Below you will find answers to our most commonly asked questions. Still got questions? Feel free to contact our customer service team, anytime 24/7.
Download the FerratumBank app from the App Store or Google Play and it will guide you through setting up your account in just minutes! You’ll need to have a few things ready such as your personal identification number, mobile phone number, email and your ID (or passport, depending on your country). We’ll ask you to take a selfie which we’ll use to verify against a photo of your ID.
You can also sign up on our website by clicking SIGN UP. You’ll need all the same information at hand and we’ll verify your ID using your webcam.
Your account will be ready to use as soon as it’s created. The only thing you’ll have to wait for is your new debit MasterCard, which will arrive in an approximately ten days.
When creating your user account, you will first need to select your country. You can see a list of countries where FerratumBank is currently available by scrolling through the list on screen.
If you do not see your country listed, select "Other". When selecting "Other", you may still be able to become a FerratumBank customer but your country´s native language might not be supported and some of the product features may be modified.
We don’t believe in charging our customers for basic, everyday account services, so we won’t.
The few exceptions are for things like optional paper statements and replacement cards. You can find a full list on the pricing page of our website.
We use a clever verification program that allows us to verify your identity by scanning your ID or Passport.
Absolutely. Contact our customer service team to see which passports are currently accepted.
To close your account, simply contact our Customer Support team who will be happy to help you.
With FerratumBank, you have the option of three different account types: Current Account, Savings Account and Term Deposit Account:
1. The Current Account is your regular, daily-use account. You can transfer money from your current account to any other bank for free, and your MasterCard is linked to this account. You can have multiple current accounts – one for each currency supported by our bank. Money deposited into current accounts does not earn interest. You can also apply for a hassle-free overdraft to link to your current account.
2. The Savings Account is designed to help you earn interest on your deposits and is based on the interest rate offered at the time. Simply transfer money from your Current Account into your Savings Account and start saving right away! See pricing list for full details.
3. A Term Deposit Account is for long-term savings, starting with a minimum term of 3 months. Term deposit accounts let your savings work for you with a generous interest rate, based on the current offer at the time. You can start saving with a minimum amount of 50 EUR (or equivalent in other currencies), and funds will be available to you at the end of the term.
No. Currently, FerratumBank offers a personal account for individuals only.
Once you become a FerratumBank customer, you can open one current account for each currency we have available. The same applies to our savings accounts.
Boosters are tools designed to help you reach or exceed your savings targets faster.
The specifics of the booster, such as the transaction threshold for the booster to be applied and the amount of money to be saved, are set by you.
Once the parameters are set, savings boosters are automated making saving money and reaching goals easier.
We currently have two different types of boosters available:
The Round It Up booster applies to card transactions.
When making a card purchase, our system checks to see if the transaction meets the booster parameters you´ve set. If so, the booster is then activated.
For example, if you make a card transaction for 10.30 € and you´ve set the booster to be applied to any transactions between 1 € - 49.99 € and a rounding-up amount of 1 € to be applied, the transaction will be automatically rounded up from €10.30 to 11 €.
The rounded-up amount (in this case, 0.70 €) will be transferred to your savings account.
The Purchase & Boost is connected to both card transactions and electronic transactions.
With this booster, you have the choice of how you wish to save money:
1) A fixed amount per range set
2) A percentage of the amount spent
When making a transaction, our system checks to see if it meets the booster parameters you´ve set. If so, the booster is then activated.
For example, if you make a card transaction for 10.30 € and you set up the booster to be applied to any transactions between 0 € - 49.99 € and a savings rule of 1 €, the system will automatically transfer 1 € to your savings account for any transactions in the range of 0 € - 49.99 €.
Alternatively, instead of a fixed amount, in this example 1 €, you can choose to have a percentage of any transaction sent to your savings account instead.
Boosters are applied to your savings account.
Boosters are available for all FerratumBank customers.
Boosters can be activated from the “Goal Details” screen, from the “Booster Management” screen and from the “Product Management” screen.
The booster sends the money from your current account to your saving account. The money is always available and can be moved back to your current account in real time.
To add a booster, there is a small monthly cost. Please check our pricing page. You can deactivate boosters and the associated costs at any time.
Boosters are designed to help you save money. A specific amount of money from each transaction made is automatically transferred into your savings account. Think of it like putting spare change into a piggy bank.
If you activate both the Purchase & Boost and Round It Up boosters, where card transactions are made, the Round It Up booster will round up the transaction and the Purchase & Boost will apply its own rules based on the parameters you have set.
