Pockit Review: Is It Safe and Reliable?

Pockit is a digital bank account designed for those who don't have a traditional bank account, or who struggle to manage their finances.

Pockit has over 1 million customers, a significant milestone that shows its popularity and reliability.

The app is available in the UK and allows users to access their account 24/7, making it a convenient option for those who need to manage their finances on the go.

Pockit's account is protected by the UK's Financial Services Compensation Scheme (FSCS), which means that users' money is safe up to £85,000.

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Pockit won The Spectator Economic Disrupter of the year award in 2018.

At Pockit, your account and transactions are protected by a robust security system.

Accounts are fully secured using segregated user accounts, ensuring that your personal and financial information is kept separate and safe.

Pockit uses HTTPS to encrypt your data, safeguarding it from unauthorized access.

Cards are 3-D Secure, providing an extra layer of protection against online transactions.

Pockit offers a range of convenient payment options, including contactless payments and online payments. You can also make social payments through the app.

One notable limitation is that Apple and Google Pay are not yet supported. This means you won't be able to use your existing mobile wallet to make payments with Pockit.

Pockit offers a handy service for international money transfers through its mobile app or website.

You can send money from British pounds in the UK to a foreign bank account in a different currency, and this service is offered in partnership with Wise, which is often the cheapest money transfer service.

The exchange rate fee for Pockit's international money transfers can be up to 4% on every ATM withdrawal abroad and 0.3% on every transfer.

In addition to the exchange rate fee, there's a £0.99 fixed fee per transfer for international money transfers, and a £2.25 fixed fee per transfer for ATM withdrawals abroad.

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Pockit also weaves in a nontransparent exchange rate margin, known as an "FX margin", into its currency conversions which can be as high as 3.5% of the transfer value.

If you send £500 to a friend in the EU, the three fees could combine to as much as £19.99.

You can only send money to a bank account overseas, not for cash pickup, and you cannot send money to India.

International transfers typically take anywhere between one and three working days to arrive.

Here are some key fees to keep in mind:

The Pockit mobile app is a key part of the platform, available for both iOS and Android devices. You can download the app and apply through it, or sign up on the Pockit website.

To use the mobile app, you'll need to fill in your personal details such as your name, physical address, and contact information. This is a straightforward process that helps Pockit verify your identity.

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You'll also need to pay a fee of £0.99 to open the account, which is a small price to pay for the convenience of using the app. This fee is a one-time payment, and it's required to activate your account.

Pockit doesn't conduct a credit check, but you must be at least 18 years old to use the app. This makes it accessible to a wider range of people who may not have a credit history.

To fully activate your account, you'll need to verify it with an ID and selfie. This is a simple process that helps Pockit ensure the security of your account.

Here are the steps to open a Pockit account through the mobile app:

Pockit has a Trustpilot rating of 3.4 out of 5 stars, based on nearly ten thousand total reviews.

A majority of users who rated Pockit give it either a four- or a five-star ranking, which accounts for 62% of the total reviews.

Around 7,500 four- and five-star reviews have been left for Pockit, showing a significant number of satisfied customers.

Pockit's customer review score is a key indicator of its overall quality and reliability, and it's worth noting that a rating of 3.4 out of 5 stars is a relatively high score.

Pockit's fees can add up quickly, especially for regular customers. The delivery fee for your card is £9.99, and there's a £1.99 monthly fee to maintain the account.

You'll also be charged £1.49 to deposit money at a PayPoint location, and £0.99 to transfer money to a UK bank account. The fee for transferring money overseas is £0.99 plus 0.3% of the transfer amount.

Additionally, you'll be charged a fee of between 0.3% and 3.5% by Wise to transfer money overseas, depending on the transfer amount. There's also a £0.99 fee to transfer money with Direct Debit, and £0.99 to withdraw cash from an ATM in the UK.

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Some fees are free, however, such as topping up your account using a bank transfer or a debit or credit card payment.

Here's a breakdown of the fees for an Everyday plan as a full account holder:

Pockit also places financial limits on some of its services, which can be very restrictive for some customers. For example, unless transfer limits are manually raised, a Pockit customer can only top up their account up to a maximum of £1,440 per year for bank transfers and PayPoint cash deposits, respectively.

Pockit was founded in 2014, a significant milestone in the company's history. Pockit was founded in 2014.

