Banking
Banking Without Boundaries: A More Practical Approach to Global Banking
Global Banking and Finance Review
Company
As people’s lives become increasingly global, expectations of banking are changing too. Customers want simple, everyday banking that works with ease, whether they’re getting paid, paying bills, travelling overseas, or managing money in more than one currency.
As people’s lives become increasingly global, expectations of banking are changing too. Customers want simple, everyday banking that works with ease, whether they’re getting paid, paying bills, travelling overseas, or managing money in more than one currency.
iFAST Global Bank was built with this reality in mind. As a digital-first bank, it removes many of the traditional limits of banking and focuses instead on flexibility, ease of use, and real value for customers in their day-to-day lives.
In this interview, Simon Lee, General Manager of Digital Personal Banking at iFAST Global Bank, shares how the bank brings its mission of “Banking Without Boundaries” into everyday banking. From the thinking behind its Multi-Currency Current Account to initiatives like the Power Up Your Payday campaign, Lee explains how iFAST Global Bank is focused on keeping banking simple, rewarding customers for real-world use, and supporting them over the long term.
About iFAST Global Bank
For readers who may be new to iFAST Global Bank, how would you describe what sets your digital personal banking offering apart?
What really sets iFAST Global Bank apart is our global-first mindset.
We’re built for a world where people move, work, and manage money across borders, but just as importantly, for those who want a UK current account that simply gives them more flexibility. Customers can open an account even if they’re living abroad, manage multiple currencies in one place, and earn interest (subject to terms) on their everyday balance, all through a single digital experience.
For someone based in the UK, that might mean being ready for travel, overseas payments, or future plans without having to change banks. For others, it is about having access to a UK bank account that is not restricted by residency.
At the core, we’re a fully UK-licensed bank, so customers get the trust and protection they expect. Our approach is different: we design banking around real lives, not borders, giving people the freedom to bank locally, globally, or both, on their own terms.
Multi-Currency Current Account
What was the thinking behind creating a Multi-Currency Current Account, and who is it designed for?
The idea for the Multi-Currency Current Account came from a simple but striking insight: A huge amount of everyday money in the UK is not doing very much.
An estimated £300 billion sits in UK current accounts earning little to no interest (subject to terms). For the average person, that is thousands* of pounds sitting idle in the same account where their salary comes in and bills go out. It naturally raises the question — could your everyday money be working a bit harder for you?
We wanted to challenge this without asking people to change how they bank or juggle multiple products. The Multi-Currency Current Account was designed around how people manage money today, earning, spending, saving, and transferring funds, sometimes in more than one currency.
It is built for a wide range of customers. For UK-based professionals, it means earning interest (subject to terms) on everyday balances and having the flexibility to manage other currencieswhen needed. For international workers, frequent travellers, or customers living abroad, it offers one account that works across currencies without the hassle of managing several banks.
At its core, the goal is simple: to make sure everyday money does not just sit still, while keeping banking easy, intuitive, and firmly part of daily life.
*Average current account balance:
According to Bank of England data (October 2025), UK households collectively hold an estimated £300 billion in non-interest-bearing current accounts. Based on the ONS mid-2024 population (aged at 18+) estimate of 55,022,253, this works out to an average of £5,452 per person sitting in accounts, earning no interest (subject to terms).
How does having multiple currencies in a single account benefit customers in their day-to-day financial lives?
Having multiple currencies in one account simply makes everyday life easier.
Instead of juggling different accounts or constantly converting money, customers can hold, receive, spend, and transfer different currencies all in one place while still earning interest (subject to terms) on their balances. That means less friction and fewer unnecessary conversions quietly eating away at their money.
In practical terms, it covers real, everyday needs. Salary comes in, bills go out, travel spending is straightforward, and overseas expenses do not feel like a separate financial headache. Everything is managed through one account, one app, and one clear view of money.
Many UK customers separate their current account and savings across different banks. Why did iFAST Global Bank take a different approach?
There was a time when consumers relied on separate devices for music, calls, and photos. The emergence of smartphones integrated these functions into one device, transforming consumer expectations and setting a new standard almost overnight.
We believe banking is at the same turning point. Many banks still separate spending, saving, and international money into different accounts or providers, which makes everyday banking more complicated than it needs to be.
Our approach is to bring it all into one place. By combining multi-currency banking, everyday spending, saving, and global transfers in a single digital experience, we remove friction and give people a simpler way to manage their money. That is what Banking Without Boundaries means in practice.
Digital Experience
Digital simplicity is a big theme in banking today—how does iFAST Global Bank deliver on fully digital account experience?
Digital simplicity is not just about being online. It is about making banking feel effortless.
At iFAST Global Bank, the entire journey is fully digital, from opening an account to managing money day to day. Customers can get set up quickly, manage multiple currencies, receive their salary, pay bills with Direct Debits, and spend using Apple Pay (for UK residents only), all without paperwork or branch visits.
Our focus is on clarity and control. Everything is designed to be easy to understand, easy to use, and easy to manage, so customers can spend less time banking and more time getting on with life.
Understanding Power Up Your Payday campaign
Can you tell us more about the Power Up Your Payday campaign and what inspired its launch?
Power Up Your Payday was inspired by a simple belief: everyday banking should be rewarded.
