About Pingit
The British Standards Institute International ISO 217000 certified the Pingit app for security and resilience. Likewise, the British Standards Institute Kitemark for Secure Digital Transactions awarded the app for its exemplary user security.
Can I Use Pingit for international bank transfers?
Yes, you can use the Pingit app to do international bank transfers, but your nominated Barclays account must have sufficient funds to cover the transfer.
You need to provide the payee’s name, the bank you are coursing the money through and its address, details, the IBAN of the person or business you are sending the money to, and for non-SEPA transfers, the SWIFT BIC code of the bank you are sending the money to.
Since Barclays Bank owns Pingit, its policies on international transfers are based on those of Barclays.
How long do transfers take with Pingit?
Transfers are usually completed immediately, but in some cases, this may take a little longer.
Typically, the transfer is completed within the next working day if you send euros to a SEPA country; it takes two days to send euros to a non-SEPA country.
You can visit Barclay's website to get the list of countries that can accept transfers and view the transfer requirements.
Are there limits?
Pingit can send a maximum amount of £2000 per day. However, if the beneficiary is using Paym, the limit is reduced to £500.
You can do multiple money transfer transactions of not less than £25 daily, provided you do not exceed £2000, or its equivalent in foreign currency.
The limit is higher when you are sending money to pay business. If you are paying through a mobile number, your maximum limit is £3000. If you are paying through shortcode, the cap is £15000, and £16000 if you are using a QR code.
Can I use a Pingit debit card when traveling abroad?
Yes, you can use your Pingit debit card when you travel abroad, but you will be charged a fee of 2.99% for every purchase abroad. Cash withdrawals in a foreign currency will be charged a minimum cash transaction fee of 2.99%, or £2.99, whichever is higher.
Use of your Pingit debit card is interest-free for as long as you pay your balance in full on or before your due date.
Pingit Exchange Rates and Fees
The information on exchange rates and fees is based on Barclays Bank's rates. For one, the Pingit app is backed up by Barclays Bank. For another, Barclays Bank will be shutting down the Pingit app and services by the end of June 2021.
Exchange rate
Barclays Bank uses a live foreign exchange rate, which may shift up or down before the payment is processed.
In the spirit of transparency, Barclay Bank reveals that they apply a reference rate of 1.1368 and a 2.75% margin on the exchange rate.
However, the bank commits to showing a customer the guaranteed rate before proceeding with the transfer.
Transfer fees
Domestic transfers – both receiving and sending – are free of charge, except for business customers. However, your service provider might charge you when you use the app on your mobile phone.
The transaction fee is free for selected countries. You may check Barclays' website to find out which countries are these.
Additional costs
International transfers or payments in foreign currency may be subject to charges.
One such charge is called the Overseas Delivery Charge. This charge refers to the amount charged by the correspondent foreign bank to process payment and send money to the beneficiary.
The additional costs will depend on the charging option you select.
Option 1, OUR: You will shoulder all transfer-related charges, including the Overseas Delivery Charge and the beneficiary’s bank charges. The beneficiary will receive the full amount of the money transferred.
Option 2, SHA. You will only pay the bank's charges, with the beneficiary paying all other charges. You will be spending more while the beneficiary gets less of the amount sent. SHA is the only option available when transferring pound sterling, euros, or local currency to Europe.
Option 3, BEN: This option will bring no additional cost to you as the sender. The beneficiary will pay for all charges, which will be deducted from the amount transferred to their account.
Barclay will inform you of all transfer charges before making the transfer. However, some receiving banks deduct other charges from the amount transferred, and Barclay has no control over it.
In such cases, the beneficiary should inquire from their bank.
How does the Pingit transfer fee compare to using a money transfer provider?
Money transfers done through the Pingit app has zero transfer fee. Money transfer providers charge from £0 to £10.
However, the cost of money transfer does not rest on the transfer fee alone. It also involves the margin for the exchange rate, among other costs.
It is not certain whether Pingit has a better or higher rate than money transfer services. Besides, the components of money transfer cost vary among the money transfer providers.
Your best bet is to compare rates among Pingit and a couple of money transfer services and get the best deal.
Pingit Pros and Cons
Pros
Cons
Pingit Additional Products
Aside from the mobile app, Barclays Bank enabled the release of other payment products.
Wearable Payment Devices
The wearable devices, which include bands and key fobs, were launched in 2019 to make contactless payment easier for busy Pingit app users.
The device, which connects directly to the users’ mobile app, offers features making it easy for users to control their spending.
For example, users can allocate money for specific purposes, e.g., travel, shopping, grocery, etc., by dividing their account into segments called “jars.” When you need to go to the grocery, your app will only allow you to draw money from the grocery jar.
Users of wearable devices can also make donations with just a few taps.
Users can top up each jar using the mobile app.
Pingit Card
You can purchase a single card and enroll a maximum of five devices using the Pingit app.
The card can be used for contactless payment for multiple purchases not exceeding £500 per day, with each purchase observing a £45 cap. The daily limit is reduced to £300 if you choose to pay using a cash machine.
The limit is increased to £2500 per day if you shop online or make an in-app payment through the Pay by Bank option in the app.
Summary
The Pingit app is Barclays Bank’s innovative payment and money transfer solution, but you do not have to be a Barclays Bank account holder to avail of the app.
Pingit goes beyond payment; the quick, secure, and user-friendly app offers other services.
It serves as a budgeting tool as it divides your account into several jars to allocate funds for things you need to spend. You can also raise funds and donate money through this app.
The downsides of using Pingit may be considered insignificant compared to the benefits it offers. Apart from convenience and zero transfer fees, the app addresses a significant concern of banking consumers – security.
The awards received by Pingit App for their impressive user security and resilience are enough proof that the app is safe to use. But more than that, the app’s affiliation with Barclays Bank assures its users that their money is safe.
That specific benefit will be put to the test when Barclays Bank shuts down the Pingit app and services on June 30, 2021, ten years after it was launched. Already, statements have been released that any fund stored in the users' jars will be transferred to their linked bank accounts by July 9, 2021.
The closure is ironic, considering that Pingit was one of the earliest banking innovations that attracted millions of users.
