Launched in 2020, Fortu is a digital private banking solution that offers both an individual e-money account as well as a multi-currency business account. This review takes a closer look at its individual account to see if it could work for you.
What types of accounts are on offer?
Fortu’s individual account gives you access to a free UK account, a free euro and US dollar IBAN account plus free local payments within the UK and the EU. You will be able to receive, send and exchange money in more than 35 currencies worldwide with competitive foreign exchange rates and fixed transfer fees.
You’ll also have access to 24/7 customer support and a dedicated client relations manager to offer tailored support and guidance.
Fortu is also getting ready to launch a personalised investment experience (Wealth) that will offer a range of ready-made investment “baskets” for you to choose from. Each basket will contain themed stocks so you can build your own portfolio across various asset classes. You’ll then be able to track the growth of your portfolio and its performance via the app.
What types of fees are there to pay?
Although the Fortu account itself is free, there will be fixed transfer fees to pay when you send money abroad. However, Fortu uses the interbank exchange rate, making it a competitive option.
How to apply
You can apply for a Fortu account in just 5 minutes either online or via the app. You will need to fill in an online form and provide the following details:
Name
Address
Date of birth
Email address
Phone number
Details of your bank account and debit and credit cards.
You will also need to provide ID such as your passport or driving licence.
Is Fortu safe?
As Fortu is an e-money account, your money will not be protected under the Financial Services Compensation Scheme (FSCS). However, your funds will be held in a segregated account that is protected by safeguarding requirements under the Electronic Money Regulations 2011. This means that in the event Fortu’s partner Modulr FS Ltd becomes insolvent, getting your money back would take priority over other creditors.
Pros and cons of Fortu
Pros
Free UK account and free euro and US dollar account
Free local payments in UK and EU
Receive, send and exchange money in more than 35 currencies worldwide
24/7 customer support
Cons
Limited account features
No FSCS protection
No overdraft facility
Customer service information for Fortu
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict
If you regularly transfer money overseas, this account from Fortu could be worth considering. Offering free local payments in both the UK and the EU, plus the option to send money in more than 35 currencies worldwide, it’s definitely got something going for it. However, don’t forget you will still need to pay transfer fees, so it’s important to factor these in when comparing your options.
On the other hand, if you’re looking for an account that offers more in the way of innovative tools and features, or perhaps an account that offers rewards such as cashback, this is unlikely to be the account for you.
Frequently asked questions
No, there is no overdraft on this account. If you have a negative balance, you will need to send the required amount of money to correct the negative balance as soon as possible.
No, you can currently only download the Fortu app on the Apple Store.
You can contact Fortu in several ways – either by filling in a form online, phoning its customer service line, emailing or using WhatsApp. Full details can be found on its website.
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio
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