iFAST Global Bank

iFAST Global Bank is a UK bank that runs entirely through an app and a website, with no branches. Its main product is a Multi-Currency Current Account, offered in 11 major currencies, which you apply for through the iFAST Global Bank website or mobile app¹. Alongside the current account it provides salary payments a day early for people paid through Bacs, international transfers through its EzRemit service, and paperless statements going back 7 years².

iFAST Global Bank is a UK bank offering current accounts, savings and international transfers, and it also trades as EzRemit for sending money abroad⁵. It holds Financial Conduct Authority reference 716167, with permission to accept deposits, and appears on the Bank of England's list of banks incorporated in the UK authorised to accept deposits⁵. Eligible deposits are protected by the Financial Services Compensation Scheme up to £120,000 per person⁷.

This page covers what each part of the bank does, how interest and charges work, how to open an account and move your salary across, how to keep your login and devices secure, what to do if something goes wrong, and where your money stands if the bank fails.

What iFAST Global Bank offers: the Multi-Currency Current Account

The Multi-Currency Current Account is the account the bank is built around. It is offered in 11 major currencies, and you choose which one you want when you open it¹. That structure suits people who hold or receive money in more than one currency, because the account is designed to sit across currencies rather than convert everything into sterling on arrival.

You apply for the account through the iFAST Global Bank website or the mobile app, so there is no branch appointment and no paper form to post¹. Statements for the account are found through the online banking portal or the mobile app rather than arriving in the post¹.

The bank's own framing of the account is about payday: "Fast-track that payday feeling and make every pound count with our Multi-Currency Current Account"². That is marketing language rather than a product term, but it points at the two features the bank leads with, salary timing and currency.

If you are weighing up whether a multi-currency account is the right shape for you at all, the wider guide to current accounts sets out how current accounts work in the UK, what the different types are for, and what to check before switching. The bank also sits alongside the savings market more broadly, where accounts range across ISAs, instant access and fixed term options⁸, and the guide to savings accounts explains how those differ.

How interest works on iFAST Global Bank balances

Interest on the Multi-Currency Current Account is not fixed for the life of the account. iFAST Global Bank states plainly that it can change the interest rate on the account in any currency¹. That is a term worth reading carefully, because it means the rate you see when you open the account is not a rate you can rely on staying put.

Because the account runs in more than one currency, the rate that applies to your balance depends on which currency you hold. The bank does not publish a single rate across the account.

At the end of each tax year, the bank automatically extracts a Certificate of Interest detailing the interest credited³. That document matters if you need to report interest, because it gathers the figures for you rather than leaving you to reconstruct them from statements.

This page does not quote the bank's current rates, because rates change and the site carries no product rates. The bank's own product pages carry today's figures.

Early Payday for salaries paid through Bacs

Early Payday is the bank's salary feature. If you are paid through Bacs, your salary is deposited into your account one day before your scheduled payday, which the bank describes as getting your salary one business day early². The service is available if you get paid through Bacs, and terms and conditions apply².

The mechanism depends on how Bacs works. Bacs payments usually take 3 working days to clear⁹, and the bank is effectively releasing the money to you at the point it can see the incoming payment rather than waiting for the scheduled date. If your payday falls on a weekend or bank holiday, the underlying payment rules already move things: benefit payments due on a weekend or bank holiday are usually paid on the working day before¹⁰. So the day you actually receive money can shift for reasons that have nothing to do with the bank.

Two practical points follow. First, Early Payday only applies to salary paid through Bacs, so if your employer pays by Faster Payments or another route, the feature does not apply. Second, your payslip must still be provided on or before payday¹¹, so receiving money early does not change your employment paperwork.

If you are paid benefits rather than a salary, the timing rules are different and set by the paying department. The guide to benefits covers how payment dates work, including the rule that payments due on a weekend or bank holiday usually arrive on the working day before¹⁰.

EzRemit and EzWallet: sending money abroad

EzRemit is iFAST Global Bank's international transfer service, and it is not a separate company. The Financial Conduct Authority register lists iFAST Global Bank and EzRemit as current trading names of the same firm⁵. The firm's previous names include EzRemit, BFC Exchange, BFC Bank, BFC Exchange Ltd, BFC Bank Limited, Wholesale Currency Services and EzRemit & BFC Wholesale Currency Services⁵.

