At Zumo, we aim to be as transparent as possible about transaction fees and how we charge users.
As Zumo is a non-custodial wallet, all your cryptocurrency funds are held on the blockchain. This means that we (Zumo) don’t store or have access to your cryptocurrency, and when you send or exchange funds those transactions are also on the blockchain and have an associated external cost to process.
When you send Bitcoin or Ether to another Zumo user or an external wallet a transaction (or “mining”) fee will be added to the amount that you send. This fee is not charged by Zumo, and we make no revenue from it. The transaction fee is the cost of processing the transaction by external “miners” who charge a fee to validate the transaction on the blockchain.
When you’re sending Bitcoin or Ether to another Zumo user or external wallet you can set the transaction speed to Low, Medium or High
This will affect how long the transaction takes to process, and the cost associated with it. In the future, you’ll also be able to set a custom transaction speed.
You can check the estimated fee on the transaction confirmation screen before you initiate the transaction
And if you tap on the notification in your wallet transaction history the transaction fee will also be shown on the transaction details screen
When you exchange between ETH and BTC the following fees apply:
The transaction fee to send the exchanged funds back to you (BTC/ETH)
The transaction fee to place the exchange order(BTC/ETH)
Zumo's 0.5% exchange fee
These fees will be shown on your exchange confirmation screen as follows
In order to buy Bitcoin or Ether with Zumo, you first need to add funds to your Zumo GBP wallet via bank transfer. There will be no fee to add funds.
To buy Bitcoin or Ether, the fees will be:Zumo’s 0.5% exchange commission
The network fee to transfer to your wallet the currency you are buying (BTC/ETH)
We’ve set out the associated fees for all transactions below.
| Transaction Type | BTC or ETH mining fee | Zumo Fee |
|---|---|---|
| Sending cryptocurrency | BTC or ETH mining fee | Free |
| Receiving cryptocurrency | Free | Free |
| Exchanging cryptocurrency | BTC or ETH mining fee | 0.5% of the exchange value |
| Buying cryptocurrency using FIAT | BTC or ETH mining fee | 0.5% of the exchange value |
| Loading GBP funds | Free | Free |
| Sending GBP funds to other Zumo users | Free | Free |
It’s our goal to make Zumo the cheapest and most secure way to manage your money. We’re also working on making transactions faster and cheaper for you. If you have any questions about our fees or how cryptocurrency transactions work you can check our FAQs or contact us.
The table below sets out the fees for any services/transactions on your Account. This Tariff of Charges applies from 8th April 2021 and replaces any previous tariffs.
If our costs for providing a service increase, we may need to increase the fee we charge. If you request an additional service/transaction, we may need to charge an extra fee for this, but we will tell you about this in advance so that you can decide if you would like to go ahead with that service/transaction. We will give you an up-to-date Tariff of Charges each year with your Annual Statement, or you can ask us for a copy at any time.
| Tier | Zumo crypto wallet | E-money account | Virtual card | Physical card |
|---|---|---|---|---|
| Subscription | Free | Free | £2 p/m £20 p/a | £3 p/m £30 p/a |
| Add money | Free | Free | Free | Free |
| Physical card fee | N/A | N/A | N/A | First card free*, subsequent cards £5 |
| Replacement card | N/A | N/A | Free | £5 |
| Delivery charge | N/A | N/A | N/A | Free |
| ATM withdrawal fee | N/A | N/A | N/A | Free up to £500 per rolling month 1% of all withdrawals above |
| Send money | N/A | Free | Free | Free |
| Exchange | 0.5% when exchanging: (1) FIAT to crypto and (2) crypto to FIAT and (3) crypto to crypto.** | 0.5% when exchanging: (1) FIAT to crypto and (2) crypto to FIAT and (3) crypto to crypto.** | If available, 0.5% when exchanging: (1) FIAT to crypto and (2) crypto to FIAT and (3) crypto to crypto.** | If available, 0.5% when exchanging: (1) FIAT to crypto and (2) crypto to FIAT and (3) crypto to crypto.** |
Other fees
* If you cancel your subscription a fee may be charged for the cost of card manufacturing and postage (see below)
** The fee is calculated and deducted from the asset you are buying. This means the fee may be in FIAT or crypto. Where it is in crypto, we will also display what the equivalent amount would be in FIAT for ease of understanding the fee.
HOW YOU WILL BE CHARGED The subscription fee will be charged up front for the selected period (monthly or annual) at the point of sign up, however the subscription will be activated at the point of card activation. For a virtual card this will be instant and for physical card this will be when you activate your card using our App.
The subsequent subscription payment will be charged in monthly or annual intervals (depending on the selected period) from when subscription was activated.
CANCELLATION: CHARGES AND REFUNDS
Monthly subscriptions cannot be refunded. If you decide to cancel your current monthly subscription, your card will remain active until the end of current subscription month and no further charges will be taken thereafter. If you have a physical card, you will also be charged £5 for the cost of card manufacturing and postage. Annual subscriptions can be refunded. If you decide to cancel your annual subscription, it will be refunded as follows:
Virtual card
Physical card
The Virtual Card is subject to the following limits. Please note that transactions are additionally subject to compliance checks. For security reasons we do not publish the details of these checks. This means a transaction may still be cancelled or otherwise unsuccessful even if it is not prohibited by the below limits.
| Single transaction limit | Daily limit | Rolling 31 day period | Rolling 365 day period |
|---|---|---|---|
| £10,000 | £10,000 | £30,000 | £100,000 |
The Virtual Card is subject to the following restrictions. Please note that transactions are additionally subject to compliance checks. For security reasons we do not publish the details of these checks. This means a transaction may still be cancelled or otherwise unsuccessful even if it is not prohibited by the below restrictions.
| Merchant categories | Merchant countries |
|---|---|
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Should you experience any issues with using your card, please either email support@zumo.money or submit a Support request here. Alternatively, please check our FAQs page to find useful information regarding our products and services.
