MoneyTransfers
/Challenger Banks/Cashplus Review

Cashplus Review

Cashplus is a UK digital bank and it’s also the trading name of Advanced Payment Solutions Ltd. It was founded in Sep 2005 and since then the challenger bank has had over 1.6 million customers. They can offer FSCS protected accounts because of the authorization by the Financial Conduct Authority and Prudential Regulation Authority.

Keith Hodges
Author 
Keith Hodges
3 minutes
May 8th, 2023
Disclosure
Money Transfer Comparison
Fill in the form and we’ll find you the best rates.
Send

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 business and personal bank accounts. To receive money you will need to provide your account IBAN and the bank’s swift code – It begins with “NWBK” because Cashplus uses NatWest for their banking services.

How Long Do Transfers Take With Cashplus Bank?

The transfer times will vary based on the country and bank that the transfer is taking place with. However, in most cases the transfer time will be 1-5 business days. Banks that accept fast transfers can process the transaction within 24 hours.

Are There Transfer Limits?

Personal accounts have a maximum limit of 10,000GBP and business accounts have a limit of 50,000GBP. Take these limits into account when receiving money. However, with further documentation you can increase these limits.

Can I Use a Cashplus Debit Card When Traveling Abroad?

Cashplus provides a MasterCard debit card that can be used in over 200 countries. You can use the debit card at locations where you see the MasterCard sign. The contactless limit for shopping in-store is 45GBP and you can activate/view your PIN online.

Cashplus Bank Exchange Rates and Fees

Exchange Rate

Note what currency account receives money from international transfers. In some cases, you may get receive a USD transfer into your EUR account, which results in an unwanted currency conversion.

Transfer Fees

There is a 15GBP fee when receiving international payments.

Additional Costs

You may get charged two conversion rates if you are not paying attention. That’s because it will convert to Euro and then to GBP. Read their FAQ page so that you are clued up about how to minimize currency conversion fees.

How Do Cashplus Bank Transfer Fees Compare to Using a Money Transfer Service?

The Cashplus has a steep fee of 15GBP for each incoming transaction. For smaller transactions it’s an expensive price, but becomes less meaningful when the transfer size increases. However, most money transfer services like Western Union and Skrill offer much lower fees. You’ll save a lot of money over the long term using 3rd party services.

Cashplus Pros and Cons

Here is a list of the pros and cons to help decide if Cashplus is for you:

  • FCA – It has the approval of the Financial Conduct Authority, which means your money is protected.
  • Accounting software – make use of accounting software to manage your funds. It’s ideal if you want to avoid looking for a compatible third party money management tool.
  • Fast sign up – the fast 4 minute sign-up process means you can get started quickly.
  • Personal or business – you have a choice between a personal and business account. The latter comes with higher transfer limits.

Cashplus additional products

Take a look at the additional products offered by Cashplus:

  • Multiple Currencies: you can open a single account with multiple currencies.

  • Post Office Branch Services: Cashplus has teamed up with Post Office so you can deposit money at their branches across the UK.

  • Creditbuilder: the feature is used to increase your credit rating score. It’s only available on their Activeplus accounts.

  • Purchase Protection: your Cashplus debit card is protected when making online payments.

Summary

Overall, Cashplus is an established UK challenger bank that has a good reputation. Their most notable services include international incoming money transfers, MasterCard debit card, Post Office branch services and a 4 minute account set up.

However, they have steep fees that you can overcome by choosing a money transfer service. For example, Wise and OFX offer faster and cheaper international money transfer services. You’ll save money in the long-run – especially on smaller transfer sizes.

Other Challenger Banks

Related Content

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.
February 29th, 2024
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 criteria but operate broadly like traditional banks with physical stores, like Metro Bank and Virgin Money. Others are solely app/online based, such as Monzo, Starling Bank and Revolut.
November 29th, 2023
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.
May 8th, 2023
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.
May 8th, 2023
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.
May 8th, 2023

Contributors

Keith Hodges
Keith is an experienced Content Specialist with a rich background in both marketing and journalism within the financial sector. At MoneyTransfers.com, Keith plays a pivotal role in driving the business forward and broadening its reach in various international money transfer markets. His expertise is a key factor in the company's expansion and success.