About Tally Money
Tally Money is not officially a bank, but the Financial Conduct Authority regulates it. Transparency and safety are cornerstones of their mission statement as they attempt to provide a fairer financial system. The setup means the funds you hold at Tally Money will not get devalued since they are no tied to currency but gold assets.
Can I use Tally Money for international bank transfers?
It’s possible to send money using your Tally Money account to non-Tally accounts. You will be debited in Tally but the transfer is automatically converted to the relevant fiat currency.
How long do transfers take with Tally Money?
When sending money to another Tally account holder the transfer is usually instant. However, when sending to regular bank accounts you will need to wait 1-5 business days. To speed up transfer times, consider using alternative services like Western Union and PaySend.
Are there transfer limits?
The maximum card spend is 1,000GBP. There is no limit for deposits and withdrawals to your account.
Can I use a Tally Money debit card when traveling abroad?
Tally Money offers are debit MasterCard that can be used when traveling abroad. Payments are automatically converted from Tally to the local currency when you make a purchase or want to withdraw from the ATM machine.
Tally Money Bank exchange rates and fees
Exchange rate: you will need to heavily use the exchange rate since all transactions require you to convert to and from Tally. The exchange rate used by Tally is better than most challenger banks, so you are not facing huge fees during transactions.
Transfer fees: the transfer fees that you have to pay depend on the bank and country where you are sending money.
Additional Costs: Tally does not impose hidden fees on their customers. However, there is a balance transfer fee of 3-5% and up to 6% when getting a loan.
How do Tally Money transfer fees compare to using a money transfer provider?
The fees associated with Tally Money are much higher when compared with money transfer services. You need to pay a percentage of the transfer amount with Tally – it’s only a fraction of that using a 3rd party service like Skrill or WorldRemit.
To get a balanced overview of Tally Money here are the pros and cons:
Pros
Cons
Tally Money additional features
Perks: the credit card offers excellent perks such as travel insurance and extended warranties.
Bill consolidation: helps organize bills into one payment - idea for users currently paying off multiple credit cards.
Fast account creation: the 4 step process to open an account requires photo ID, basic info and a selfie. Then, your account will be opened within seconds.
Summary
Tally Money is an interesting alternative to cryptocurrencies or fiat based bank accounts. Tallies are linked to gold so your balances depend on the value of gold. The app is free to use and there are no hidden fees. The simple setup means customers can’t get lost along the way.
However, the high Tally Money transfer fees mean it’s best to send cash with alternatives. Consider choosing services such as TorFX and XE Money Transfer to get the best deals. There is limited mark up on currency exchange and delivery times are fast.
