ferratum bank
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Ferratum bank review

Ferratum Bank is active in 25 countries, spanning Europe, North America, South America, and Asia-Pacific. It offers fast bank services such as savings accounts and loans online and a mobile banking app’s convenience.

Where is Ferratum bank based, and how it is licensed

While Ferratum Bank has its headquarters in Helsinki, Finland, it is a PLC registered in Malta and licensed by the Malta Financial Services Authority as a credit institution. Ferratum Bank is a Depositor Compensation Scheme member, which can provide compensation of up to €100,000.

How to open an account with Ferratum bank

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.

Ferratum bank mobile app

Ferratum has produced a user-friendly app with the type of functionality that can make your life easier. You’ll be able to transfer funds, manage your accounts, and check your balances. There is also a chat feature.

Savings, loans, and cashback

The two primary savings account options are the Everyday Savings Account and Term Deposit Account, detailed above.

At present, there appears to be no loan option offered by Ferratum Bank.

At present, there is no sign of a cashback benefit offered by Ferratum Bank.

Conclusion

  • Easy access to savings
  • Multi-currency accounts
  • App with tools to help hit savings target
 

For those with international interests – such as suppliers or customers around Europe – Ferratum Bank can offer a very useful way of managing finances, with a mobile banking package that offers easy access to your funds.