Detailed GBXP Review
| 🏦 Bank | GBXP LTD |
| 🗓 Year of foundation | 2011 |
| 🌐 Website | GBXP.uk |
| 👮 Regulator | Electronic Money Regulations |
| 💰 Top up | Free |
| 💱 Monthly maintenance fee | from €0 |
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Financial instruments
Quick overview:
Founded in 2019, GBXP LTD is an electronic money institution based in the United Kingdom. The company facilitates payments for individual and business customers and is regulated by the Financial Conduct Authority (FCA) in the UK.
- GBXP offers personal and business accounts to customers and allows for purchases wherever Mastercard is accepted worldwide. As an FCA-authorised money institution, GBXP adheres to strict guidelines to ensure the safety of client funds and transactions.
- Customers can hold personal multi-currency accounts with funds in EUR and GBP, and send money to anyone worldwide. Recipients can withdraw funds in their local currency.
- Corporate accounts from GBXP allow small- and medium-sized businesses to pay contractors and send money to employees around the world.
About GBXP
Debit card
With GBXP, customers can order a debit card that is linked to their account, allowing for in-store and online purchases. The card also allows customers to make purchases using 3-D Secure® technology for improved safety and security of transactions.
To activate a GBXP card, customers can simply log into their accounts online, select ‘Activate’, and find their four-digit PIN. GBXP debit cards are issued by Monavate LTD, under license by Mastercard International.
Fees
With GBXP there are no deposit fees and withdrawals are free for individual accounts (to another GBXP or EXANTE account). For corporate accounts, there is a fee of 0.1% per transaction, with a minimum of 10 GBP/EUR and a maximum of 150 GBP/EUR.
For individual accounts, there is a 0.1% fee for non-SWIFT withdrawals to other accounts outside GBXP, with a maximum of 75 GBP/EUR. For corporate accounts, the fee is 0.25% with a minimum of 10 GBP/EUR and a maximum of 150 GBP/EUR.
SWIFT withdrawals attract a 0.25% withdrawal fee per transaction for individual accounts, with a minimum of 30 GBP/EUR and a maximum of 75 GBP/EUR. Corporate accounts attract a fee of 0.5% per transaction, with a minimum of 30 GBP/EUR and a maximum of 150 GBP/EUR.
New GBXP cards are issued free of charge but there is a replacement card fee of 10 GBP/EUR per card for individual accounts and 20 GBP/EUR for corporate accounts. Individual accounts have no monthly fee, while corporate accounts have a monthly fee of 30 GBP/EUR.
On individual accounts, ATM withdrawals have a 2% fee per transaction, or a minimum of 1 GBP/EUR, whichever is higher. The first 1,000 GBP/EUR withdrawal per month is free of charge. For corporate accounts, there is an ATM withdrawal fee of 2%, or 2 GBP/EUR, whichever is higher.
All fees are available on the GBXP website.
Options
GBXP offers a variety of options contracts for futures, stocks, indices, and interest rates. The platform supports a range of options strategies, enabling traders to implement different investment strategies and take advantage of market movements.
Account opening
To open a GBXP account go to gbxp.uk and select ‘Open an account’. You can then choose between a personal or business account and provide your details to complete the sign-up process.
There is a once-off account opening fee of 25 GBP/EUR for individual accounts and 500 GBP/EUR for corporate accounts. In addition to this, corporate accounts also have a monthly fee of 100 GBP/EUR.
Note that GBPX only provides services to clients and businesses based in the UK.
Conclusion
GBXP is an electronic money institution that is regulated in the United Kingdom. It provides a convenient way for customers to send funds overseas, which beneficiaries can withdraw in their local currencies. This service is particularly useful for employers who need to pay their global employees with low ATM fees and contactless payments. GBXP is fully committed to maintaining compliance standards and provides 24/7 support to its customers.
DISCLAIMER:
This article is provided to you for informational purposes only and should not be regarded as an offer or solicitation of an offer to buy or sell any financial services that may be referenced here.
While every effort has been made to verify the accuracy of this information, GBXP LTD. cannot accept any responsibility or liability for reliance by any person on this publication or any of the information, opinions, or conclusions contained in this publication. The findings and views expressed in this publication do not necessarily reflect the views of GBXP LTD. Any action taken upon the information contained in this publication is strictly at your own risk. GBXP LTD. will not be liable for any loss or damage in connection with this publication. Costs mentioned herein may increase or decrease as a result of currency and exchange rate fluctuations and are subject to change.