Soldo review

Soldo provides services for more than 26,000 businesses in Europe and has over 210 employees. They currently have 4 offices, which are located in London, Rome, Milan and Dublin. Also, they raised $11 million during the launch from investors such as Accel, ADM Ventures, Connect Ventures, Dawn Capital, InRreach Ventures, U-Start and R204 Partners. In their latest round of funding they raised $180 million.

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United Kingdom

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:


Ideal for businesses: several features are available for businesses that add extra value. For example, employee cards where you can set limits.
Limits: the high transaction limits mean they are unlikely to become an issue.
Wallets: organize funds into wallets if you need to allocate funding to different payment types.
Safe: Soldo is regulated by the Financial Conduct Authority (FCA) and Central Bank of Ireland (CBI).


Fees: the high fees mean that you will need to pay extra when making transactions and receiving money.
Membership fee: you need to pay added fees for using a membership plan.
Foreign currency: You will pay a 1-2% fee depending on your account status when converting currencies.

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.


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.

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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.