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 functionality to make international bank transfers. However, parents can send money to the card for top-ups. To execute international bank transfers, you will need to use alternatives like XE and MoneyGram.
How long do transfers take with GoHenry Bank?
Money transfers with 3rd party services can take 0-2 days and that includes weekends. Therefore, you can get your money faster than most traditional banks can offer.
Are there transfer limits?
Most money transfer services come with limitations. You will need to investigate what these are on a case-by-case basis.
Can I use a GoHenry debit card when traveling abroad?
GoHenry offers a pre-paid card that can be used for payments abroad. However, you need to investigate what the currency conversion fees are to determine the costs. Choosing a 3rd party alternative might be better because of lower debit card fees when used abroad.
GoHenry Bank Exchange rates and fees
Exchange rate: the currency conversion rates of money transfer services is typically just under the best price. For example, when using Wise you’ll save a lot of money on the exchange rate since it’s one of the best around.
Transfer fees: the majority of 3rd party services charge a reasonable transfer fee that hardly eats into the transaction. It’s way lower than what traditional banks charge. Even for small transactions you’ll get a good deal on the money transfer.
Additional costs: the added costs that you’ll get charged at money transfer services include when ordering a new card, a yearly maintenance cost and the premium version of an account. However, when sending money there are no hidden charges for most services.
How do GoHenry Bank transfer fees compare to using a money transfer provider?
The differences in the speed of transfer and fees are huge. Challenger banks have a model where you will get charged a flat fixed fee or a percentage of the transfer. On the other hand, money transfer services like OFX and WorldRemit will charge significantly less, therefore allowing you to save money.
Here is a list of the reasons why GoHenry is a good choice and a few negatives too:
Pros
Cons
GoHenry bank additional products
Parent account: this feature allows you to control 4 child accounts. Ideal for parents with multiple children.
Set allowance: give your kids pocket money by setting an allowance per week.
Card usage: you can choose where the card will be used. ATM, online or in-store.
Notifications: receive notifications about how your children are using the card.
Summary
GoHenry is an excellent service for kids that want to learn how to spend and save money. It’s the digital alternative to giving your kids pocket money in hard cash. The app is regulated by the FCA and comes with a pre-paid debit card that can be used in different currencies.
However, no functionality exists to use the app for sending and receiving payments. Therefore, you’ll need to make use of money transfer services like Wise, Payoneer, OFX and Xoom. The fees associated with these services are low and you can enjoy transfer times of 0-2 days.
