Zenbanx is a mobile multi-currency banking account that also provides low-cost (free among Zenbanx accounts) money transfers. 

What Are Zenbanx's Money Transfer Fees?

- Domestic transfers have a $0.00 fee when the transfer is between Zenbanx accounts and $0.50 when the recipient is not a Zenbanx member.

- International transfers have a $0.95 fee for Zenbanx accounts and a $4.95 fee when recipients don't have a Zenbanx account.  

How Fast Are Zenbanx's Transfers?

If the transfer is between two Zenbanx accounts, what Zenbanx calls "in-network," the funds are available as soon as recipients receive the email asking them to pick up their money.

Transfers between a Zenbanx account and another financial institution take between 1 and 3 days, depending on whether they are domestic or international transfers.

- Domestic transfers arrive within 1-2 business days.

- International transfers will vary by country, but funds should arrive in your recipient's bank within 2-3 business days.

Zenbanx's Backstory

Zenbanx was launched in 2012 by Arkadi Kuhlmann, the founder of both ING Direct USA and ING Direct Canada. It has an A+ rating with the BBB. In Canada, Zenbanx is a subsidiary of DUCA (short for Dutch Canadian), a credit union with headquarters in Toronto that was established in 1954. In the United States, Zenbanx operates through the Wilmington Savings Fund Society, a bank that was founded in 1832: the seventh oldest bank in the United States that still operates under the same name. WSFS has $5.06 billion in assets and a five-star rating with Bauer Financial.

Who Can Benefit From Zenbanx?

Zenbanx was built as a bank for people who live, travel, and work in multiple currencies. Think frequent travelers, business executives, and migrant workers living in the United States and Canada. Zenbanx's mobile bank account makes it easier to keep savings in different currencies, exchange currencies, and send money to family and friends.

Visit Zenbanx's personal banking profile for more information on Zenbanx's checking account and currency exchange service.

What Are The Advantages and Disadvantages Of Zenbanx?

This is what we love about Zenbanx Bank:

- High yield checking account. US dollars get 1% APY on all balances above $0.01, and some currencies (CAD and IR) have an even higher APY (1.26%).

- No monthly fee, no minimum balance, and no minimum opening deposit.

- Low-cost money transfers.

- Users can hold up to five currencies. There is no exchange fee, and rates are competitive.

- Free domestic ATM transactions and a low international ATM fee of $1.75.

What We do not Like About Zenbanx Bank:

- No access to CDs, IRA or savings accounts.

- No branches. We don't really mind; but if you are the kind of person who needs a bank with brick-and-mortar branches, you may want to pass on this one.

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Very convenient mobile bank account. Able to send money in different currencies and use debit card when I travel. The plus is they pay interest and deposits are FDIC insured.

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