Glint is a fintech app taking an interesting new approach to current accounts and finance. At its core, Glint works like many other challenger banks, providing a system for customers to spend their money from the convenient platform of their smartphone. However, Glint differs in one crucial area: rather than using the traditional currency, Glint is attempting to bring back gold.
What is Glint?
Glint felt that “it was unfair that money is prone to depreciate in ways we have no control over”, and sees the solution in gold. According to Glint, gold is a trustworthy form of money – an independent and more stable currency that gives some control back to the consumer.
With a Glint account, your transactions are backed by gold, and, because it isn’t exclusive to one country, you can make them anywhere.
How does Glint work?
Like most other challenger banks and fintech companies, Glint works almost entirely from your smartphone, with the exception of the physical card that they will send after registering.
Getting started is simple. Download the Glint app from either the App Store or Google Play. Then register by entering your name and address. The process of receiving your card and completing your registration is just as streamlined. Once you’re in the app, it’s easy to find your way around the home page.
Only the essentials are featured on the app. These include:
Currencies. From the homescreen, you can top up money in your account by bank transfer or via a debit or credit card. You can also buy and send gold using the Buy or Sell icon. Balances can be held in GBP, EUR and USD.
Markets. Glint has a collection of third-party providers offering a variety of services for you to choose from. Browse through them from here.
Profile. Customise your account, review settings and security, and even invite a friend to join.
Card. Here you can see your Glint Mastercard balance.
Using Glint abroad
Glint is a great travel tool. Not only can it be used anywhere via the app, but because gold’s value is recognised in many different countries you don’t have to struggle with exchanging currency. Additionally, because Glint uses Mastercard, your Glint card is accepted in over 30 million locations worldwide.
You can also move your money into GBP, EUR and USD and spend in more than 150 currencies with only a 0.5% transaction fee.
If you're travelling abroad
If you are heading overseas and are thinking about travel money, head to our travel money section for the cheapest deals on foreign currencies, or to our travel section for tips on how to get cheap flights!
Glint fees, limits and pricing
Opening a Glint account costs nothing, but Glint does come with a handful of fees and limits. These include:
The gold exchange fee comes with a charge of 0.5% of the transaction value. Similarly, the foreign exchange fee is 0.5% of the transaction value.
Point-of-sale transactions are free with a limit of £5,000 per day; ATM withdrawals cost £1.50 with a limit of £300 per day.
Topping up via debit or credit card is free, but is limited to £2,000 per day.
Bank transfers are free.
There is a monthly 0.02% gold storage and insurance fee.
Account closures cost nothing.
Is Glint safe?
Glint is regulated by the Financial Conduct Authority, meaning your money is always safe even in unforeseen circumstances. Your money and sensitive details are kept behind a password, and registration requires proper authentication before you are approved. You can only activate your card once it’s reached you, so if it’s stolen before it’s arrived it’s completely useless.
Pros and cons of Glint
Pros
Reasonable fees and limits.
Gold is not exclusive to one country.
Contactless debit card.
Simple and functional app design.
Quick and easy registration.
Great to travel with.
Safe and secure.
Fully registered with the FCA and PRA.
Cons
Gold is still vulnerable to market movements and its value can fluctuate.
Compared to other challenger banking apps, Glint’s app offers far fewer features to help manage your finances.
Traditional banks are still necessary for most of your banking and financial needs.
Customer service information for Glint
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict
While Glint doesn’t work as a replacement for traditional banking services, it does make a great companion to them. The work that has gone into creating such a complex app definitely shows and could be well worth exploring.
Frequently asked questions
Although Glint offers its services for free, it still needs to make money, which it does in a handful of ways. These methods include:
Interchange fee. Every time you perform a transaction with your Glint Mastercard Glint earns a small fee for processing it. This is the interchange fee.
Fees and limits. Although Glint’s fees are fairly low, over time they add up. These fees are one of the main ways Glint makes a return.
Very easy. On the homescreen of your app, you will find a top up symbol on the top left. Click that and you can top up via bank transfer or card payment. Your debit or credit card will need to be added to your account first.
Yes, there is a £5 card replacement fee.
Yes, even if you misplace your Glint card, or if it’s yet to arrive, you can use your Glint account to buy and sell gold.
No, Glint doesn’t currently credit check applicants. However, you may see an identity check in your credit report. An identity check is a form of soft search that is noted so that there’s a record of who’s viewed your credit history. This search does not affect your credit score.
Yes, any gold you buy through Glint is legally owned by you, so you’re certainly able to redeem it.
No, you can’t currently transfer physical gold into the Glint app.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife.
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