An international money transfer allows people to send funds from a UK account to another account in a different country⁴. Within the iFAST group network, the bank says you can transfer money instantly between countries within the network, and this feature links your iFAST Global Bank account with your iFAST investment account, which is located in Hong Kong, Singapore or Malaysia⁴.

That linking is worth understanding before you use it. It means the transfer service and the investment side of the group are connected, so money can move between them. If you are sending money abroad for the first time, the guide to sending money in the UK and abroad covers how transfers work, what they cost and what can go wrong.

If a transfer goes wrong, the Financial Ombudsman Service handles complaints about sending money abroad and sets out how it approaches them¹².

Banking with iFAST Global Bank: app, online portal and e-statements

There is no branch network. You monitor your transactions through the iFAST Mobile Banking app and the website³, and the account is designed around those two channels.

Statements are paperless and free of charge, and you can access statements dating back 7 years³. To get to them, you log in to the mobile app, select statement in the top bar, select the type of statement, then view and download it³. Statements for the Multi-Currency Current Account are also available through the online banking portal or mobile app¹.

That is a longer statement history than many people expect from an app bank, and it matters if you need old statements for a mortgage application, a tax query or a dispute. The trade-off is that nothing arrives in the post unless you download and print it yourself. If you want monthly statements posted to you, that is not how this account works, though the wider banking market still offers it: many banks send monthly statements in the post, or let you opt to go paperless and receive them by email or download them from your online account¹³.

Banking apps generally are smartphone and tablet apps that let you check your balance and send payments, found in the Google Play Store for Android devices and the App Store for Apple devices¹³. If you are new to app-only banking, the guide to everyday money tasks covers the practical steps.

Opening an account and moving your salary across

You apply for the Multi-Currency Current Account through the iFAST Global Bank website or mobile app¹. Once you are in, the bank's own instruction for setting up salary credit is to log in to your app and tap "Add Money" to get started².

If you are moving from another bank, the Current Account Switch Service is the standard route in the UK. It moves everything across within 7 working days, including Direct Debits and standing orders, though savings accounts and ISAs cannot be switched through this service¹⁴. That distinction matters here, because if you hold savings elsewhere you would need to move those separately.

Some accounts attach conditions to keeping them. Ulster Bank's Private Current Account, for example, requires your salary or equivalent to be paid in, and the bank reserves the right to convert the account if it is not¹⁴. That is a different provider's term, but it illustrates the pattern: check whether the account you are opening depends on salary credit continuing.

If you are paid benefits rather than a salary, moving the payment across is a separate process from switching a current account. The guide to benefits covers how to change the account your payments go into.

Spotting phishing, vishing and smishing scams

iFAST Global Bank publishes its own fraud guidance, and it describes three attacks by name¹⁵.

Phishing is the email version. Fraudsters pose as genuine companies such as a bank, PayPal or HMRC, and the technique tricks a user into logging into a fake bank website via an email link, which records the account information¹⁵. Untrusted links in an email can also install malicious software on your computer as another way to capture your details¹⁵. The bank's stated defence is blunt: never click on a link to visit your online bank, and instead visit it through a browser bookmark or by typing your bank's URL directly into the address bar¹⁵.

Vishing is the phone version. Fraudsters call and pretend to represent the police, debt collection agencies, late payment notifications, or a bank's fraud department, to trick you into moving your money somewhere safe¹⁵. If you want to check whether a caller is genuine, the bank's advice is to hang up and ring your bank or card company directly using the numbers given when you opened your account¹⁵. That rule is echoed across the industry: your bank or the police will never ask for your PIN or password or ask you to transfer funds for fraud reasons¹⁶.

Smishing is the text version. Fraudsters use spamming software to send urgent, fear-based messages and collect responses that confirm the user's identity, which are then used for fraud¹⁵. The bank's advice is not to respond to texts from unrecognised numbers, because even a brief message confirms your telephone number, which can then be used as a means of identification, and to use block or report-as-spam functions where available¹⁵.

Scams increasingly use artificial intelligence to sound and look more convincing, and the guide to scams and fraud covers the wider picture, including how to report what has happened¹⁸.

Keeping your login, devices and Wi-Fi secure

iFAST Global Bank's security guidance starts with your own equipment. It advises ensuring you have effective and updated antivirus and antispyware software and a firewall running before you log in to your bank account, and not opening unexpected email attachments or downloading files from untrusted websites¹⁵.

