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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.

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United Kingdom

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.


UK residents only: you must have an address in the UK to open an account.
Steep incoming fee: the 15GBP incoming transfer fee is not ideal for smaller transactions.
Conversion currency payments: if you’re not careful, you may end up paying 2 currency conversion fees in one transaction.

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.


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.

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Keith Hodges
Keith Hodges
Keith is a digital specialist with a background in the financial industry, both as a marketeer and a journalist. Keith joined in order to take the business to the next level and expand our offering in multiple international money transfer markets.