The first step is to download the Ferratum Bank app, which can be accessed from Google Play or the Apple App Store. This will allow you to sign up quickly, as long as you have details such as your ID number, phone number, and email to hand. There is also a selfie verification step.
There are three plans currently available; the Current Account, which is a daily use account which your Mastercard will be linked to; the Everyday Savings Account, which can help you to earn interest on deposit, based on the interest rate at that time; and a Term Deposit Account, designed for long term savings, offering a more generous interest rate, and starting with a minimum of three months.
The best Ferratum Bank account for you might come down to how much money you have to play with! The Everyday Savings Account can be useful to those who want easy access to their savings and all the advantages of mobile banking. Every Ferratum account, including the Current Account, allows you to manage up to seven currencies, you’ll also have up to four free withdrawals from foreign ATMs per month. You might think that you could get more than the 0.95 percent interest per annum offered by the Term Deposit Account elsewhere. Still, the absence of hidden fees and mobile banking convenience can make this option attractive for savers.
It’s a simple process to send money from your bank account to the Ferratum Bank account. You need your IBAN, which is easily accessible in the app, and possibly your BIC number. The amount of time the transaction will take can vary according to which bank you are sending it from.
For fairly frequent travelers, the four free ATM withdrawals offered by Ferratum Bank can pay off, although more regular travelers might find better choices elsewhere.