On networks, the bank's advice is to make sure the network you are connected to is secure using WPA (Wi-Fi Protected Access) if you need to log into your online portal on a wireless network, and to be even more vigilant on public access networks such as in a coffee shop or library¹⁵. The reasoning it gives is that all information sent to and from your computer to the wireless router can be intercepted and read by someone nearby, so your home network should be secure and password protected¹⁵. For most business users, the bank suggests only logging into your personal online portal at home on your own trusted Wi-Fi network, because a place of work can install key loggers or monitor you while online¹⁵.

On passwords, the bank's rule is that your banking password should have a mixture of numbers, special characters, and upper and lower case, and should never be written anywhere¹⁵. It should not be something easy for someone else to know such as your mother's name, your street name, or your birthday¹⁵. Before entering data, look for a small padlock icon and a URL starting with https:// instead of http://, and if you cannot see this, do not log into the website¹⁵.

Two habits help beyond the bank's own list. Setting up bank alerts in your app tells you when your card has been used¹⁹. And be aware of shoulder surfers viewing your screen¹⁵.

If your account is compromised: what to do and how to get help

The first step is always the same, and it is the same whoever you bank with. Speak to your bank or building society straight away if you think your credit or debit card, online bank account or cheque book have been stolen or hacked²⁰. If your card is lost or stolen, report it to your bank immediately²¹.

If you have been the victim of a scam, the steps are:

1. Contact your bank or payment services provider immediately²².
2. Contact the police on 101²².
3. Report the scam to Report Fraud²².
4. Keep records of all contact and correspondence between you and the scammer²².

Calling your bank using the number on the back of your bank card is the standard route, alongside reporting to Report Fraud, formerly known as Action Fraud²³. The Payment Systems Regulator's advice is the same: contact Action Fraud to make a report and call your bank immediately so they can protect your account²⁴.

Banks can protect and reimburse victims of certain types of fraud, which is why speaking to yours early matters²⁵. If the problem is not resolved, the Financial Ombudsman Service handles complaints about scams involving unauthorised payments and identity theft²².

If your personal data has been exposed rather than your account, the steps are slightly different. Report details of lost or stolen documents such as passports, driving licences, credit cards and cheque books to the issuer, check bank statements and your credit report, watch out for phishing, use strong passwords and multifactor authentication, and consider applying for Cifas protective registration²⁶. Requesting a copy of your credit file lets you check for suspicious credit applications²⁷, and informing your bank, building society and credit card company of any unusual transactions on your statement is part of the standard response²⁸. Checking your bank statements regularly for transactions you do not recognise is the habit that catches problems earliest²⁹.

The guide to consumer protection in UK financial services explains what you are entitled to when something goes wrong, and the guide to scams and fraud covers reporting routes in more detail.

How your money is protected by the FSCS

Eligible deposits with iFAST Global Bank are protected by the Financial Services Compensation Scheme up to a value of £120,000 per person². That is the same limit the scheme applies to deposits at any firm it covers, per person or company⁷.

The protection is automatic. If your bank goes bust, you get your money back without having to claim³⁰. That is worth stating plainly, because people often assume they need to do something to activate it.

The limit is per person, per firm, which matters if you hold money in more than one brand that shares a licence. Where brands sit under one authorisation, balances count together towards a single limit. The guide to banks and building societies lists who operates in the UK market, and the guide to regulation in the UK explains how authorisation and protection fit together.

Contacting iFAST Global Bank and complaining

iFAST Global Bank runs through its app and online portal, so that is where contact starts. There is no branch to visit.

If something goes wrong and the bank does not resolve it, you can take the complaint to the Financial Ombudsman Service, which is free and independent. The ombudsman publishes guidance on complaints about sending money abroad¹² and about scams involving unauthorised payments and identity theft²², both of which set out what it looks at and what it can do.

Before you get to that stage, the practical steps are the ones above: report a lost or stolen card immediately²¹, tell your bank about unusual transactions²⁸, and keep records of everything²². Records matter because a complaint is easier to pursue when you can show what was said and when.

If you are struggling with money more broadly, free and impartial help exists. The guide to debt sets out the options and where to get advice, and the guide to getting started with your money covers the basics of running an account day to day.