If you're looking for a full breakdown of fees and plans, please also see our nsave Pricing Overview (Personal Accounts) article.
Opening a GBP account
You can open a GBP account directly in the nsave app.
GBP account opening fee: Free for users with a UK residential address. $1.99 (one-time) for everyone else.
This fee applies when you first create GBP account details
The fee will always be shown clearly before you confirm
There are no monthly fees for holding a GBP account.
🇬🇧 Based in the UK? Your GBP account is free to open — the $1.99 fee is waived automatically based on your residential address on file.
What you can do with a GBP account
✅ Receive GBP
You can receive GBP into your nsave GBP account in the following ways:
UK Faster Payments (FPS)
From UK-based GBP accounts
Usually instant
No fee for receiving
⚠️ Important:
You can only receive GBP into your GBP account
If another currency is sent to your GBP IBAN, it will be reversed to the sender
✅ Exchange GBP ↔ USD or EUR
You can exchange between your GBP and USD or EUR accounts in the app:
GBP ↔ USD, or GBP ↔ EUR
Exchange rates and fees are shown live before you confirm
Exchanges are available 24/7 — any day, any time, any amount, with no minimum
✅ Send GBP to third parties
You can send GBP to other individuals using your GBP balance, subject to destination and compliance rules.
✅ Pay out locally from GBP
💱 Update: Local payouts can now be funded directly from your GBP balance, alongside USD and EUR. No need to convert first.
When you initiate a local payout (e.g. PKR, NGN, EGP, AED, MAD, TRY, BDT), you can choose to fund it from your USD, EUR, or GBP account. The app shows the live exchange rate and fees for each before you confirm.
What you can't do with a GBP account
❌ Receive non-GBP currencies
Your GBP account can only receive GBP.
USD, EUR, or other currencies sent to your GBP IBAN will fail
Always ask senders to send GBP only
Business payments (including Stripe payouts) are not supported on personal accounts and will be rejected.
If you have a registered business entity (LLC, Ltd, etc.), you can explore our Business Account options here.
Important note for customers in Nigeria 🇳🇬
To remain compliant with banking regulations:
If you are based in Nigeria, you cannot receive GBP from third-party accounts (accounts not in your name).
What's not affected:
✅ You can still send GBP to others
✅ You can still receive GBP from accounts in your own name
✅ USD transfers, ACH, investments, and other features continue to work
✅ Outbound transfers remain available
This is a compliance requirement from our banking partners and helps keep your account active and secure.
Pricing transparency
All fees (including the GBP account opening fee) are shown before you confirm
Exchange rates and payout fees are displayed in-app
No hidden charges
For a full comparison of plans and fees, refer to the Pricing Overview article.
Need help?
If you're unsure whether a GBP account fits your needs or have questions about a specific transfer, contact support directly from the app.
We're here to help you choose the right setup for how you use nsave.