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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.

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What is FerratumBank?

FerratumBank is a mobile, app-based bank. We’re completely different from traditional banks – we don’t have any branches, so we don’t have all the delays, appointments and waiting times that come with them! We’re innovative, easy to use, and super-fast!

What makes us so different?

Have we mentioned the whole no branches thing already? We don’t have any because they slow us all down, everyone hates waiting in a queue, and frankly – when was the last time you looked forward to a bank appointment? Everything that’s done at a physical branch you can do with us on your mobile device, wherever, whenever.

Working across the whole of Europe, we allow our customers to access their money wherever they are regardless of borders - which makes us perfect also for travellers, tourists, or people living abroad.

We’re the future of modern banking. We’re going places, and we want you on board!

Where is FerratumBank?

In a way, we are wherever you are. Since we’re a mobile bank our entire banking system is contained in our App. We don’t have any physical branches because your phone is your nearest FerratumBank branch – and you are the bank manager!

Ok, if you want to get technical we’re physically based in Malta. It’s warm and sunny here, and since we’re part of a wider group with headquarters in Finland, all of our Scandinavian colleagues are very jealous about that!

Who owns FerratumBank?

We are a subsidiary of the international Ferratum Group, which operates in 23 countries across Europe, the Asia-Pacific region, Mexico and Canada.

How can I find out if FerratumBank is available in my country?

During the first step of the onboarding process, you will need to select your country. You can see a list of countries where FerratumBank is currently available by scrolling through the list. 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.

How do I open an account?

Download the FerratumBank App from the App Store or Google Play and it will guide you through setting up your account in just 5 minutes! You’ll need to have a few things ready such as your SSN, mobile 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, so you might want to check in the mirror first or fix your hair (if you have any)!

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.

When will my account be ready?

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 MasterCard, which will arrive at your door in a few days (We’re quick, but we still have to rely on the postal service!).

How do I close an account?

To close your account, all you have to do is call us (we have 24/7 customer service!)

What are the fees involved?

We don’t believe in charging you for basic account services, so we won’t.

The few exceptions we have are for things like optional paper statements and replacement cards. They’re listed on the pricing page of our website.

How long does it take to transfer money?

If you transfer money to another Ferratum account, this will happen in real time – even if you are different countries. If you make a transfer to an account at any other bank, it will typically go through on the next business day.

How do I use other Currencies?

You can open an account in another currency, either through the FerratumBank App or online.

To open a new account, access the Account and Cards menu and select Open New Account. Then simply choose the type of account (current or savings) and the currency you want to use.

How many accounts can I have at the same time?

You can open one current account in each currency and as many savings accounts as you want, but the maximum total number of accounts you can have open is 7.

How do I deposit money into my accounts?

Anyone can send money to any of your FerratumBank accounts from their account at any other bank.

You’ll 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 money sent from another bank, please note that it can take a day or two for it to show up in your FerratumBank account, depending on the transaction date the other bank provides us.

Once you receive the funds into your FerratumBank account you can transfer them into any of your other accounts from the “Send Money” option in the App, and choose “Transfer to Own account”.

Can I save account details I often make payments to?

Of course! You can save any account details to your Partners list to use again in the future.

Can I see upcoming payments?

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.

Can I make payments over weekends, bank holidays and during the night?

You can make payments any time you want. You can access all of your accounts at any time and we are here for you 24/7.

Will I be charged any fees if I withdraw cash from an ATM?

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.

How do change my PIN?

You can change your own PIN in the FerratumBank App or online. Just head to the Accounts and Cards menu and hit the Change PIN option.

Once you’ve changed the PIN you’ll need to activate it at an ATM. As soon as you’ve entered the new PIN and checked your balance or withdrawn some money, the change is set.

What if I forget my Card PIN ?

Uh-oh! The dreaded call to the bank and long wait for a new PIN number in the post – Only kidding! There’s no need to wait, you can set a new Card PIN straight away in the mobile App or online from Change PIN option in the Accounts and Cards menu.

Once you’ve changed the Card PIN you’ll need to activate it at an ATM. As soon as you’ve entered the new PIN and checked your balance or withdrawn some money, the change is set.

Where can I use my card?

You can use your FerratumBank debit card to withdraw cash from any ATM in the world and to pay in any store that accepts MasterCard (that’s practically everywhere!) For smaller purchases, you can even pay contactless by simply tapping your card against the electronic reader - just look for the contactless symbol. You can also use your card online too.

Can I have more than one card?

There’s only one card to rule them all! It’s linked to all of your current accounts so there’s no need for extra cards for each currency. Wherever you are across Europe, your card will automatically select the right account to use for the local currency. It’s pretty clever like that.

How long is my card valid for?

Your card is valid for two years from the date it’s issued, and when the two years are up we’ll send you a new one. Simply destroy the old card (we like to cut them up into tiny bits) and slip the new one into your wallet or purse – it’s ready to go!

My card isn’t working. What do I do?

First of all, check that you’ve got sufficient funds in your account to do whatever you’re trying to do. It sounds obvious but it happens all the time. If it’s still not working, get in touch and our Customer Support Team will investigate.

The ATM ate my card. What do I do?

Don’t worry. Get in touch with us 24/7 and we’ll sort it out.

My card is damaged or destroyed. What now?

Contact our 24/7 Customer Support Team and we’ll send a replacement out to you. Please note that there is a replacement fee that we have to charge, so remember to take good care of your card.

Help! My card is lost or stolen

Don’t panic! The first thing to do is to block that card. You can do that directly in the FerratumBank App or online by going into the Accounts and Cards menu and changing the card status to Blocked or Temporarily Blocked – more on that later. If your phone is stolen along with your card, you can call our Customer Support Team 24/7 and we’ll block the card for you.

Ever cancelled a card only to find that now-useless piece of plastic before the replacement arrives? We’ve got a very clever feature in the App that lets you temporarily block your card if you think it will show up again. If you find it, you can unblock it yourself and you don’t have to wait for the postman before you can spend again - Isn’t that handy?

If your card turns out to be properly lost, you can block it permanently and order a replacement - Better luck next time!

Why should I use the FerratumBank App?

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:

  • Real-time account balance
  • Multi-currency accounts – with zero exchange fees you can shop like a tourist but pay like a local!
  • Built-in and real-time currency converter
  • Transfer money between accounts or to other banks and recipients
  • Pay any contact via SMS
  • Push notifications for card purchases
  • Card security – block or temporarily block your card
  • Language choice
  • 24/7 customer support with live chat

Which devices are supported?

The FerratumBank app is available for both iOS and Android via the App Store and Google Play. You can access our internet banking platform through your internet browser on computers, laptops, or smartphone.

Please note the app is not supported on tablet devices.

Is the FerratumBank App and Internet banking free?

We don’t believe in charging you for basic account services. Our App is free to download and we don’t charge anything to use it.

Can I use the FerratumBank App on multiple devices?

Absolutely! For example, you could be transferring money on your iPhone at home, then checking your balance on your Androind phone at work. With Ferratum Bank, you have complete mobility. The app will need to be activated on each device, which takes just a few seconds.

Can I change my personal information?

You can change some of your personal information such as address, phone number and email in the Settings menu of the FerratumBank App or online. There is some information which you can’t change in the App, but you can use it to send us a request to change it for you. You can also get in touch to discuss any other changes.

How do you verify customer ID and why?

We use a verification tool called Jumio – it’s a very clever program integrated into our systems that allows us to verify your identity by scanning your ID or Passport. It helps make everything run smooth and speeds up the entire mobile banking process.

EU banking regulations mean we have to verify every customer ID prevent fraud and money laundering activities.

My account has been blocked? What do I do?

If your account has been blocked permanently due to six or more invalid login attempts, you will need to contact our Customer Support team.

How many attempts do I have when trying to login to the mobile App or internet banking?

You get three consecutive login attempts times through the FerratumBank App or Web interface. If you get the username and/or password/PIN Code wrong three times, you will be temporarily blocked for the next 60 minutes. You can try again after the hour has passed, but if you fail the next three login attempts your account will be permanently blocked until you contact our Customer Support Team to reset your password and username.

How do I change my password / PIN Code?

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’ll get an SMS with a temporary password which you can use to log in then change your password to something memorable.

What different accounts do offer?

With FerratumBank you have the option of three different account types: Current Accounts, Savings Accounts and Term Deposit Accounts:

  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 type of account. You can have multiple current accounts – one for each currency! Money deposited into current accounts does not earn any 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, according to the interest rate offer available at the time. You can access your savings deposits after 14 days and transfer money back to your current account(s).
  3. A Term Deposit Account is for long-term saving, starting at a minimum term of 3 months. Term deposit accounts let your savings earn for you with a healthy interest rate, according to the offer available at the time. You can start saving with a minimum amount of 500 EUR (or equivalent in other currencies), and the funds are only available to you after the end of the agreed term.

Do you also offer corporate accounts?

Sorry, we don’t offer corporate accounts at the moment.

How secure is your Mobile Banking service?

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).

How is the communication with your Internet/Mobile service secured?

Communication between your computer/phone and the Internet/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.

How secure is your Internet/Mobile Banking server infrastructure?

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.).

What security measures protect my user account?

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 – It’s only stored in your head!

In order to access our Internet Banking service, you will need to use the chosen username and generate an Access Code using the FerratumBank App. You will need to enter your 6-digit PIN on your device to generate this Access Code in the FerratumBank App.

We also use a time-out feature on the Internet Banking platform to better protect your account. You will be automatically logged out of your current online session after a period of inactivity.

How secure are my accounts and transactions?

Both the FerratumBank App and our Internet Banking service provide end-to-end encryption to secure transactions while in transit. Your user accounts are also protected with either a one-time Access Code (generated in the App) for Internet Banking, or a device PIN Code for the App. These are known only to you, and only you can access your accounts and authorise payments. A second level of authentication is required to sign transactions and/or instructions before they are submitted to the Bank.

What can I do to protect my information when using the FerratumBank App?

  • If you haven’t already, make sure your device is protected with a PIN or password – this gives you an additional security layer in case your device falls into the wrong hands.
  • Log out of your FerratumBank app session via the ‘Logout’ menu option when you’re finished.
  • Don’t share your device PIN Code with anyone, and don’t write it down anywhere.
  • Make sure nobody is watching when you enter your PIN Code.
  • If you think someone may know your PIN Code, change it immediately:
    • Use the ‘Change PIN’ option in the ‘My Card’ option of the FerratumBank App menu, or
    • Call Customer Support and request your device to be unlinked.
  • Don’t log into your account on anyone else’s device.

What can I do to protect my information when using Internet Banking?

  • Don’t share your username, password or your PIN with anyone. Don’t write them down or save them on your computer either.
  • Make sure nobody is watching you when entering your login details. If you think someone might know your credentials, change them immediately.
  • The password that is used to activate the FerratumBank app can be changed using the ‘Change Password’ option in your ‘Support Centre’ > ‘Settings’ menu or call Customer Support and request a new temporary password to be sent via SMS.
  • Always log out of the Internet Banking session when you’re finished.
  • Make sure you have anti-virus, firewall and anti-malware programs installed and keep them up-to-date.
  • Keep your operating system, web browser and other applications (e.g. Adobe Reader, Adobe Flash Player, Microsoft Office, etc.) up-to-date so that they have the latest security patches applied.
  • Don’t use shared or public computers such as at internet cafes or public libraries to log in to your account. You don’t know what viruses or malware are on that computer.

Will you ever ask me to provide my Access Code or PIN Code?

No – our Customer Support team will never ask you for your Internet Banking Access Code and/or your FerratumBank App PIN. You should never give that information to anyone – including us!

Can I send payment instructions via email?

No - Email isn’t a secure channel so you should never use it to send payment instructions.

What are cookies and how are they used for this service?

A Cookie is a small text file sent by a website and stored on your device. The contents of a cookie cannot identify a user, and the website can’t read any files already on the device.

The FerratumBank Internet Banking website uses cookies to:

  • Produce statistics, which are used to improve our service to all of our customers
  • Maintain the website session
  • Optimize the tools used on the website (e.g. calculators, currency convertors, etc.)

Are my account details stored on my device?

No – FerratumBank doesn’t 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.

How do I know if I am downloading the real FerratumBank App?

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 to let us know.

How do I know if I am actually using FerratumBank’s website?

Open a new browser window or tab and enter the full URL: https://www.ferratumbank.com. We use Extended Validation SSL/TLS certificates and this should be shown in the browser address bar:

What is an Extended Validation (EV) SSL/TLS certificate?

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.

What is encryption and how does it protect my information?

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!

What is phishing?

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.

What can I do to protect myself against phishing?

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.

What is the Depositor Compensation Scheme?

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: info@compensationschemes.org.mt

What advice can you give customers to avoid bank account fraud and scams?

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/info/typical-scams

If you think you may have been involved in a scam or case of fraud, please contact our customer service team immediately.

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.

Who does PSD2 affect and when will it be in effect?

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.

How does PSD2 affect my security?

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.

How does PSD2 affect customer protection?

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.

How long do banks before responding to complaints related to any breach of P2D2?

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.

How does PSD2 affect surcharges?

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.

What is Third Party Payment (TPP) and when will it be in effect?

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.  

Online Dispute Resolution

At Ferratum Bank p.l.c. we encourage our customers to contact us with any feedback and will investigate and address any issues raised within the timeline provided in the Agreement with the customer. Please contact us at customersupport@ferratumbank.com or by post at Ferratum Bank p.l.c., Tagliaferro Business Centre, Level 6, 14 High Street, Sliema SLM 1551, Malta for any queries or feedback you may have.

In case the customer has contacted Ferratum Bank p.l.c. with respect to a complaint and is not satisfied with the reply received, or no agreement was reached with Ferratum Bank p.l.c., the customer has the possibility to submit a complaint in writing directly to the Office of the Arbiter for Financial Services in Malta at: The Office of the Arbiter for Financial Services, First Floor, Pjazza San Kalcidonju Floriana FRN 1530, Malta or www.financialarbiter.org.mt. The European Commission also provides for an on-line dispute resolution (ODR) platform to facilitate access to Alternative Dispute Resolution (ADR). The ODR platform allows consumers to submit their complaint through a website which will forward the complaint to the correct Alternative Dispute Resolution entity. For more information on the ODR platform please visit: http://ec.europa.eu/odr

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