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Fees, charges and limits

Updated: 29 May 2024

Version 2.2

Please be advised that the fees, charges and limits applicable to existing customers can be accessed in the ‘Profile’ section within the TallyMoney App.

Fee Table - Fees, Charges & Limits Information Document

Name of the account provider:

TallyMoney UK Ltd 

Account name: TallyMoney Account

Date: 29th of May 2024

This document informs you about the fees, charges and limits related to using the TallyMoney Platform.

Service

Fee, Charge or Limit

Accessing the TallyMoney Platform

Account Activation Fee

£29 upfront

Using the TallyMoney Account and In-App Safes

Account Keeping Fee

The higher of 0.5% p.a. of the TallyMoney Account balance, calculated daily and charged monthly, or the equivalent of £3.00 per month (minimum not applied in the first part month), to cover all account reporting, security, storage, insurance and ongoing operational costs. Please note that should the account-keeping fee not be paid from the customer’s tally balance in their everyday account, it shall be taken from the customer’s in-app safe. Should account-keeping fees not be paid in full for 3 consecutive months then the customer shall have 30 days to remedy, or their TallyMoney account will be closed.

Payments In

Purchase of tally®

  • The number of tally® acquired is calculated using the global gold market wholesale buy price of troy ounces of physical gold, irrespective of the amount of fiat currency transferred in.
  • A simple fixed FX spread of 0.99% is applied on transfers in from GBP to tally plus a gold handling fee of 0.5%. Customer gold is then held and used at the global gold market wholesale buy price (i.e. there are no transaction fees or FX margins changed on payments out).

TallyMoney Debit Mastercard®

Ordering TallyMoney Debit Mastercard®

TallyMoney Debit Mastercard® included in Account Activation Fee

Replacement cards

  • One free replacement card per annum
  • 200 tally® for any subsequent replacement cards in the same year

Spending and sending

Paying with tally®

  • The fiat currency value of tally® is calculated using the global gold market wholesale buy price of troy ounces of physical gold. No transaction fees or FX margins are charged on payments out.
  • No transaction fees on transfers out and no added FX margins or mark-ups on card payments above the Mastercard exchange rate that is applied when paying in a fiat currency other than Pounds Sterling with the Card.

Daily spend limit

  • You can send via tally-to-tally transfer to another TallyMoney Account, up to the equivalent of £250,000 in tally® per day (or more by prior arrangement)
  • You can send via electronic funds transfer up to the equivalent of £20,000 in tally® per day (or more by prior arrangement). 
  • You can spend on your TallyMoney debit card up to the equivalent of £3,000 in tally® per day

ATM withdrawals

  • No charges for ATM withdrawals
  • Limited to 3 per day
  • Daily maximum equivalent of £250 in tally®

Sending tally® from TallyMoney Account to TallyMoney Account

Sending tally® from your TallyMoney Account to another customer’s TallyMoney Account is free

Using tally® outside of the UK.

FX fees

  • tally® to local currency converted using the global gold wholesale buy and sell price and the Mastercard® global FX rate.

ATM withdrawals

  • No charges for ATM withdrawals
  • Limited to 3 per day 
  • Daily maximum equivalent of £250 in tally®

22 NW Works, 
135 Salusbury Road
London, NW6 6RJ

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Payment Accounts with sort code and account number used to receive GBP funds transfers are issued by Transact Payments Limited (TPL), a licensed electronic money institution authorised and regulated by the Gibraltar Financial Services Commission to issue electronic money and provide payment services. TPL is incorporated and registered in Gibraltar with company number 108217 and registered office is at 6.20 World Trade Center, 6 Bayside Road, Gibraltar, GX11 1AA. Whilst Electronic Money products are not covered by the Financial Services Compensation Scheme, any customer GBP will be held in one or more segregated accounts and safeguarded in line with Part 4 of the Financial Services (Electronic Money) Regulations 2020.

Your TallyMoney debit Mastercard is welcomed at millions of locations worldwide. This card is issued by Transact Payments Limited pursuant to licence by Mastercard International Incorporated. Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.

2024 TallyMoney