Pockit Review

Pockit is an award-winning digital banking service based in London, marketing itself as a simple, easy alternative to traditional banking. Founded in 2014, Pockit aims to provide a better current account service for people who cannot be accommodated by the restrictive requirements of high street banks. Pockit offers financial inclusion to underserved communities.

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About Pockit

Pockit, which has over half a million users, is an electronic money agent of Payrnet Limited, a 100% Railsbank Technology, Ltd. subsidiary. It is authorized and regulated by the Financial Conduct Authority (FCA).

Can I use Pockit for international bank transfers?

Yes. Pockit allows you to send money abroad through Pockit’s partnership with money transfer service provider Wise, which has among the lowest rates.

You can transfer money using Great Britain pounds (GBP) to a foreign bank account in a different currency. According to its website, Pockit can send money to 55 countries in 32 currencies.

If you do not have a Pockit account yet, sign up through the app or web, and you will have your Pockit account in three minutes. Load your Pockit account with cash through three options: one, through a bank transfer to your Pockit account number, cash in at the nearest PayPoint store, or by card payment.

When you have enough cash loaded into your account, simply tap on the “Transfer” tab from the app or web, then select either the UK or International transfer.

For UK transfers, you need to input the recipient’s bank account number and sort code.

For international transfers, select destination country, then choose if "Individual" if you send an individual recipient or "Business" if you are sending money to a business. Type in your recipient’s full name or full business name, the recipient’s bank account number, the amount you want to transfer, and the required reference codes.

Whether you are making a UK or international transfer, review the accuracy of the details you entered, then confirm.

How long do transfers take with Pockit?

International transfers usually take a maximum of two business days. If the recipient does not receive the money in two days, the sender must immediately contact Pockit via email at, which runs from 9 a.m. to 6 p.m. from Monday to Friday, or through Pockit’s live chat service from 9 a.m. to 1 p.m., from Monday to Friday.

Are there transfer limits?

Yes, there are limitations to Pockit’s transfer service.

For international money transfers, Pockit does not allow incoming transfers from outside the United Kingdom. Pocket only sends money overseas through a bank account and does not allow other means such as cash pickup. It does not send money to India, and as of May 2021, it disallows the use of the Pockit debit card in Brazil.

Can I use a Pockit debit card when traveling abroad?

You can use your Pockit debit card to withdraw cash from ATMs abroad or to pay in restaurants, shops, and online that accept Mastercard.

However, the flat fee of GBP2.25 for each ATM withdrawal and the hefty foreign exchange rate fee of4% gives the impression that Pockit was not designed to benefit those who travel.

Pockit Exchange rates and fees

Pockit does not claim to use live exchange rates for international money transfers. It uses an exchange rate fee of 4% for every ATM withdrawal overseas and adds 0.3% on each international money transfer.

On top of these fees, Pockit uses an exchange margin that can go as high as 3.5% of the transfer value. This margin is part of the money transfer's hidden charges.

Transfer rate

Pockit charges a fixed fee of GBP0.99 for each transfer to a UK bank account or through Direct Debit.

If the money is transferred to a foreign bank account, you will have to pay an additional 0.3% of the transfer value to the fixed fee ofGBP0.99

Additional Costs

Apart from Pockit’s fees, corresponding bank fees may be charged by banks in the destination country. If Pockit’s partner banks could not transfer your funds directly into the recipient’s bank account for whatever reason, they need to rely on a correspondent bank to complete the transfer. The corresponding bank fees, which are beyond Pockit’s control, range from GBP 10 to GBP 100.

How do Pockit transfer fees compare to using a money transfer provider?

Although Pockit claims to be low-cost, the fees they charge for money transfers may make them more expensive than the money transfer providers.

However, it is best to compare Pockit with the widely used money transfer providers to see which of them will come up with the highest net amount for the recipient.

Pockit pros and cons

Pockit's pros and cons list is a compilation of information obtained from Pockit's website and reviews by industry experts.


The debit card is delivered to the account holder within two business days only, for so long as your account has been successfully verified.
You can add up to three persons who can link to your account, with each of them getting a debit card. You may link the cards to your balance or create separate balances for the three additions.
One of Pockit's unique features is the LOQBOX, which serves similarly as a piggy bank. You decide on the amount you lock in the LOQBOX account (between GBP20 to GBP200) monthly for one year. However, the amount you save in LOQBOX does not earn interest. For details on the LOQBOX mechanics, please refer to Pockit's Help Center at its website.


You must be a UK resident to open a Pockit account.
International money transfers can be done in a limited number of countries
Since Pockit is not a bank, UK’s Financial Services Compensation Scheme (FSCS) will not be able to protect your fund if something goes wrong.

Pockit Additional Products

No other products are mentioned on Pockit's website.


Pockit is a noteworthy alternative to traditional banking because of its openness to accept even those with poor credit history. It is ideal for people needing a flexible prepaid card option to address daily spending needs in the UK.

However, its functional limitations and off-putting service fees might prevent Pockit from fulfilling its mission of enabling financial inclusion. Sending money abroad and using the Pockit card outside of the UK can turn out to be expensive because of the exchange rate fees, exchange rate margins, and other fees that Pockit charges its customers.

Its domestic services and unique features – the LOQBOX and the Cashback services – seem to appeal to its users, making up for the disadvantages brought on by the fees and limits.

Pockit has received awards since its launch, and for that alone, Pockit might be worth a try.

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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.