internationally with the […]
Dozens
About Dozens Bank Dozens raised 3.8 million GBP in April 2019 using Seedrs, a crowdfunding platform. The bank does a good job of keeping fees and costs to a minimum, which is a big selling point for new customers.  Can I use Dozens for international bank transfers? You can send money using Dozens internationally and […]
Fuze
About Fuze No reviews from financial companies or banks have been made despite its initial warm reception, but it has been congratulated and featured on various news outlets and technology platforms for its innovation. YouTubers covering innovative technological content reviewed the card under the sponsorship of Fuze. Can I use Fuze for international bank transfers?  […]
Glint
About Glint  Its clients can buy, save, share, and spend in US dollars, euros, Great Britain pounds, and gold currencies that link to the Glint Mastercard network. The Financial Conduct Authority (FCA) authorized Glint as an Electronic Money Institution. However, FCA does not regulate gold, which Glint secures in a Brinks Vault in Switzerland.   Can […]
Mettle
About Mettle Bank Mettle was founded on November 5th 2018. The founders are Charles Wood and Racheal Booth. They offer a business account from Prepay Solutions, who are an electronic money institution and have Financial Conduct Authority approval.  Can I use Mettle for international bank transfers? Currently, Mettle does not offer international incoming or outgoing […]
Mint
About Mint Bank Mint raised a total of $31.8M over 5 funding rounds. Now they have over 15 investors with the latest one being First Round Capital and Benchmark. Mint uses 2 factor authentication for security that will send a verification code to your mobile.  Can I use Mint for international bank transfers? It is […]
Suits Me
About Suits Me In March of 2020, the company received the ‘Highly commended Best Newcomer’ by the British Banking Awards. The company statement is to provide a transparent and fair service for a diverse customer base that’s underbanked.  Can I use Suits Me for international bank transfers? Suits Me offers the functionality to send and […]
Tandem
About Tandem Bank Tandem Bank is a London-based British bank that is completely owned by Tandem Money. It is mostly concerned with mobile banking. After acquiring Harrods Bank in 2017, it became a full-fledged bank account, allowing it to operate under the same license as Harrods Bank.  Tandem focuses on helping customers manage their money […]
Moneyhub
About Moneyhub The app based fintech firm launched in 2013 and raised $18 million in funding from Direct Line founder Sir Peter Wood. Moneyhub is a subscription based service that charges a monthly fee to use the app.  Can I use Moneyhub for international bank transfers? It’s not possible send or receive money using Moneyhub. […]
N26
About N26 N26 began life as a fintech solution devised by Valentin Stalf and Maximilian Tayenthal, who wanted to simplify banking by providing total transparency for an elevated range of free financial services, all accessible via the tap of a few buttons. This transparent approach is applied to all N26 products; the website and mobile […]
Revolut
About Revolut The Revolut blueprint was a prepaid money card provided by Mastercard and “designed for a global lifestyle.” Since first entering the market in 2015, Revolut has expanded their offerings and now host a range of products including virtual bank accounts and various tiers of membership to suit personal and business needs. The company […]
Monzo
About Monzo Monzo was founded in 2015, storming onto the scene as an online-only solution aimed at customers looking to make the switch to digital banking. Starting out life as a prepaid Mastercard and accompanying mobile app, Monzo was originally designed as a type of pay-as-you-go travel card. In response to the notable shift in […]
Starling Bank
About Starling Bank Due to its business model – the bank functions solely as a digital entity – the company’s overheads are substantially lower than traditional brick and mortar banks such as HSBC and Barclays. This means Starling is in a better position to offer better deals on financial services including no ATM or transaction […]
Beanstalk
About Beanstalk Beanstalk is accredited by the FCA. It aims to exploit the gap that exists for junior individual savings accounts (JISA) in the UK. One of the founding members, Julian Robson, explains that it offers new solutions in the UK child investment and savings schemes. Beanstalk gets funding from the parent company KidStart. However, […]
ANNA Money
About ANNA Money ANNA Money was formed in 2017. The founders are individuals with backgrounds ranging from customer service, finance, and Admin. They saw a gap in the provision of services to small businesses which are understaffed. Being a relatively new startup, ANNA money relies on investor funding. Through series A funding, the company raised […]
Zopa
About Zopa Bank Zopa is the parent company of Zopa bank. The two businesses still run side by side with similar ethos. Zopa bank is funded from Zopa coffers. In 2018, Zopa netted £20 million from its existing investors in the latest round of funding. Some of the notable investors include Alternative Credit Investments and […]
Nimbl
About Nimbl Kids between 6-18 years get a prepaid master card to manage funds while their parents can easily supervise. Overall, the service seems to gain acceptance from the general public. In 2021, Nimbl won the nomination to the British Bank Awards as the “Best Childrens’ Financial Service Provder’.  Reviews from reputable sites show that […]
Moneybox
About Moneybox Moneybox was formally launched in 2015 after approval from the FCA. The company is owned by Digital Moneybox Limited, a UK-based company. The company has raised about $70M so far in funding. The lead investors for this fintech include future fifty and eight roads venture. This app promises its customers a great experience, […]
Smile Digital Bank
About Smile Digital Bank With Smile bank being a division of The Co-operative bank, all the funding came from the parent bank. The bank has continued to invest and launch new products since the early 2000s, winning numerous awards along the way. Smile digital offers intuitive online banking and mobile app platforms. So, what do […]
KROO (B-SOCIAL)
About Kroo (B-SOCIAL) It is a UK fintech company based in London. This startup company was formed in 2016 with the sole purpose of building a novel bank that takes care of your financial aspects between you and your friends. Simply put, Kroo aims to be a social bank. True to this, their mantra is […]
Pingit
About Pingit  The British Standards Institute International ISO 217000 certified the Pingit app for security and resilience. Likewise, the British Standards Institute Kitemark for Secure Digital Transactions awarded the app for its exemplary user security.  Can I Use Pingit for international bank transfers? Yes, you can use the Pingit app to do international bank transfers, […]
Wally
About Wally After its launch in 2013, it maintained 4.7 out of 5 stars rating at Apple Store and has been recommended by renowned companies, such as Forbes, Economic Times, and BBC. In 2020, Medici recognized Wally  as “top best-in-class personal finance apps in the world”, and the only “global” app. Can I use Wally […]
Tuxedo
About Tuxedo Bank They range from bad to average in their general reviews from trusted bank review websites such as Trust Pilot and Choose Wisely. Can I use Tuxedo Bank for international bank transfers?  Tuxedo bank claims that they are able to make bank transfers. However, they do not specify the distinction between local and […]
Holvi
About Holvi  They clarify their identity differently from a bank; only providing business banking services with a license from the Financial Supervisory Authority of Finland (FIN-FSA).. The institution prides itself with an “excellent” and a “4.5” (out of 5) Trustpilot rating featured on their website.  Can I use Holvi for international bank transfers?  Holvi caters […]
First Direct Bank
About First Direct Bank  First Direct came out second in “overall service quality”, third in “online and mobile banking services”, and first in “overdraft services”.  Can I use First Direct Bank for international bank transfers?  Yes. First Direct allows international bank transfers outside of the UK. In order to accomplish a transfer, the sender must […]

April Summers

April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she’s not writing about global remittances she can be found daydreaming about her next holiday abroad.