For example, the Round It Up booster may be rounded up 0.50 € for the transaction and the Purchase & Boost rule may be set to 1.00 € meaning a total of 1.50 € will be sent to your savings account.
There is an activity list for each booster where you see all the booster transaction information.
When you make a payment with your account and one of your accounts is set up in the local currency where the transaction takes place (and, of course, you have a positive balance in that specific account), the money is automatically taken from that account to complete the transaction. Simple!
You can open an account in another currency through the FerratumBank app.
To open a new account in another currency, access the Account menu and select Open New Account. Then choose the type of account (current or savings) and the currency you want to use.
Yes, you can make payments or withdraw cash in another currency.
To view our exchange rates, please use the FerratumBank mobile app and go to the currency exchange function.
Anyone can send money from their bank account to your FerratumBank account.
Senders will need your IBAN number which can be found in the Accounts and Cards section. For transfers from another bank, you may also need the FerratumBank BIC number, which is FEMAMTMTXXX.
If you’re expecting to receive money from another bank, please note it can take a day or two for it to show up in your FerratumBank account depending on the transaction date that bank provides us with.
Once you have received the funds into your FerratumBank account, you can transfer the money into any of your accounts by selecting “Send Money” within the app and then “Transfer to Own account”.
As a dedicated mobile bank, we currently only accept electronic transactions. We will, of course, notify you if, in the future, other forms of deposit are accepted.
Of course! You can save any account details to your Partners list to use again in the future.
Yes, you can view any planned payments in the Activity section of the Accounts and Cards menu. You can also see details such as the source account, payment status and amount.
You can make payments any time you want. You can access all of your accounts 24/7.
When you transfer money to another FerratumBank account, it happens in real-time even if the sender and receiver are in different countries.
If you make a transfer to any other bank, the money usually appears the next business day.
While direct debit is not currently available, we have plans to introduce this feature in the near future.
Bank transfers usually take 1-2 working days. However, when sending money from one FerratumBank account to another FerratumBank account, it happens in real-time regardless of where the sender and receiver are located.
Please ensure the account you want to make a transfer from has sufficient funds and the recipient´s information has been entered correctly.
If you continue to experience issues, please reach out to our customer service team.
An overdraft is an amount of credit available in your account whenever you don´t have the cash available. An overdraft allows you to see more and do more with complete freedom.
Imagine you´re making a purchase for 200 € but you only have 180 € available in your account. Where normally the transaction would be declined, with an overdraft you´re always covered.
You can add an overdraft to your FerratumBank account with just a tap of the button. We care about our customers and our goal is to match the right products and services to the customer.
Open the FerratumBank app, and review your personalised offer. Use the slider to select the overdraft amount you would like and tap activate. Done!
There are no charges to apply or activate the overdraft.
Interest only accrues when the overdraft is being used. If you don’t use the overdraft, no interest will be charged. You can see the estimated accrued interest from the current period in your application.
You can use your overdraft for card purchases or when making money transfers inside the mobile bank app.
Interest accrues when the overdraft is being used. No interest or fees are charged for simply having the overdraft linked to your account.
At the end of the period (monthly or quarterly), your accrued interest will be billed and you will see the total repayment due along with the due date inside the app.
Overdraft funds are immediately available after activation.
Repay your overdraft by simply transferring money to your current account.
Any interest will automatically be paid on your next billing due date using the funds from your current account.
Your FerratumBank app PIN Code, FerratumBank activation password, and your card PIN can all be changed from the FerratumBank app.
If you’ve forgotten your activation password, please contact us and we’ll verify your ID before resetting it for you.
You can set a new PIN easily via the mobile app.
Once you’ve changed the PIN, you’ll need to activate it at an ATM. Your new PIN will be set as soon as you insert your card into an ATM to either check your balance or withdrawn money.
If you run into any issues signing in, simply follow these 3 steps:
You will receive a free, contactless MasterCard Debit Card, which you can use anywhere MasterCard is accepted.
Your debit card should arrive within 10-12 business days.
You can use your FerratumBank debit card to withdraw cash from any ATM in the world and pay anywhere that accepts MasterCard both online and offline.
For smaller purchases, you can even pay contactless by simply tapping your card against the electronic reader - just look for the contactless symbol.
One card links all your current accounts and currencies, so there’s no need for additional cards. Wherever in Europe you are, your card will automatically select the right account to use the local currency.
Your card is valid for two years from the date of issue, and when the two years are up we’ll send you a new one.
Be sure to destroy the old card and put the new one into your wallet. You will then need to activate your new card via an ATM.
You can activate your card by making an ATM withdrawal or making a purchase with your PIN code.
