Pockit is an up-and-coming “challenger bank” looking to change the way we handle our finances. Moving away from traditional banking systems, Pockit works to deliver all the services given to you by a traditional bank account entirely from your smartphone.
Read on to find out all you need to know about the app that’s disrupting traditional banking.
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Pockit believes “that accounts should be available to all, regardless of income or credit status.” Seeing high-street bank accounts as unreachable for many of the most vulnerable, Pockit provides accessible and affordable prepaid card accounts to anyone regardless of credit history or income.
Pockit uses smartphone technology and the best of traditional bank accounts to deliver a service which it hopes will work for everyone.
How does Pockit work?
Apart from the online registration process and the physical card you are sent in the post, Pockit Bank provides all its services directly from your smartphone.
The app is simple and functional, streamlining the necessary processes rather than relying on gimmicks, bells and whistles.
The home screen displays your balance, account number and sort code, as well as options to deposit and transfer money. A drop down menu allows you to switch screens, the different options being:
Statement: A live e-statement which records all payments in and out of your account.
Analytics: Your spending analytics, giving you a rundown of where you’re spending your money. This is a great way of keeping your finances transparent, and gives you a chance to improve your money management.
My cards: Block and unblock your cards, especially helpful if you misplace them.
Get my pin: Answer your security question and view your pin number one digit at a time.
Support: A collection of FAQs for if you ever get stuck.
Pockit bank transfers
There are 3 ways you can put money into your account.
Get your wages or benefits paid straight in by your employer or office – simply give them your account details.
By bank transfer.
Pay in with cash at a post office or one of over 28,000 PayPoint locations across the UK.
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.Bank transfers usually take up to 2 hours. However, in some circumstances, they can take up to 3 working days.
In terms of transferring money to someone, Pockit has sped up its transfer process,. However it should take around 2 hours for your money to reach the person you’re paying. This is as long as you transfer during normal working hours.
Can Pockit be used abroad?
Travelling with Pockit’s prepaid card is possible, but it wasn’t intended for use abroad. As they’re are under the Mastercard brand Pockit’s cards are accepted in many places around the world.
However, unlike some other prepaid cards on the market, Pockit’s come with a hefty charge of 4% when used overseas. If you are looking for a card to travel with it might be better to look elsewhere.
Pockit fees and limits
Pockit states clearly, “We think fees should be simple, fair and without any nasty surprises or jargon.” Pockit is almost completely free to join and use so doesn’t hide the need for charging you for some services, but requests a fair amount when it does. On a Full Limit Account:
Actions
Fees and Limits
Your contactless Pockit Mastercard
99p
Paying in with cash
99p
UK national and international transfers
99p
UK ATM withdrawals
99p
Monthly membership fee
99p
International ATM fee
£2.25
Foreign Exchange fee
4%
Top ups
£5,000 per month
Deposits
£1,500 at a time
Withdrawals
£250 and £5,000 a month
Pockit’s fees are reasonable given its accessibility, however if you have the option you may be able to find an account with another challenger bank that relies less on fees.
Is Pockit safe?
Security is very important to Pockit, and as such a number of measures are in place to keep your money safe. Registration requires little personal information, making it more difficult to have your identity compromised.
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.
Pros and cons of Pockit
Pros
Registration takes minutes, can be done on your work break.
Contactless card, sent to you within 48 hours.
Accessible to anyone regardless of income or credit status.
Streamlined app.
Spending analytics helps you understand where you can save money.
Safe and secure.
Reasonable charges on banking functions.
No overdraft, helps you to avoid debt.
Cons
Small charges on many basic card functions.
Not registered with Financial Services Compensation Scheme.
Not officially a bank, so you will still need traditional banks for all other financial needs.
Can’t be used abroad unless you are willing to shoulder the fees.
Lack of face-to-face communication may put some people off using Pockit’s services.
Compare Pockit against its competitors
Updated January 20th, 2020
Frequently asked questions
Pockit makes money through three main revenue streams:
Crowdfunding: Pockit Bank was crowdfunded by investments from large corporations and individuals looking to get a piece of the next-gen banking trend.
Fees and commissions: By upselling their credit cards Pockit makes money from customers buying into their product.
Credit card interest and fees: Credit card withdrawal fees and the 18.9% APR on the service ensures Pockit makes a profit.
A shared balance means the balance on the main account will be shared by all cardholders and can be spent by anyone with a card linked to this. Please note that only the primary card’s holders can pay into the account.
A separate balance means you can choose how much you transfer to an additional cardholder, and they can only spend up to the balance you transfer.
Very easy, simply transfer money from your current account, head to a post office or PayPoint to make a deposit or request your wages be paid to your Pockit account.
You should receive your Pockit Mastercard in 48 hours. If you haven’t received yours after this time, please contact Pockit support directly to get an update.
Pockit has sped up its transfer process, so it should take around 2 hours for your money to reach the person you’re paying. This is as long as you transfer during normal working hours.
When depositing cash through a PayPoint, your funds transfer to your Pockit account instantly. It can 30 minutes for this to show on your balance and statement.
Bank transfers usually take up to 2 hours. However, they can take up to 3 working days – depending on how they are sent.
Pockit is a prepaid MasterCard, and so does not use a bank.
Yes you can. As it’s a prepaid MasterCard, it can be used at over 2 million ATMs and 30 million locations. However, the card is available only in GBP, so you should expect any usage abroad to incur additional charges.
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app
Charlie Barton is a publisher at Finder. He specialises in banking and investments products, including banking apps, current accounts, share-dealing platforms and stocks and shares ISAs. Charlie has a first-class degree from the London School of Economics, and in his spare time enjoys long walks on the beach.
