About Soldo
The company was founded in 2017 and follows a strict compliance process. They are regulated and authorized by the Financial Conduct Authority (FCA) and Central Bank of Ireland (CBI).
Can I use Soldo for international bank transfers?
Yes, it’s possible to send money internationally using Soldo. The details depend on where you are sending the money.
How long do transfers take with Soldo Bank?
In most cases you’ll need to wait 1-5 business days for a transfer to complete. The transfer length is based on the borders the money is crossing and the time of day you make the transaction.
Are there transfer limits?
The maximum transfer limit per month is 40,000 Eur and the daily level is at 10,000 Eur.
Can I use a Soldo debit card when travelling abroad?
It’s possible to use the Soldo debit card when travelling abroad. You may want to familiarize yourself with the debit cards fees that when withdrawing. Also, there are fees for services such as viewing the balance. The issuing fee for the debit card is 5 Eur.
Soldo Bank exchange rates and fees
Exchange rate: the currency exchange fee for transactions starts at 2%, but it drops to 1% for the Soldo Pro and Premium accounts. To save money on the exchange rate fees during international money transfers, it’s better to use a money transfer service.
Transfer fees: the fee for incoming international transfers is 16 USD/Eur/GBP and it drops to 10 USD/Eur/GBP for SEPA transfers. It’s a steep amount to pay for receiving money that can also be overcome by using a 3rd party service.
Additional costs: there is a transaction investigation fee of 10 Eur and a fee for issuing a virtual card. Most money transfer services will not charge you for acquiring a virtual, which is an example of how they can save you money.
How do Soldo Bank transfer fees compare to using a money transfer provider?
Comparing the fees between Soldo and money transfer services is night and day. Money transfer services such as Neteller and Skrill charge much lower fees, which means you’ll make huge savings over the long term. Their business model does not rely on extracting massive fees from customers for sending money.
Soldo pros and cons
To have a balanced overview of what Soldo offers it’s worth considering the pros and cons:
Pros
Cons
Soldo bank additional products
There are additional products that you can check out at Soldo:
Export data: you have the option to export data if you need it for other systems. The list of systems that are compatible include NetSuite, SAP, Microsoft Dynamics and Microsoft Excel.
Reporting and analysis: you can analyze data to monitor your spending.
App: use the Soldo app to execute transactions, monitor funds and digitally attach receipts.
Employee pre-paid debit cards: organize employee spending with debit cards.
Summary
Soldo is a good choice for businesses that need to organize their funds and how their employees spend money. Also, the reporting and analysis features mean that you can transfer the data to your systems. Also, they have the approval of the Financial Conduct Authority (FCA) and Central Bank of Ireland (CBI) for your peace of mind.
However, the fees associated with their international money transfers are high compared to alternatives. To save money consider using services such as Wise and Western Union.
