How does Pockit work?<\/h3>
Apart from the online registration process and the physical card you are sent in the post, Pockit 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. ![\"\"](\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2018\/04\/pockit_app.png\")
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The home screen displays your balance, account number and sort code, as well as your most recent transactions. In the app you will be able to:<\/p>
- Transfer money:<\/strong> Select whether you want to send money to someone or pay money into your account.<\/li>
- View your PIN:<\/strong> Answer your security question and view your pin number one digit at a time.<\/li>
- See your statements:<\/strong> A live e-statement which records all payments in and out of your account.<\/li>
- Freeze your cards:<\/strong> Block and unblock your cards, especially helpful if you misplace them. You can also replace them if needed.<\/li>
- Edit your profile:<\/strong> Amend personal details as necessary.<\/li>
- Get support:<\/strong> A collection of FAQs for if you ever get stuck.<\/li><\/ul>
You will also be able to earn cashback with Pockit. If you pay with your Pockit card online or instore, you can earn up to 8% cashback at selected retailers. If you upgrade to Pockit Extra, you\u2019ll also earn 1% cashback on your everyday purchases and direct debits (up to \u00a3250 spend), while the Pockit Fast Track to Credit plan offers an additional 2.5% cashback. These 2 plans also offer purchase insurance cover up to \u00a31,000.<\/p>
Pockit bank transfers<\/h3>
There are 4 ways you can put money into your account.<\/p>
- Get your wages or benefits paid straight in by your employer or benefits provider\u2013 simply give them your account details. You can even get your wages or benefits paid a day early for free.<\/li>
- By bank transfer. Just share your account number and sort code with whoever is transferring the money.<\/li>
- By using a debit card. Simply enter your card details and how much money you want to load into your account.<\/li>
- Pay in with cash at one of over 28,000 PayPoint locations across the UK.<\/li><\/ol>
If you\u2019re depositing cash, your funds will transfer into your <\/span><\/span>Pockit<\/span><\/span> account instantly. It can take up to 30 minutes for this to show on your balance and statement.<\/span><\/span> <\/span><\/span>Bank transfers are usually quick, but can take up to 2 hours. <\/span><\/span><\/p>
In terms of transferring money to someone, it should take around 2 hours for your money to reach the person you\u2019re paying. This is as long as you transfer during normal working hours.<\/p>
Can Pockit be used abroad?<\/h3>
Travelling with Pockit\u2019s prepaid card is possible, but it wasn\u2019t intended for use abroad. Pockit\u2019s cards are accepted around the world, wherever you see the Mastercard sign. However, unlike some other prepaid cards on the market, Pockit\u2019s 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<\/a>.<\/p>
Pockit fees and limits<\/h3>
Pockit offers 4 different plans. The Everyday plan costs \u00a32.49 a month, the Extra plan costs \u00a36.99 a month, and the Fast Track to Credit plan (designed to help you build credit) is \u00a39.99 a month. There\u2019s also a pay as you go plan with no monthly fee, but you won\u2019t get cashback and other charges apply. This makes it best for occasional use.<\/p>
Depending on the account you choose, different fees will apply for certain transactions.<\/p>
The fees below are for an Everyday plan as a full account holder (you\u2019ll be a full account holder once you\u2019ve verified your ID):<\/p>
Actions<\/th> Fees and Limits<\/th><\/tr><\/thead> Your contactless Pockit Mastercard<\/td> 99p to \u00a319.99, depending on your chosen delivery method<\/td><\/tr> Paying in with cash<\/td> 1.99<\/td><\/tr> UK national transfers<\/td> \u00a31.29<\/td><\/tr> UK ATM withdrawals<\/td> 1.99<\/td><\/tr> Monthly membership fee<\/td> \u00a32.49<\/td><\/tr> International ATM fee<\/td> \u00a32.25<\/td><\/tr> Foreign Exchange fee<\/td> 4%<\/td><\/tr> Direct debits<\/td> 99p<\/td><\/tr> Top ups via bank transfer<\/td> \u00a310,000 per month<\/td><\/tr> Cash deposits<\/td> \u00a3249 at a time<\/td><\/tr> Adding money via debit card<\/td> \u00a33,000 a month<\/td><\/tr> Withdrawals<\/td> \u00a3250 a time and \u00a35,000 a month<\/td><\/tr><\/tbody><\/table> Pockit\u2019s fees are reasonable given its accessibility, but you may be able to find an account with another challenger bank that relies less on fees.<\/p>
Is Pockit safe?<\/h3>
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.<\/p>
Your account is kept behind a password and a security question must be answered to access your pin and some of the app\u2019s money-handling functions.<\/p>
However, as Pockit is not a bank your money won\u2019t be protected by the Financial Services Compensation Scheme (FSCS). Instead, Pockit is an agent of PayrNet Ltd which is an electronic money institution authorised by the Financial Conduct Authority (FCA). This means your money must be held in segregated accounts to keep it safe.<\/p>
Pros and cons of Pockit<\/h3>
Pros<\/b><\/p>
- Registration takes minutes, can be done on your work break.<\/li>
- Contactless Mastercard.<\/li>
- Accessible to anyone regardless of income or credit status.<\/li>
- Streamlined app.<\/li>
- Safe and secure.<\/li>
- Option to build credit.<\/li>
- Earn cashback on your spending.<\/li>
- Choice of plans.<\/li><\/ul><\/div>
Cons<\/b><\/p>
- Small charges on many basic card functions.<\/li>
- Not registered with the Financial Services Compensation Scheme.<\/li>
- Not officially a bank, so you will still need traditional banks for all other financial needs.<\/li>
- High fees for using the card abroad.<\/li>
- Lack of face-to-face communication may put some people off using Pockit\u2019s services.<\/li><\/ul><\/div><\/div>
Customer service information for Pockit<\/h3>
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\n Email support<\/th>\n
- View your PIN:<\/strong> Answer your security question and view your pin number one digit at a time.<\/li>