Wow They locked my account for no absolute reasons Ive sent them my Driver licence and they still dont Open my account How disgusting is this taking my money i needed it to pay my rent and now im in debts thanks to you
Thanks for getting in touch! We’re bummed to hear this. While our pages review Pockit, for any account issues, please contact them directly. We hope you find a solution regarding this at the soonest possible time.
Hi! When do the fees for contactless card come off? As I will be using contactless tomorrow and only have enough in my account to cover the two usage of the card.
Thanks for getting in touch with Finder. I hope all is well with you. :)
Upon checking, there’s no mention of having the contactless card usage fee removed. You would then need enough fund to use the contactless card. If you want to confirm whether they would remove the fee or not, please get in touch with Pockit’s customer support.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
You do not need to provide identification to sign up with Pockit. Pockit is a prepaid card and not covered by the Financial Services Compensation Scheme or FSCS, which means that they did not meet the requirements to be added as a bank account therefore, opening up an account is not as strict like in an actual bank. To sign up, please click on the green “Go to Pockit website” at the top of this page.
Please send me a message if you need anything else. :)
My account has been restricted they closed my account with money on it I don’t have any other banks account to get those money transfer but I will get my I’d in a week time would I be able to get this account working again after providing them with the vaild id
My account has been restricted they closed my account with money on it , I can’t get them transfer as I don’t have a bank account on my name I want to ask if I will get a new id with they get my account back working as I still would like to use the account
I provided my details with all the documents to get from basic to full account. As I don’t have an ID – it’s out of date how long will I need to wait for the decision as I really need my full account for tomorrow to get my wage be payed to the account
As long as you haven’t sent your valid ID, I’m afraid that the upgrade will take long. Please note that your upgrade will be faster if you send them a high-quality, passport-style photo of yourself, along with separate proof of ID, they cannot accept the same photo twice. They will send you an email when your new, upgraded account is ready to go.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
You do not need to provide identification to sign up with Pockit. Pockit is a prepaid card and not covered by the Financial Services Compensation Scheme or FSCS, which means that they did not meet the requirements to be added as a bank account therefore, opening up an account is not as strict like in an actual bank. To sign up, please click on the green “Go to Pockit website” at the top of this page.
Please send me a message if you need anything else. :)
According to the information above, you will receive a Pockit Mastercard in 48 hours. If you haven’t received yours yet, please contact Pockit support directly to get an update.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
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Wow They locked my account for no absolute reasons Ive sent them my Driver licence and they still dont Open my account How disgusting is this taking my money i needed it to pay my rent and now im in debts thanks to you
Hi Abdur,
Thanks for getting in touch! We’re bummed to hear this. While our pages review Pockit, for any account issues, please contact them directly. We hope you find a solution regarding this at the soonest possible time.
Hope this helps!
Best,
Nikki
How much do you charge when transferring money to a bank account?
Hi Mr. S,
Thank you for getting in touch with Finder.
It would cost you 99p to transfer from your Pockit account to someone in the UK or offshore.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
Hi! When do the fees for contactless card come off? As I will be using contactless tomorrow and only have enough in my account to cover the two usage of the card.
Hi Lauren,
Thanks for getting in touch with Finder. I hope all is well with you. :)
Upon checking, there’s no mention of having the contactless card usage fee removed. You would then need enough fund to use the contactless card. If you want to confirm whether they would remove the fee or not, please get in touch with Pockit’s customer support.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
What type identification you want like passport or some other identity?
Hi Navtej,
Thanks for leaving a question on finder.
You do not need to provide identification to sign up with Pockit. Pockit is a prepaid card and not covered by the Financial Services Compensation Scheme or FSCS, which means that they did not meet the requirements to be added as a bank account therefore, opening up an account is not as strict like in an actual bank. To sign up, please click on the green “Go to Pockit website” at the top of this page.
Please send me a message if you need anything else. :)
Cheers,
Joel
My account has been restricted they closed my account with money on it I don’t have any other banks account to get those money transfer but I will get my I’d in a week time would I be able to get this account working again after providing them with the vaild id
My account has been restricted they closed my account with money on it , I can’t get them transfer as I don’t have a bank account on my name I want to ask if I will get a new id with they get my account back working as I still would like to use the account
Thank you for quick respond
I provided my details with all the documents to get from basic to full account. As I don’t have an ID – it’s out of date how long will I need to wait for the decision as I really need my full account for tomorrow to get my wage be payed to the account
Hi Marzena,
Thank you for getting in touch with finder.
As long as you haven’t sent your valid ID, I’m afraid that the upgrade will take long. Please note that your upgrade will be faster if you send them a high-quality, passport-style photo of yourself, along with separate proof of ID, they cannot accept the same photo twice. They will send you an email when your new, upgraded account is ready to go.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
What identification is required to open an account?
Hi Luna,
Thanks for leaving a question on finder.
You do not need to provide identification to sign up with Pockit. Pockit is a prepaid card and not covered by the Financial Services Compensation Scheme or FSCS, which means that they did not meet the requirements to be added as a bank account therefore, opening up an account is not as strict like in an actual bank. To sign up, please click on the green “Go to Pockit website” at the top of this page.
Please send me a message if you need anything else. :)
Cheers,
Joel
When will my card be delivered?
Hello Arturas,
Thank you for your comment.
According to the information above, you will receive a Pockit Mastercard in 48 hours. If you haven’t received yours yet, please contact Pockit support directly to get an update.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn