Bankful is a financial services platform that lets you send money internationally and manage accounts without a traditional bank

Bankful is a digital money service that operates through a network of partner banks and payment processors rather than as a bank itself. It lets you hold money in multiple currencies, send transfers across borders, and access payment cards — all through a mobile app or website. You don't need to walk into a branch or meet minimum balance requirements. The service is designed for people who move money between countries regularly, work remotely for overseas employers, or want an alternative to traditional banking.

Bankful is owned by Mastercard (which acquired it in 2021) and operates in over 150 countries. It's not a bank — it's what's called a money services business, which means it's regulated differently than a bank but still subject to financial oversight. Your money sits with partner banks, not with Bankful itself, which is an important distinction if you're thinking about account safety.

Key Takeaways

  • Bankful lets you hold and transfer money in multiple currencies without opening a traditional bank account.
  • The service is regulated as a money services business, not a bank, so your funds are held with partner financial institutions.
  • You can send international transfers, receive payments, and use a Mastercard debit card through the platform.
  • Bankful charges fees for transfers, currency conversion, and card use — the exact amount depends on your country and the type of transaction.
  • The service is most useful for people who regularly move money between countries or receive payments from multiple countries.

How Bankful actually works

When you open a Bankful account, you create a digital wallet that can hold money in different currencies. You fund it by linking a bank account, credit card, or debit card from your home country. Once money is in your Bankful account, you can send it to other Bankful users when ready, or transfer it to a bank account in another country — which usually takes one to three business days depending on the destination.

Bankful also issues a Mastercard debit card that you can use to withdraw cash from ATMs or spend at merchants worldwide. The card is linked to your Bankful account, so the money comes from your wallet balance. You can set spending limits, freeze the card from the app, and see every transaction in real time.

The platform handles currency conversion automatically when you send money to a country with a different currency. Bankful shows you the exchange rate before you confirm the transfer, so you know exactly what the recipient will receive.

Fees and what they cover

Bankful charges for most services, and the cost varies by country and transaction type. International transfers typically cost between $2 and $15 depending on the destination and speed. Currency conversion carries a markup on top of the mid-market exchange rate — usually between 1% and 3%, though this varies. ATM withdrawals may be free or charged depending on your account type and the ATM network.

Card issuance is usually free, but some account tiers charge a monthly fee. Inactivity fees explore if you don't use your account for a set period (often 12 months), and these can range from $5 to $25 per month. Check the fee schedule for your specific country before opening an account, because pricing is not uniform worldwide.

Bankful does not charge for receiving money from other Bankful users, and transfers between Bankful accounts are when ready and free. If someone outside Bankful sends you money to your Bankful account, you may be charged a receiving fee depending on the payment method they use.

Who Bankful is actually useful for

Bankful works best if you regularly receive money from multiple countries, work remotely for a company outside your home country, or send money to family abroad frequently. Freelancers and contractors who invoice clients worldwide often use Bankful because they can receive payments in different currencies without converting everything when ready.

It's also useful if you travel frequently and want a card that works in many countries without the high foreign transaction fees that traditional banks charge. The ability to hold money in multiple currencies means you can lock in an exchange rate when it's favorable, rather than converting at the moment you need to spend.

Bankful is less useful if you only need a basic checking account in your home country, or if you rarely send money internationally. In those cases, a traditional bank or a local fintech app will likely be cheaper and simpler.

Safety and regulation

Bankful is regulated as a money services business in most countries where it operates, which means it must follow anti-money-laundering rules and report suspicious activity. However, it is not a bank, so your money is not covered by bank deposit insurance in most countries. Instead, Bankful holds customer funds with licensed partner banks, which do have deposit protection in their respective countries.

When you open an account, Bankful will ask you to verify your identity with a government ID and proof of address. This is a legal requirement under anti-money-laundering rules, not a Bankful policy. The verification process usually takes a few minutes to a few hours.

Your account is protected by two-factor authentication (usually a code sent to your phone), and you can freeze or unfreeze your card when ready from the app. If your card is lost or stolen, you can report it when ready and Bankful will block it.

How Bankful compares to other services

Bankful is similar to other digital money services like Wise (formerly TransferWise), Remitly, and Revolut, but with some differences. Wise focuses on low-cost international transfers and is often cheaper for that specific purpose. Remitly specializes in sending money to family in developing countries and has physical locations in some areas. Revolut offers more features like cryptocurrency trading and stock investing, but charges higher fees for some services.

Bankful's main advantage is that it's owned by Mastercard, which gives it access to a large payment network and makes the debit card widely accepted. It's also simpler than Revolut if you just want to send money and use a card — you don't have to navigate cryptocurrency or investment options.

The best choice depends on where you're sending money, how often you send it, and what features matter to you. If you're sending money to a specific country, compare the fees on each platform for that route before opening an account.

Getting started with Bankful

To open a Bankful account, read the app or visit the website, enter your email, and create a password. You'll be asked for your full name, date of birth, and address. Upload a photo of your government ID (passport, driver's license, or national ID card) and a recent utility bill or bank statement as proof of address. The verification usually completes within a few hours.

Once your account is verified, you can add a funding source (a bank account or card from your home country) and start sending money. Your first transfer may take longer than usual while Bankful confirms your identity and funding source, but subsequent transfers are faster.

You can order a physical debit card from the app, which usually arrives within one to three weeks depending on your country. In the meantime, you can use a virtual card number for online purchases.

Frequently Asked Questions

Is Bankful safe to use?

Bankful is regulated as a money services business and holds customer funds with licensed partner banks. Your money is not covered by bank deposit insurance in most countries, but it is held separately from Bankful's own money. The platform uses encryption and two-factor authentication to protect your account. Like any financial service, the main risk is if your login credentials are compromised, so use a strong password and enable two-factor authentication.

Can I use Bankful in my country?

Bankful operates in over 150 countries, but not all features are available everywhere. Some countries have restrictions on which services you can use or higher fees. Check the Bankful website or app to see if your country is supported and what features are available to you.

How long does an international transfer take?

Transfers between Bankful users are when ready. Transfers to a bank account outside Bankful usually take one to three business days, depending on the destination country and the receiving bank. Some routes are faster than others — transfers within Europe, for example, often arrive the same day.

What happens if I don't use my account for a long time?

Bankful charges an inactivity fee if you don't log in or make a transaction for 12 months. The fee is usually $5 to $25 per month and continues until your balance reaches zero or you reactivate the account. Check your country's specific inactivity policy before opening an account.

Can I get my money back if something goes wrong?

If you send money to the wrong account or are a victim of fraud, Bankful can attempt to recover the funds, but success depends on the receiving bank and how quickly you report the problem. Report any unauthorized transactions or errors within 30 days. Bankful's dispute process is similar to a traditional bank's, but recovery is not may provide.