HomeChallenger BanksZopa Bank Review

Zopa Bank Review

Zopa has been in the UK financial scene since 2005. The business started out as a peer-to-peer (P2P) lending company. At that time, the company’s main focus was offering loans for investment ideas they considered worthwhile. All this was backed by cutting-edge tech.

Zopa obtained a full banking license in the UK from the FCA and PRA in 2020. The aim was (and still is) to upstage the traditional banking giants in the UK by offering innovative and agile solutions to clients.

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About Zopa Bank

Zopa is the parent company of Zopa bank. The two businesses still run side by side with similar ethos. Zopa bank is funded from Zopa coffers. In 2018, Zopa netted £20 million from its existing investors in the latest round of funding. Some of the notable investors include Alternative Credit Investments and Augmentum.

Since its launch, the bank has become increasingly popular in the UK market. So far, it is among the top 10 card issuers based on new customers in the UK. Additionally, the bank is doing well in customer deposits and loans.

So, how trustworthy are Zopa? Well, customer reviews from Trustpilot show that the company maintains an excellent standard of service. Some 14,700 users rate the company as impressive, with the overall rating standing at 4.8 stars. Reviews on the app store also present a similar story.

In this article, we investigate if Zopa bank is having similar successes in international money transfers. Can Zopa Bank account holders transfer money globally? Are the fees favourable?

Can I use Zopa Bank for international bank transfers?

Currently, customers cannot use inter-bank transfers. This is true even for SEPA (Single Euro Payments Area) transfers. However, customers can receive money from abroad via SWIFT.

Despite this, Zopa customers can easily download and send money globally using XE and Azimo

How long do transfers take with Zopa Bank?

Currently, Zopa bank does not offer international money transfer services. The core of their activities revolves around lending.

However, Zopa customers can choose various digital platforms to send or receive money from abroad. The choice really depends on the urgency of a transaction. For instance, customers who wish to receive money from the United States can use services like Paysend and XE. The time it takes for your funds to reach you may vary from minutes to a couple of hours.

Are there transfer limits?

Zopa bank does not offer international remittance services. As such, customers can opt to use more seasoned companies that have worldwide networks.

Some of the companies that have a high transfer limit are XE and Paysend. However, you may be required to provide proof of origin for the funds if amounts go upwards of £10,000.

Can I use a Zopa debit card when travelling abroad?

The bank only offers a credit card. Therefore, customers do not have the option of a debit card which they can use when travelling.

Most challenger banks provide debit cards. The bulk of clients for the digital-based banks are young people, some of who love to travel. Restricting them to credit cards will only limit them.

Zopa Bank Exchange rates and fees

Since the bank does not facilitate international transfers, customers do not get a chance to see the fees or the rates.

Fees and transfers take a bit off the money intended for the recipient. That is why companies like XE provide free transfers to ensure the recipient gets the full amount sent. Other notable companies like World Remit also offer free transfers for the first couple of transactions.

The rate changes on offer are also fantastic. For example, some companies give mid-market rates, which ensures minimal costs of transfer.

How do Zopa Bank transfer fees compare to using a money transfer provider?

International remittances companies make the bulk of their revenues through the fees they charge for transactions. However, due to the advent of new technologies and novel ways to perform KYC and due diligence, companies are making transfers inexpensive.

Zopa bank has not yet developed such systems or partnerships. Therefore, the customers can simply use companies like XE who do not charge anything for international transfers. Other great options include World Remit and Azimo.

Zopa Bank Bank Additional Products

Zopa specializes in the following products:

Loans – These include car loans and car financing.

Investment – Zopa bank provides innovative finance individual saving accounts.

Savings account – Customers earn fixed interests on their deposits.


Zopa Bank is a new-age digital challenger bank based in the UK. Launched in 2020, Zopa bank has not started offering international money transfers. Instead, customers can only receive money via SWIFT to their bank accounts.

However, Zopa bank customers should not despair. There many remittance companies in the UK which could send and receive money globally.

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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.