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 no physical branches, the bank is able to cut costs, extending these savings on to customers in the form of lower fixed rates. The terms of Atom’s fixed rate savings accounts vary - from 6 months to 5 years - but regardless of the length, the funds will need to remain in your account for the agreed period of time to earn the specified rate of interest over that duration.
According to the bank's website, 93% of customers rated the online process of opening an Instant Saver “very easy” or “extremely easy” and 98% of customers would buy a mortgage with Atom again. Atom Bank stands out across the board for its award-winning customer service and it is the UK’s #1 ranked bank on TrustPilot.
Despite the bank's glowing customer reviews and solid selection of products and services, this financial institution is not a one-stop-shop like other challenger banks, due to the fact Atom does not offer current accounts or support international money transfers. Customers will need to connect an existing UK current account in their name to get started with Atom Bank. As it stands, Atom Bank accounts are savings products and not intended to be used for transactions or payments.
Can I use Atom Bank for international bank transfers?
No, it is not possible to open a current account with Atom, meaning sending or receiving international bank transfers cannot be achieved using this financial provider at this time.
Atom Bank exchange rates and fees
In this section we typically review the foreign exchange rate spread applied to international bank transfers; but in Atom Bank's case, there are less costs to dissect.
There are no exchange rates to review given the fact Atom Bank currently does not offer foreign currency transfer or international payment services of any kind.
The variety of fees applicable to Atom Bank customers primarily relate to mortgage plans, not international money transfers. These charges include:
Electronically transferring mortgage funds to you or your solicitor: £10 fee when sent via CHAPS (Clearing House Automated Payment System)
Request for legal documentation e.g. title deeds: £20 fee
Extending or reducing the remaining term of your mortgage: £20 fee
Unpaid or returned direct debit payment: £8 fee every time your nominated bank rejects a direct debit collection
For the full price list of fees and charges related to Atom Bank’s digital mortgages please visit this page on their website.
How do Atom Bank transfer fees compare to using a money transfer provider?
As international money transfers are not facilitated by Atom Bank, it is not possible to compare this bank’s services to that of a money transfer provider. Instead, you can find out how you can save money by arranging a payment with a specialist money transfer company by reading our reviews or use our comparison tool to learn more about the most competitive deals in the industry.
Atom Bank pros and cons
As with any new banking venture, taking stock of what exactly you are signing up for is advisable. We will be presenting the various pros and cons associated with this company, so our customers can decide whether this is the challenger bank for them.
Atom Bank SWIFT Codes
Banks all around the world partake in the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, which identifies different financial institutions through a system of unique bank codes. Here we provide a list of SWIFT codes for X Bank, organised by geographical locations.
|Atom Funds Management Ltd||Australia||Sydney|
Answers to key questions about Atom Bank
As with any provider, there are certain things you need to know about Atom Bank before signing up for one of their mortgages or saving accounts. In this section we will run through the most commonly asked questions relating to their line of products and services.
Can I open an Atom Bank account in any country?
Does Atom Bank have an app?
Are there transfer limits?
Can I use an Atom Bank debit card when travelling abroad?
How to open an account and transfer money with Atom Bank
You will need to be 18 years or older and a resident of the UK to open an Atom account.
First you will need to download the app (it is free) and then you will be asked to Register your ID. This means you will need to set up ‘Your ID’ by providing 3 types of security information. First, enter a 6-digit passcode, then follow the on-screen instructions to scan your face (‘Face ID’) and record your voice (‘Voice ID’).
Next you will be asked to enter your personal information: this includes your full name, date of birth and residential address in the UK. You will also be asked if you intend to live outside the UK in the foreseeable future. If the answer is yes, you will be able to manage your account from outside the UK, but if you do not return to the country after 3 years your account will need to be closed
Once you have entered the required details, agreeing to the registration terms and conditions, you will be able to access your online account.
What customer support options are available?
Proud of its award-winning customer service team, Atom Bank prioritises a personalised and attentive approach. Customer service agents are available 8am - 8pm everyday, and the most popular way of reaching them is in-app, by tapping the Help button. There is also a phone number (0333 3990 050) and email address (firstname.lastname@example.org) for the customer support team, as well as the option to contact them on Twitter. In addition to this, Atom Bank offers a series of helpful videos, all of which are available via their YouTube channel.
This challenger bank has undeniably shaken up app-based banking since entering the fintech scene in 2014. As far as mobile banking goes, the security features employed by Atom are some of the best we have reviewed, with multiple login options available such as entering your security passcode, FaceID or VoiceID. Atom Bank makes saving simple and it is free to sign up for an Instant Saver account, with the entire application processed digitally. Applying for a mortgage is another straightforward service offered by Atom. The digital bank’s speedy interface is easy to use, with a team of knowledgeable mortgage brokers on hand for further assistance.
This being said, if you are in the market for an international money transfer, Atom Bank cannot help you. While they offer great deals for savings accounts and mortgages, this challenger bank is not yet the full package. They are definitely headed in the right direction, however, and with an award-winning reputation for high quality customer service, Atom Bank is well on their way to achieving their goal of becoming “the most customer-centric bank on the planet.” Atom Bank is one to watch.
Wherever you are in the world, check out the best way to send or receive funds overseas, by using our comparison engine and searching our comprehensive database of money transfer guides.