With around 500,000 users in the UK, Pockit has a substantial customer base.

This company was founded in 2014, which is a relatively short time ago in the business world.

The company started with around 500,000 users, a significant number from the get-go.

It also began with 50 employees in the UK, a manageable team size that allowed for focused growth.

These early numbers set the stage for the company's future expansion and development.

Pockit offers a prepaid debit card and online account that functions similarly to a regular current account, allowing you to have your paycheck deposited directly into your account.

Signing up for an account is relatively fast and straightforward, taking around three minutes to complete, although you may need to budget a bit more time if you encounter any issues.

Pockit provides customers with their dedicated sort code and bank account number, making it a viable alternative to traditional bank accounts.

To sign up, you'll need to have a UK residence and will be required to verify your identity, which may involve snapping a photo of a valid photo ID and taking a selfie.

Pockit doesn't offer tiered plans, with all members subject to the same fees, although they do offer different account types, such as the "Simple Account", "Full Account", and "Enhanced Limit Account", which differ mainly in top-up limits for bank transfers.

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The "Simple Account", "Full Account", and "Enhanced Limit Account" all function similarly, with the main difference being the top-up limits for bank transfers and Paypoint cash deposits.

Pockit allows you to deposit money into your prepaid account at any of the 28,000 PayPoint stores across the UK, as well as using a bank transfer or a debit or credit card.

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Pockit has acquired Monese for £15m to strengthen financial inclusion for low-income customers.

The acquisition aims to create a leading FinTech for low to middle-income consumers across the UK and Europe.

Pockit will gain access to Monese's regulatory infrastructure, including its electronic money and consumer credit licences, enabling it to expand its product range.

The combined group will serve around 3 million customers and generate close to £30m in annualised run-rate revenue.

Post-acquisition, Pockit founder and CEO Virraj Jatania will lead the enlarged business, with Monese's CEO and founder Norris Koppel remaining involved in the transition.

The leadership aims to ensure a seamless experience for customers as the companies merge their operations and product offerings.

Pockit currently provides digital financial services for underserved consumers, including salary advances and credit-building products.

Monese specialises in multi-currency accounts and other financial products, and is known for its strong presence in Europe and complementary geographic footprint to Pockit.

The deal is subject to Change in Control approval by the Financial Conduct Authority (FCA), according to FF News.

Monito reviewed Pockit's services thoroughly, analyzing key criteria such as customer reviews, transaction costs, and business metrics.

Pockit's limitations are worth noting, including many services that come with a fee, daily, monthly, and yearly financial limits, and the inability to receive money from outside the UK.

These limitations can be restrictive and may not be suitable for everyone.

Bank transfers with Pockit are a convenient way to manage your finances. You can get your wages or benefits paid straight in by your employer or benefits provider, simply by giving them your account details.

You can also get your wages or benefits paid a day early for free. This is a great perk that can help you stay on top of your finances.

Bank transfers are usually quick, but can take up to 2 hours. This is something to keep in mind when sending or receiving money.

You can also transfer money using a debit card, by entering your card details and how much money you want to load into your account. This is another convenient option for managing your finances.

If you're depositing cash, your funds will transfer into your Pockit account instantly. It can take up to 30 minutes for this to show on your balance and statement.

Here are the different ways to deposit money into your Pockit account:

Transferring money to someone should take around 2 hours, as long as you transfer during normal working hours.

Pockit's Card & Online Account is a flexible prepaid debit card service that's gained popularity in the UK, with nearly half a million customers nationwide.

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You can deposit money into your Pockit account at over 28,000 PayPoint stores across the UK, or through a bank transfer or debit/credit card.

Pockit's account functions similarly to a regular current account, allowing you to have your paycheck deposited directly into your account, complete with a dedicated sort code and bank account number.

The Pockit app is simple and functional, making it easy to manage your spending and get insights into your financial habits.

You can transfer money, view your statements, and even freeze your cards if you misplace them, all within the app.

Pockit also offers a feature called Pockit LOQBOX, which allows you to "lock" small amounts of money away for one year, improving your credit score.

The app also provides a live e-statement that records all payments in and out of your account.

You can earn cashback with Pockit, up to 8% at selected retailers, and even more with the Pockit Extra or Fast Track to Credit plans.