Before you can use your FerratumBank debit card, it must be activated. You can activate your card by making an ATM withdrawal or making a purchase with your PIN code.
If you have forgotten your PIN code, you can change it at any time in the mobile app.
Should you need further assistance, our customer support team is more than happy to help you.
With a FerratumBank current account, you receive four free withdrawals per month.
Please note that while FerratumBank does not charge fees for these transactions, you may be charged a fee by the ATM operator for the use of their machine.
In most cases, the fee will be displayed on screen before you confirm your transaction.
First, check that you’ve got sufficient funds in your account to complete the transaction you´re trying to make trying to do.
If your card is still not working, please contact our Customer Support team.
Don’t worry. Get in touch with our Customer Support team 24/7 and we’ll sort it out.
Contact our 24/7 Customer Support team and we’ll send a replacement out to you.
Please note that there is a replacement fee.
The first thing you should do is to block the card. You can do that directly in the FerratumBank app and change the card status to Suspended or Temporarily Suspended.
If you cancelled a card only to then find it before the replacement card arrives, there is a feature in the app that allows you to temporarily suspend your card. You can then unblock the card without having to wait for your new card to arrive.
If you are certain your card is lost, you can block it permanently and order a replacement.
If your phone is stolen along with your card, call our Customer Support team who can block the card for you.
If your account has been locked due to more than six invalid login attempts, you will need to contact our Customer Support team.
If you enter your username and/or password/PIN incorrectly three times consecutively, you will be temporarily blocked for the next 60 minutes. You may try again after this time, however, if you fail the next three login attempts, your account will be permanently blocked until you contact our Customer Support team who will need to reset your password.
You can change your personal information such as address, phone number and email in the Settings menu of the FerratumBank app.
Some personal details cannot be changed within the app, however, you can send us a request and we´ll be happy to change it for you.
The FerratumBank app is at the heart of everything we do. We designed it with your needs in mind and put an entire banks-worth of financial tools in there:
The FerratumBank app is available for both iOS and Android via the App Store and Google Play.
Please note the app is not supported on tablet devices.
Yes! We don’t believe in charging you for basic account services - our app is free to download.
Absolutely! For example, you could be transferring money on your iPhone at home, then checking your balance on your Androind phone at work. With FerratumBank, you have complete mobility. The app will need to be activated on each device, which only takes a few seconds.
FerratumBank is a dedicated mobile bank that puts all your everyday banking needs in the palm of your hand.
The truth is, we don´t believe in banks. At least not in the traditional sense. We believe in financial technology that is mobile, user-friendly, international and highly secure.
Working across the whole of Europe, customers can access their money wherever they are without borders, which makes us perfect for travellers, or people living abroad.
We also pride ourselves on transparency, simplicity of use, delivering outstanding customer service available 24/7.
We go wherever you go. Since we’re a mobile bank our entire banking system is contained in our app. Your nearest FerratumBank branch is your mobile phone – and you´re the bank manager!
Since we don’t have branches, that means no delays and no standing in line. It´s banking made easy.
Though we have offices throughout Europe, Ferratum Bank p.l.c. is a public limited company, registered under the laws of Malta with number C56251, with its registered address at ST Business Centre 120, The Strand, Gzira, GZR 1027, Malta. Ferratum Bank p.l.c. is licensed as a credit institution by the Malta Financial Services Authority. Ferratum Bank is also regulated by the European Central Bank.
We are a subsidiary of the international Ferratum Group, which operates in 26 countries across Europe, the Asia-Pacific region, Mexico, Nigeria, and Canada.
A TIN is your unique Tax Identification Number.
You can find your TIN on your tax reports, payslip or on ID document. Your TIN is provided to you by your national tax authority.
Governments around the world are adopting a new Automatic Exchange of Information (AEoI) standard between tax authorities in certain countries. This legislation is known as the Common Reporting Standard (CRS) and is viewed a worldwide tool to fight against tax evasion. To date, more than 100 countries, including Malta, have committed to adopting the CRS. As a Maltese bank, FerratumBank, like all European banks, is obligated to report to tax authorities under this reporting standard.
To comply with the CRS, participating jurisdictions must obtain certain customer information from their Financial Institutions and exchange the information on an annual basis with other participating jurisdictions. This information is required to evaluate customers´ tax statuses in other countries, under the CRS framework.
The TIN number informs us whether a customer may be tax liable in a country participating in CRS.
Under the CRS, FerratumBank is required to identify customers who are a tax resident in one country but has financial accounts held in another country for inter-jurisdiction reporting purposes.
