Established in 2014, Pockit aims to offer banking current accounts to people who can’t open an account with high-street banks in the UK. The company boasts of more than 500K customers and provides banking service via mobile devices.

How to Make a Transaction

The first thing you need to do is open a Pockit account. Once you do that, you’ll get a Pockit Mastercard (prepaid) in a couple of working days. Next, you need to deposit money into your Pockit account, which is easy and can be done in either of the following ways.

Method 1 – Bank Transfer (No Fee Attached)

Pockit offers two plans — Simple Limit Account and Full Limit Accounts. You can have your income deposited in your account through bank transfer. The maximum deposit limit per day is £200 for a Simple Limit Account and £1,500 for a Full Limit Account.

To deposit money through bank transfer, you need to do the following:

1. Note down the sort code and unique account number
2. Forward this information to the depositor

Method 2 – Cash Deposit (£0.99 fee per deposit)

Pockit has 28,000 PayPoint retailers across the UK. You can make a deposit at any of these locations. Here’s what you need to do:

1. Give the cashier your Pockit Mastercard
2. Tell him how much you want to deposit
3. Hand the cash to him

Full Limit Account holders can make a cash deposit of up to £249 per day. This limit for Simple Limit Account holders is £200.

Fees and Exchange Rates

Here are the various fees charged by Pockit:

• You need to pay a £99 fee for a Pockit Mastercard. If you want the Mastercard the next day, you will be charged £9.99.
• Like some banks, Pockit charges a small monthly fee just to hold an account. This fee is £99/month.
• £99 fee if you want to deposit money into your own Pockit account via a PayPoint retailer, every time you transfer money into another U.K. account, whenever you make a bill payment through Direct Debit, every time you take out cash from an ATM within the U.K, every time you take out cash from an ATM overseas
• 4% foreign exchange fee when you spend money abroad
• £99 fee in case you transfer money to an overseas bank account
• an exchange rate fee of up to 3.5% when you transfer money to an overseas bank account

Advantages

Some of the main advantages of Pockit are as follows:

• Opening an account is easy and fast
• No credit check is done on people who want to set up an account
• Paying money into a Pockit account is easy
• Range of additional services, such as LOQBOX that could boost your credit worthiness and help you save money