Zing has quickly become one of the go-to money transfer companies in the UK. Should they evolve the offering to be a little more global, they would likely be able to do so with confidence.
This being said, don’t put all your eggs into the Zing basket just yet. If you need to make big transfers they won’t be the right choice. Also, keep in mind you need to be a UK customer, USA, UAE and others, should opt for Wise.
Zing is great for regular transfers, with up to £500 with no cost and at the mid-market rate. The a total cost of a transfer is 0.2%, this is 0.15% cheaper than Wise.
Card spending is at the same rate, if you’re not already holding the balance. So, it’s a cost effective option for travelling and when spending abroad on holiday.
With multi-currency account options, it’s also a decent option to receive money from abroad.
All-in-all, it’s a great choice. Assuming the product is developed ongoing, it could be a mainstay in the international money transfer market for a long time yet.
Zing vs banks for international transfers
Comparison | Zing (UK) | Barclays (UK) |
|---|---|---|
Exchange rates | Mid-market rate (0%) | Up to 2.75% |
Fees | 0.2% (first £500 a month is 0%) | £25 per transfer |
Speed | 0 to 2 days | 2 to 5 days |
Customer service | Works well, but still developing - so may put some people off using the system | Generic, non-specialized help articles. Ability to call which adds £15 to the cost of sending money |
We have compared Zing and Barclays for the purpose of this page. You can see how the company stacks up against the rest of the UK on our bank fees impact money transfers page.
Why are people choosing Zing?
For regular payments abroad: For regular payments Zing is a great option. The competitive fees and mid-market rate make it one of cheaper options for sending money. If you’re in the UK and need to send less than £500 per month, Zing offers free transfers. It’s unlikely this will last forever, but worth noting that right now, it’s an incredibly good deal.
For receiving money: As you get bank details within the account, it’s possible to receive money and convert it cheaply. So if someone sends you euros, you can convert at the 0.2% fee, as opposed to the 2.75% exchange rate you could pay with a bank.
For spending when abroad: Zing comes with a multi-currency card, so it’s a good option for travelling abroad. Customers can convert into a local currency and spend on the card in question. Again, this is just at the standard 0.2% cost. If you do not have the supported currency in your wallet, it’ll convert at the point of transaction.
Why wouldn’t you choose them?
If you need to send large amounts: Limits on Zing are at £40,000 and there’s no account management available. For larger transfers, opt for a currency broker like Regency FX or TorFX. Both of these are UK based as well.
If you are outside of the UK: If you’re outside the UK, you can’t use Zing. But watch this space, they may well launch there in the coming months.
Features
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Multi-currency options
Zing has a nice multi-currency option for UK users.
You get a local account with UK details and then can also get access to 20 more currencies. This includes EUR and USD.
The same card works for spending in these countries. You can also use it online to make purchases in each currency.
It doesn’t have the same level of local accounts as Wise, but for spending is a decent option.
Looking for a multi-currency account?
Zing offers multi-currency support, but there are others on the market with more accounts to offer.
P2P options
There is a P2P option available with Zing. Although, as a new company on the market, it is slightly limited to what it offers.
This being said, we tested in the office, and sending between P2P accounts is pretty much instant. So, if you are making regular transfers to someone, it could be decent for you both to have a Zing account.
Although, as you both need to be in the UK, it might need the iteration of the service to be launched for it to be truly useful.
Rewards
Zing has had some decent rewards to date.
Although now finished, they were offering 10 % off on booking.com. There’s also some travel perks in the pipeline that are listed as coming soon. We’ll update once they have launched.
The current main reward is the £500 free transfers per month. This is a decent amount of money to send at the mid-market rate.
Business payments
Currency Zing is for personal use. The closest account to Zing in terms of how its managed and features, but with business support, is Wise Business.
You can also compare business accounts by searching or through our page.
Receiving money
It’s possible to receive money into your local Zing account.
This can also be held and spent using the card you get.
One thing to be aware of, is this isn’t a local account in all places.
Receiving money can sometimes feel as confusing as sending it. Here’s some tips on the best way to receive money from abroad.
Limits
Compared to other providers, Zing has low transfer amounts - £40,000.
Although this will be sufficient for most transactions, it is worth noting that Wise has a limit of up to £2 million. So a fair amount of difference.
For big transactions, opt for a currency broker. You’ll get account management and a customer service level that you simply do not get with digital providers.
Transfer speed
We tested Zing across a couple of different options and found transfer speeds to be pretty fast.
Most payments were instant (particularly for adding and withdrawing funds).
Zing claims all payments will be delivered within 2 days, but we've not been able to debunk that theory yet. But we’ll let you know if we do.
Payments tested included GBP to USD, NZD, CAD, EUR and AUD.
Regulations
Zing is part of the HSBC group, but is regulated and runs independently from this.
This includes:
Aspect | Details |
Regulatory Authority | Financial Conduct Authority (FCA) - Zing is authorized and regulated by the FCA under the Electronic Money Regulations 2011 (FRN 900230). - Operates as an Electronic Money Institution (EMI). |
Client Funds Protection | Safeguarding Funds - Client money is held in a safeguarded account with a tier-one bank. - Funds are kept separate from Zing's operational accounts, ensuring protection in the unlikely event of insolvency. |
Data Security | Encryption - Utilizes advanced encryption protocols to protect personal and financial data. Secure Systems - Employs robust security measures to safeguard data against unauthorized access. |
Anti-Fraud Measures | Transaction Monitoring - Continuously monitors transactions to detect and prevent fraudulent activities. Verification Processes - Implements strict verification to confirm user identities. |
Compliance Standards | Anti-Money Laundering (AML) Compliance - Adheres to AML regulations to prevent illicit activities. Know Your Customer (KYC) Procedures - Conducts thorough KYC checks to verify client identities. |
Data Protection | GDPR Compliance - Complies with the General Data Protection Regulation for handling personal data. Privacy Policy - Transparent about how client data is collected, used, and protected. |
Certification | ISO 27001 Certified - Holds ISO 27001 certification for information security management, demonstrating commitment to data security best practices. |
Secure Payment Systems | Trusted Payment Infrastructure - Uses secure and reliable payment systems to process transactions. Payment Security Measures - Implements multi-factor authentication and other security protocols to protect payment information. |
Customer service
Zing offers access to an in app messaging service, which is still in development. In some cases it can feel the entire customer service side of Zing is still being shaped. This being said, you can solve most problems through the app.
Not keen? There’s other options
Company | Features | Rating | Pricing |
|---|---|---|---|
Wise | 10 local accounts, Interest on EUR, USD and GBP balances, Hold a further 48 currencies, Multi-currency card for spending | ⭐⭐⭐⭐⭐ | No markup and fees from 0.35% - open an account |
Zing (UK) | 1 local GBP account and 20+ currencies, Multi-currency card support across major countries, Best for UK users, Part of HSBC group | ⭐⭐⭐⭐⭐ | No markup and fees from 0.2% - open an account |
Revolut | 2 local accounts and over 30 IBAN accounts, Excellent P2P services, Earn interest on USD, EUR and GBP balances | ⭐⭐⭐⭐ | Markup from 0.4% (+1% at weekends) and no fees - open an account |
Currencies Direct | 10 IBAN accounts, Physical cards for European users, Support for Nordic countries | ⭐⭐⭐ | Markup from 2% and no fees - open an account |