To do this, we need to collect and report certain information on the ‘reportable person’ and their financial account(s) to the local tax authorities. We can collect TIN after the onboarding, however it is compulsory information customers have to deliver.
Currently, we do not withhold any taxes from your saving accounts or fixed term deposit accounts.
Depending on your country of residence, you may be required to inform your local tax authorities about interests generated from your FerratumBank accounts.
Please note, FerratumBank is unable to provide customers with advice concerning taxation matters. To check your taxation obligations, please consult a tax consultant.
We’re committed to providing you with a secure Mobile Banking experience. We use industry-accepted security practices to safeguard your personal financial information, and we’re constantly assessing our website and mobile app security.
We use a multi-layered security approach (defence-in-depth) to protect all personal data including security controls at the network level (firewalls, intrusion detection services, and network segregation), operating system level (operating systems are patched and kept up-to-date, systems are hardened to reduce vulnerability exposure), and database level (data access is restricted and the principle of least privilege is applied).
Communication between your computer/phone and the Mobile Banking service is encrypted using a secure Extended Validation (EV) SSL/TLS connection (using 256-bit AES and 2048-bit RSA).
All our servers are monitored by our internal security team and periodically audited by reputable security providers to ensure that any identified risks are dealt with immediately.
Our server infrastructure is hosted with an ISO27001-certified reputable third-party co-location provider and access to this infrastructure (e.g. application servers, database servers, networking equipment) is tightly controlled to ensure that access is only granted on a need-to-know basis and separation-of-privilege is implemented. Our server infrastructure is protected by industry-grade firewall services and intrusion detection services to detect and identify any potential intruders and incoming attack attempts.
We back up regularly and these backups are securely stored and protected. All systems accessing your data are also adequately protected using end-point security controls (e.g. anti-virus/malware, firewall, etc.).
To access the FerratumBank app, you will need to choose a 6-digit PIN Code for each mobile device. Each PIN Code is linked to that specific device for increased security. Your PIN isn’t saved on our servers or on your device.
The FerratumBank app services provide end-to-end encryption to secure transactions while in transit. Your user accountis also protected with a device PIN Code for the App. This PIN code e is known only to you, and only you can access your account and authorise payments. A second level of authentication is required to sign transactions and/or instructions before they are submitted to the Bank.
No – our Customer Support team will never ask you for your FerratumBank app PIN. You should never give that information to anyone – including us!
No. Email is not a secure channel and, therefore, you should never use it to send payment instructions.
No. FerratumBank does not store any account details or customer data on your device or within the App.
When you log in, a secure encrypted connection is made to our servers and your data is downloaded to your App. When you log out, this data is automatically wiped from your version of the App and your device. That’s why it’s important to log out when you’re finished – your log in will timeout eventually, but it’s best to be safe.
Only download mobile apps from the official App Store or Google Play, and make sure the official publisher of the app is Ferratum.
The official FerratumBank app can be found here: https://app.adjust.com/z3ceaq?mt=8 on the App Store and here: https://play.google.com/store/apps/details?id=com.ferratumbank.mobilebank on Google Play.
If you think an app claiming to be ours is suspicious, please get in touch.
This is a security tool which provides the strongest encryption level available and identifies a website as genuine. It’s what the little green padlock in your browser address bar means – if you see the green padlock, and the ‘Ferratum Bank plc. [MT]’ text before the URL, you’re in the right place!
An EV SSL/TLS Certificate means that the owner of the website (in this case, FerratumBank) has passed a thorough, and globally standardised, verification process. To get this certificate, a website needs to prove it has exclusive rights to use a domain, confirm its legal, operational and physical existence, and prove the entity has authorised the issuance of the Certificate.
Encryption scrambles information being sent across the Internet. It makes sensitive information unreadable while its being sent, then when it arrives at the other end, it is decrypted back into a readable form. It stops malicious hackers reading that information if they can intercept it. It’s pretty cool James Bond-type technology actually!
Phishing is an email scam that tries to get customers to disclose their sensitive information such as account numbers, passwords, PIN numbers, Social Security Numbers (SSN), etc. An email asking for this information may look authentic but it’s not from your bank. We will never ask you for sensitive information such as this in any emails.
You should always be cautious about suspicious emails. If you don’t like the look of an email don’t follow any links it may contain. If you suspect an email from FerratumBank isn’t genuine, please let us know and we’ll be able to check if it came from us or not.
