You are currently only able to move money between your GBP and USD accounts at this time.
You can move money between your accounts on the nsave app by completing the following steps:
Step-by-Step
Click “Accounts” on the menu at the bottom of the screen
Select the currency you would like to move money from. You can change your currency by clicking on the red “USD/GBP Account” at the top right of your screen.
Click on the three dots at the bottom of the screen and press “Exchange”
Select the amount of the currency you would like to send from
Select the desired currency you would like to exchange it to
Confirm the transaction after reviewing the amount and fees
Note: You are currently only able to exchange between the hours of 7 AM and 1 PM GMT. If you attempt a currency exchange outside these hours, the app will indicate that the market is closed, and your transaction cannot be processed at that time.
When a transaction is initiated outside the prescribed hours, it will remain pending until the next operational window. During this time, the app securely holds the funds, and no further action is required from the user.
Why might currency exchanges fail?
Currency exchange services may be unavailable due to factors outside the app's direct control, such as UK bank holidays. On these days, services are paused temporarily but are expected to resume normal operations at 7:00 AM UK time on the next business day.
Some examples include UK bank holidays like Good Friday and US bank holidays such as Martin Luther King Jr. Day, during which exchanges to or from USD may remain 'In Progress' until markets reopen.
The minimum amount required to exchange money between currencies on nsave is the equivalent of $13 in the source currency. If your balance is below this threshold, the option to convert will not appear in the app and the transaction cannot be processed. This minimum applies to exchanges such as GBP to USD and is based on the current exchange rate, which can change daily.
Additionally, peak periods of high transaction volumes may extend processing times by 1–3 business days, even during operational hours.
Troubleshooting Failed Exchanges
If your currency exchange is marked as "In Progress," it means the transaction is queued and will be processed during the next available operational hours. Your funds are safe and securely held during this time.
1. Check the Time: Ensure that your exchange attempt falls within the operational hours of 7:00 AM to 1:00 PM UK time.
2. Retry After External Disruptions: If services are disrupted due to a reason like a bank holiday, retry your exchange the following business day.
3. Contact Support: If the problem continues despite ensuring you are transacting within operating hours and there are no known external disruptions, reach out to nsave's customer support team for assistance.
Additional Notes: Always verify market operating schedules and be aware of holidays that may affect banking and currency markets. Ensure that your app is updated to the latest version to avoid functionality issues.
Be aware that high transaction volumes or routine compliance and security checks may also delay currency exchanges. These are standard practices to ensure the safety and compliance of your transactions.