For most people, their salary is the starting point of their financial life. With our Multi-Currency Current Account, when a salary is paid in, that money does not just sit there - it earns interest (subject to terms) daily and pays out monthly, even though it is a current account.
The campaign is about recognising customers who choose iFAST Global Bank as their main bank and helping their money work harder from the moment payday arrives.
How does paying a salary into an iFAST Global Bank account work, and why is Bacs used for this process?
Salary payments into an iFAST Global Bank account work in the same way as any UK bank. We use Bacs Direct Credit, the standard payroll system used by employers across the UK.
Because of how we process Bacs payments, customers can receive their salary up to one working day earlier than with many traditional banks. All they need to do is share their account details with their employer.
What makes Power Up Your Payday different from other salary-switch or incentive schemes in the market?
What sets it apart is that the benefit does not stop after payday.
Unlike many salary incentives that focus on a short-term reward, our approach is built around earning interest on everyday balances. When a salary is paid into an iFAST Global Bank account, that money continues to earn interest while it is being used for day-to-day spending.
The campaign is designed to highlight a longer-term shift: instead of everyday money sitting idle, customers’ salaries can keep working for them over time, simply by using their account as they normally would.
Referral & Rewards
The campaign includes a referral element—how does this work in practice for existing customers?
The referral element is designed to be just as straightforward as the rest of the campaign. Existing customers can invite friends to open an account with iFAST Global Bank, all through a fully digital process.
If those friends choose to have their salary paid into the Multi-Currency Current Account, the referrer can earn additional rewards. Everything is easy to track, with no complicated steps, it is simply about sharing something that works and being rewarded when others choose to use it too.
Customers can earn up to £200. What actions need to be completed to unlock the full reward?
Customers can earn up to £200 in total.
They can earn £100 by having their salary paid into an iFAST Global Bank Multi-Currency Current Account via Bacs before 30 April 2026 and receiving their salary for 3 months before 30 June 2026.
An additional £100 can be earned by referring 3 friends who open an account and choose to have their salary paid into their iFAST Global Bank account.
Why did iFAST Global Bank decide to combine salary payments with referrals as part of this incentive?
We combined salary payments and referrals because they reflect real, long-term use. Having a salary paid in shows trust, and requiring referred three friends to also credit their salary shows that customers are confident enough in iFAST Global Bank to recommend it to others. Together, this allows us reward genuine engagement, not just sign-ups.
Customer Experience & Value
What type of customer do you think will benefit most from the Power Up Your Payday campaign?
The campaign is designed for working professionals in the UK who want a bank account that does more with their everyday money. It suits people who use one account for their salary, bills, and daily spending, and who value the flexibility to manage international needs, all while earning interest (subject to terms) on balances through iFAST Global Bank.
Beyond the incentive itself, what long-term value does iFAST Global Bank aim to provide once customers are onboarded?
Beyond the incentive, our aim is to build a lasting banking relationship, not a short-term promotion. Over time, customers benefit from an interest-earning current account, multi-currency flexibility, and a fully digital experience that keeps getting better as we add new features, all designed to support everyday banking through iFAST Global Bank.
How does iFAST Global Bank ensure transparency around the terms and conditions of promotions like this?
Transparency is a priority for us. We clearly set out who is eligible, the timelines involved, and what is required, with all terms shared upfront through our website, app, and campaign materials. This way, customers can make informed decisions with iFAST Global Bank, without any unexpected surprises.
Looking Ahead
How does Power Up Your Payday fit into iFAST Global Bank’s broader strategy for customer engagement and growth?
Power Up Your Payday fits into our wider focus on building meaningful, long-term relationships with customers. Rather than chasing short-term sign-ups, we reward behaviours that show real engagement, such as using iFAST Global Bank as a main bank account, because that is where lasting value is created for customers and the bank alike.
Can customers expect to see more campaigns or features focused on rewarding everyday banking behaviour in the future?
Yes. We see everyday banking as an opportunity to deliver ongoing value, not just one-off rewards. Customers can expect more features and initiatives from iFAST Global Bank that support how they bank day to day and help their money work harder over time.
Closing
For anyone considering opening an iFAST Global Bank account, what would you say is the key reason to get started now?
A good place to start is with a simple question: is your everyday money really working for you?
With iFAST Global Bank, opening an account is about rethinking what everyday banking can be in a more global world. Your salary comes in, your bills go out, and in between, your money earns interest (subject to terms), all managed digitally and, when you need it, across multiple currencies. No extra hoops. No unnecessary steps.
That is what Banking Without Boundaries means in practice: banking that keeps up with how people live today, whether life stays local or opens up to global opportunities.
A Multi-Currency Current Account allows customers to hold, receive, spend, and transfer multiple currencies within a single account, making international transactions easier and more efficient.
Bacs (Bankers' Automated Clearing Services) is a payment system in the UK that enables direct bank transfers, commonly used for salary payments and direct debits.
Digital banking refers to the use of digital technology to provide banking services, allowing customers to manage their accounts and conduct transactions online without the need for physical branches.
The Power Up Your Payday campaign by iFAST Global Bank rewards customers by allowing their salary to earn interest immediately upon deposit into their Multi-Currency Current Account.
A digital-first bank focuses on providing a seamless online banking experience, offering convenience, flexibility, and often lower fees compared to traditional banks.
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