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 push added $20 million to their assets. The backing was completed by high-profile investment banks such as InnoCells, Investec’s INVC fund, ANZ, Goldman Sachs and HSBC.
Can I use Bud app for international bank transfers?
Yes, you can send payment using the Bud app but the funds will come from a traditional bank account. It includes options such as NatWest and HSBC. Therefore, you will be subject to the same limitations as traditional banks regarding fees and transfer time.
How long do transfers take with Bud bank?
Expect the majority of international bank transfers to take around 1-5 business days. That’s because transfers are being completed via traditional banks. You may have the option to pay a premium to use the fast transfer feature if it’s available.
Are there transfer limits?
The transfer limits at Bud will depend on what they are at your source bank. If you want to know more about them, contact the source bank and potentially get them increased with extra security checks.
Can I use a Bud debit card when traveling abroad?
Bud does not offer a debit card when using their services. That’s because they are an app that aggregates the various banks in your portfolio. You’ll need to investigate if the source banks have a debit card for traveling abroad – they usually do.
Bud bank exchange rates and fees
Exchange rates: when making a transaction via Bud the exchange rate fees and rates depend on the source bank. Therefore, it will be different for every bank that you connect to the Bud app.
Transfer fees: likewise, the transfer fees for Bud international payments will depend on what you get charged at your source bank. Typically they are higher than money transfer services like Skrill and Western Union.
Additional costs: Bud is a free app service, which means there are no extra fees.
How do Bud Bank transfer fees compare to using a money transfer provider?
You will pay significantly more when using Bud because of the fees associated with the source banks. Most charge a percentage of the transaction amount or high flat fee. However, the majority of money transfer services have much lower fees. It doesn’t matter if you send low or high value transactions, the savings will be huge.
Here is a list of the Bud pros and cons you need to know about for a balanced overview:
Pros
Cons
Bud bank additional products
Transaction record: view a record of your transactions to keep track of transfers.
Payment system: create a system for customers to make payments from a variety of banks.
Carbon tracking: track the carbon footprint of activity.
Budgeting tools: use the budgeting tools to organize foods and allocate where needed.
Summary
Bud is a good choice for customers that want to organize their funds on one app. You can also monitor your spending and set budgets. However, this app is not a replacement for other financial accounts. That’s because you need a source bank for funds when making a payment with the app.
Therefore, the fees and transfer time will be the same as traditional banks. To save money, use 3rd party alternatives like Revolut or PayPal. You’ll also reduce the transfer time allowing you or the recipient to receive funds faster.