Important information about the Depositor Compensation Scheme :
FerratumBank is a member of the Depositor Compensation Scheme (‘the Scheme’) established under the Depositor Compensation Scheme Regulations, 2015 (‘the Regulations’). The Scheme is managed and administered by a Management Committee, which is composed and regulated by the provisions of regulations 3 and 5 of the Investor Compensation Scheme Regulations, 2015. In case we are unable to meet our obligations towards you or have otherwise suspended payment, the Scheme pays compensation up to a maximum amount established by law (currently set at a maximum of euro 100,000 or its equivalent in any currency of a depositor’s total deposits held with us), subject to the limitations imposed by the Scheme. In any such event, our net liability towards you is the aggregate of all accounts in your name in euro or other currency, less any amounts due to us (such as loans).
In addition to the protection described above, deposits may be protected in some cases up to a maximum of €500,000 for six months after the amount has been credited or from the moment when such deposits become legally transferable. In order to qualify for such higher protection, a deposit in excess of €100,000 must meet any one of the following additional criteria:
(A) it comprises: (i) monies deposited in preparation for the purchase of a private residential property by the depositor; or (ii) monies which represent the proceeds of sale of a private residential property of the depositor; or
(B) it comprises sums paid to the depositor in respect of: (i) a separation, divorce or dissolution of their civil union; or (ii) benefits payable on retirement; or (iii) a claim for compensation for unfair dismissal; or (iv) a claim for compensation for redundancy; or (v) benefits payable for death or bodily injury; or (vi) a claim for compensation for wrongful conviction.
For further information about the Scheme (including the amounts covered and eligibility to claim) please call us or refer to the:
Compensation Schemes Management Committee
c/o Malta Financial Services Authority, Notabile Road, Attard BKR 3000, Malta. Tel: (+)356 2144 1155; E-mail: firstname.lastname@example.org
At FerratumBank, we take our customers privacy, security, and data seriously, and we work hard to protect our customers from scams and cases of fraud.
Please read the following link to familiarise yourself with some of the typical scams to be aware of and how to avoid becoming a victim of a scam or fraud: https://mymoneybox.mfsa.com.mt/scam-warnings/typical-scams
If you think you may have been involved in a scam or case of fraud, please contact our customer service team immediately.
If at any point you feel dissatisfied with our products and services, please send us your feedback via email at email@example.com or by post at Ferratum Bank p.l.c., ST Business Centre 120, The Strand, Gzira, GZR 1027, Malta. We will investigate and address your feedback until we find a solution you're happy with.
If you're still dissatisfied, you can escalate your complaint to an independent third party:
In 2015, the EU adopted a new directive on payment services (PSD2) to improve the existing rules and take new digital payment services into account.
The revised Payment Services Directive (PSD2) will be effective as of 13 January 2018 and applies to banks and payment service providers within the European Economic Area (EEA) with the goal of making payments safer for customers, increase consumer protection, and foster innovation and competition.
Payment Services Directive 2 (PSD2) aims at reducing the risk of fraud for electronic transactions and enhancing the protection of the consumers’ financial data through a more sophisticated means of customer authentication.
Improved security measures will be applied by all market players including newly regulated payment service providers. Some provisions introduced by the PSD2 will not be made effective until after January 2018 including the RTS on stronger customer authentication and securer communication.
Through PSD2, customer protection will be increased. Under PSD2, customer fees will also be reduced. Customers´ liability will be reduced from EUR 150 to EUR 50 for unauthorised transactions related to lost, stolen or misappropriation of a payment instrument, except in situations such as fraud or gross negligence.
At present, banks offer a 13-month refund right for unauthorised transactions, which under PSD2, includes payments originating via a third party.
Banks are obligated to respond within 15 business days to complaints relating to infringement of PSD2. This timeframe may be extended to 35 business days in the case where responding within 15 business days is beyond the control of the bank. Customers may also file their complaint with the Office of the Arbiter for Financial Services for alternative dispute resolution.
PSD2 prohibits surcharging on all electronic payment instruments, which means merchants cannot charge extra for those opting to pay with an electronic instrument such as a card.
Concerning bank transfers, where both the payer and payee are located in an EEA country, a ‘SHA’ (shared) charge type will apply whereby the payer and payee will both pay the fee charged by their respective banks.
Under PSD2 new payment service providers, Third Party Payment (TPP) will be introduced, which, following customer consent, can gain direct access to a customer´s bank account. Although not yet in effect, customers will be informed when TPP is made available and what requirements are needed for implementation.
The task of implementing several of the provisions of the PSD2 has been delegated to the European Banking Authority (EBA). These provisions include developing Regulatory Technical Standards (RTS) and guidelines.
Some provisions introduced by the PSD2 will not be made effective until after January 2018 including the RTS on strong customer authentication and common and secure communication.