There are four ways to put money into your Pockit account: depositing at a PayPoint store, bank transfer, debit/credit card, or online registration.

Pockit has a Trustpilot rating of 3.4 out of 5 stars from nearly 10,000 reviews, with a majority of users giving it a 4- or 5-star rating.

Here are the four ways to put money into your Pockit account:

At Monito, they take reviewing services seriously. They thoroughly assess the quality of each service, including Pockit, by analyzing several key criteria.

Their experts carefully examine customer reviews to get a sense of how well a service is liked by its users. Monito Scores are also peer-reviewed by at least one expert to ensure accuracy.

Monito reviews are written independently by their editors, and recommendations are based on their own opinions. This means you can trust their advice.

To evaluate services like Pockit, Monito considers various transaction types and their associated costs. They also look at top-up options and access to customer service.

Monito's experts also dig into business and legal metrics, such as revenue and company size. This helps them get a complete picture of a service's credibility.

As a result of this rigorous evaluation, Monito can provide you with informed recommendations about services like Pockit.

Pockit has its fair share of drawbacks, and one of the main complaints is that accounts can be locked until reviewed by customer service agents.

One of the biggest turn-offs for some users is the £0.99 monthly fee, which they found to be overpriced.

Another issue is that Pockit charges small fees for many basic card functions, which can add up over time.

Pockit also has some significant limitations, including not being registered with the Financial Services Compensation Scheme, which may leave users without protection in case of any issues.

Not being officially a bank means you'll still need to rely on traditional banks for all your other financial needs.

High fees for using the card abroad can be a major hassle for travelers or those who frequently cross borders.

Some users may also be put off by the lack of face-to-face communication, which can make it harder to get help or resolve issues.

Here are some of the main cons of Pockit in a nutshell:

Pockit is a licensed, regulated electronic money issuer by the UK's Financial Conduct Authority (FCA), making it a safe platform for everyday transactional purposes.

The company has some 500,000 customers, which is a good indication of its size and trustworthiness. However, it's worth noting that Pockit is not a bank, and as such, your money won't be protected by the Financial Services Compensation Scheme (FSCS).

Registration with Pockit requires little personal information, making it more difficult to have your identity compromised.

Pockit's prepaid card can be used abroad, but it's not the best option for international travel. The card is accepted worldwide wherever you see the Mastercard sign.

However, there's a catch: a 4% charge applies when using the card overseas. If you're looking for a card specifically for travel, you might want to consider other options.

Registration for Pockit is quick and easy, taking just minutes to complete, even during your work break.

When verifying and ensuring safety with money transfer services, it's essential to be aware of the potential drawbacks.

Many services come with a fee, all of which stack up over time. This can add up quickly and eat into the amount you're trying to send.

Daily, monthly, and yearly financial limits can be restrictive, making it difficult to send larger amounts. This can be frustrating, especially for those who need to transfer money regularly.

Exchange rates can be a significant concern, with some services offering rates up to 3.5% worse than the cheapest options. This can result in a substantial loss of value for your money.

Limited financial flexibility is a common issue with many money transfer services. Here are some specific fees and limitations to be aware of:

Pockit is a licensed, regulated electronic money issuer by the UK's Financial Conduct Authority (FCA), making it a safe choice for everyday transactional purposes.

However, customers take on a small amount of risk when keeping their money with Pockit, as there is no deposit protection scheme.

Pockit has 500,000 customers in 2021, making it a large and trusted business.

Your account is kept behind a password and a security question must be answered to access your pin and some of the app's money-handling functions.

Pockit is not a bank, so your money won't be protected by the Financial Services Compensation Scheme (FSCS).

Your money must be held in segregated accounts to keep it safe, as Pockit is an agent of PayrNet Ltd, an electronic money institution authorised by the FCA.

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Pockit can be a viable alternative to a traditional current account, especially for those with a not-so-perfect credit score.

However, its fees aren't especially competitive, making it less appealing compared to other options.

You could still consider Pockit for its slick app and ease of use, but keep in mind it's not the cheapest option.

Pockit's credit builder feature on one of its plans is a notable perk, though.

If you're having trouble qualifying for a traditional account, a basic current account or a current account with a digital bank like Monzo or Starling might be a more cost-effective choice.

All of these options charge no monthly fees and offer free ATM withdrawals, transfers, and payments in the UK.