About Oval Money
Oval Money is a London-based UK firm established in 2016. It describes itself as a free software that seeks to help everyone become more financially savvy. It aims to address the worldwide problem of financial literacy by empowering individuals to make better financial decisions.
Oval teaches users to track spending patterns and automates savings, allowing customers to save more quickly and effectively. The software also makes saving more interactive by using a community experience.
To build the artificial intelligence that encourages users to smarter spending and frequent contributions to their protected digital savings account, Ovalengaged the best brains in personal finance and behavioral science. With no hidden costs and strong privacy controls, Oval restores trust in personal finance and makes it accessible to everybody.
Oval Money Exchange rates and fees
Oval does not charge customers, but it claims to generate money from the investment product providers by charging them a modest fee on invested funds.
Exchange rate
Oval Money's website does not include any services related to exchange rates. As a result, it's a good idea to contact the platform and ask for foreign exchange advice.
Transfer fees
Oval is a completely free software to download and use. There are no charges, even if you choose to invest your money. It's unclear if it'll be able to sustain this as it expands.
Oval Pay is an Oval’s feature which allows you to make free outbound transfers across Europe. Choose ‘Bank transfer' and fill in the beneficiary's complete information (full name or firm) as it appears on the beneficiary's bank account information. After you've entered an amount and a reference, a pop-up window will appear asking you to double-check that everything is correct. Tap ‘Make transfer' and enter your PIN code to confirm.
Pay also allows you to make fast outbound transactions for €/£1. Instant transfers are only available if the recipient bank accepts them. If an immediate transfer option is available, you'll be able to view it right in the app. Your bank transfer receipts may be downloaded in PDF format via the link provided in the transfer information.
Additional costs
There are no additional costs mentioned in Oval’s website. When there are modest expenses involved, they will always be explicitly stated in the app. Your card will be sent to your home for free. For more information, you may visit the Pricing section in their website.
How do Oval Money transfer fees compare to using a money transfer provider?
Many international money transfer businesses have popped up to facilitate the movement of foreign funds as more professionals engage in business travel and live between borders. People are turning away from traditional bank money transfer services in favor of specialist international money transfer firms, which offer reduced rates, faster transfer speeds, and a variety of other advantages.
However, because Oval is focused on analyzing spending habits and automating savings, there isn't much to compare between Oval Money transfer fees and those offered by money transfer providers.
Oval Money pros and cons
The following are some of the benefits and drawbacks of Oval Money:
Pros
Cons
Answers to key questions about Oval Money
If you have any further questions regarding Oval Money, here are some frequently asked questions:
Can I open an Oval Money in any country?
Does Oval Money have an app?
Are there transfer limits?
What customer support options are available?
Can I use an Oval Money debit card when travelling abroad?
How to open an account and transfer money with Oval Money
It's simple to open an account with Oval Money and get started. You may do it whenever and anywhere you choose.
Opening an account
To get started with your Oval Money app, follow these four simple steps:
Update or download the app from the App Store or Google Play and get started with your Oval Money app.
Fill in your information and connect your bank account to Oval. The app will walk you through a straightforward and completely safe procedure.
Create a direct debit mandate. This way, Oval will automatically transfer the amount you've saved from your bank account to your safe digital savings account (through itspartner Mangopay) every week. The mandate may be suspended at any moment, and money can be withdrawn at any time from the digital savings account and deposited into your bank account.
Go through Oval'sbasic setup and select your preferences, such as whether you want to save conservatively or moderately.
Transferring money
To transfer money, you can set Oval Pay as your source account in the Profile > Source of funds. Oval Pay allows you to make free outbound transfers across Europe. Choose 'Bank transfer' and fill in the beneficiary's complete information (full name or firm) as it appears on the beneficiary's bank account information.
If you need the money in your Reserve Fund, tap on ‘Manage funds' and transfer it to Pay. The funds will be sent to Pay immediately, and you will be able to use them using the debit card attached to your Pay account right away, or move them to another bank account of your choice within 2-3 business days.
Select ‘Pay to Pay' and input the amount if you want to send money to your contacts who have Oval in less than a second. Your contacts will be notified of the payment right away!
Additional Information
Please note that ETX Capital purchased Oval Money in May 2021. The bulk of the app's functionality are now unavailable.
Customer service details for users of Oval Money
Oval Money may be reached at 09990597 or by email at www.ovalmoney.com. You may write to Oval using its "Help and Support" section in your "Profile" or visit the FAQ section of the Oval Money website for further information.
Can I use Oval Money for international bank transfers?
Yes. In Oval, your availability is centered on your Pay. OvalPay allows you to send and receive bank transfers, make fast payments with your smartphone, make withdrawals throughout the Eurozone, swap money with friends, and manage your card all from within the app, no matter where you are.
Summary
Oval is a promising service that, once completely developed, will benefit consumers. Although most large banks can link to it, some of the world's most prestigious financial institutions are still absent from the list.
When the payment service is up and operating, it will partially solve the problem of making your savings more accessible. You'll be able to use it to make purchases, but it'll take some time to get it back into your primary account.
Oval stands out for its innovative savings features, making it particularly beneficial for those who are struggling to build solid financial habits. The app's investment section is also definitely interesting.
If you're merely searching for a better method to manage your funds or perform budgeting, there plenty of budgeting softwares which link all of your payment cards to one single app.
