With GBXP, clients can send and receive money to and from other countries in multiple currencies.
Based in London, the company is an authorised electronic money institution and also provides its customers with debit cards to enable purchases in-store and online, anywhere Mastercard is accepted worldwide.
What is GBXP?
GBXP LTD is an electronic money institution that was founded in 2019 in the United Kingdom. It is regulated by the Financial Conduct Authority (FCA) and facilitates payments for its customers, both individuals and businesses.
The company offers personal and business accounts and enables purchases and cash withdrawals anywhere Mastercard is accepted worldwide.
GBXP is an FCA-authorised electronic money institution and adheres to stringent guidelines, ensuring the safety of funds, transactions, and client fairness.
Products and services
Personal accounts
GBXP offers personal multi-currency accounts for customers to hold funds in EUR and GBP. You can send money to anyone worldwide, allowing them to withdraw money in their local currency.
Business accounts
For businesses, GBXP offers corporate accounts that are ideal for small- and medium-sized companies. With a corporate account, companies can easily pay invoices from contractors and send money to employees in countries around the world.
Debit cards
GBXP offers customers the option of ordering a debit card linked to their payment account. This allows them to make purchases in-store and online as well as withdraw cash in their local currency anywhere in the world where Mastercard is accepted
Cardholders can make purchases using contactless card payments for online purchases with 3-D Secure® technology for enhanced transaction safety. It’s also easy to check and top up card balances.
* Note that these limits are based on the billing currency of the card.
Activating a GBXP card is easy as cardholders can simply log into their account on gbxp.co.uk and select ‘Activate’ to find their four-digit PIN.
GBXP prepaid cards are issued by Monavate LTD, under license by Mastercard International.
Fees
GBXP’s fee structure is very transparent and straightforward. The fees listed below are current as of 2024 and a full explanation of all fees is available on their website.
Payment fees
When opening an account there is a once-off account opening fee of 25 GBP/EUR for individual accounts. For corporate accounts, this fee is 500 GBP/EUR. In addition to this, there is a monthly fee of 100 GBP/EUR for corporate accounts. Individual accounts have no monthly management fee.
Transaction fees
There are no deposit fees for individual and corporate accounts. On individual accounts, withdrawals are free of charge (to another GBXP account) but 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 non-SWIFT withdrawals to other accounts outside GBXP, the fee is 0.1% of the transaction (with a maximum of 75 GBP/EUR) for individual accounts and 0.25% per transaction (minimum of 10 GBP/EUR and maximum of 150 GBP/EUR) for corporate accounts.
Withdrawals via SWIFT 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.
Card fees
For both individual and corporate accounts, new cards are issued free of charge, however, there is a replacement card fee of 10 GBP/EUR for individual accounts and 20 GBP/EUR for corporate accounts. There are no monthly account fees for individual accounts, while corporate accounts attract a monthly fee of 30 GBP/EUR.
For individual account holders, ATM withdrawals come with a fee of 2% per transaction, or a minimum of 1 GBP/EUR, whichever is higher. Note that the first 1,000 GBP/EUR monthly withdrawal is free of charge on individual accounts.
ATM withdrawals from corporate accounts come with a fee of 2% of the transaction, or 2 GBP/EUR, whichever is higher.
Customer service
GBXP provides customer service via email and phone, 24 hours a day, seven days a week. Customers can also use the contact form online and log into their accounts to view and top up card balances.
How to open a GBXP account
Opening a GBXP account is straightforward; simply visit the website at gbxp.uk and choose ‘Open an account’. You can choose between a personal or business account and then provide your details to complete the sign-up process.
Note that GBXP only provides services to clients and businesses based in the UK.
Conclusion
GBXP is a regulated electronic money institution in the UK that allows customers to send money abroad, where recipients can withdraw funds in their local currencies. GBXP is ideal for employers that need to pay remote employees with contactless payments and low ATM fees. The company adheres to a high level of compliance and offers 24/7 customer support.