Becomeyour own bank
While having a bank account is a right, is it really a necessity?
Not necessarily. It’s entirely possible to step outside the banking system.
In practice, though, it can be challenging to get by without at least an IBAN, or a primary account for taxes, Family Allowance, National Insurance, and so on.
That’s why we offer a hybrid solution: a VeraCash account outside the banking system, complemented by a traditional bank account. How much you use each? That’s entirely up to you.
Benefits of the VeraCash non-bank account
Protection against a crisis
Transfer money for free
A transparent and regulated account
Clear pricing with no hidden conditions
Financial crisis of 2008 and bank failures
The 2008 crisis revealed the weakness of the banking system and its practices, which pose a threat to the global economy. Big international banks were largely responsible for the last crisis. The collapse of Lehman Brothers highlighted a major problem: so-called ‘systemically important’ banks whose failure could lead to new and far-reaching crises, or even monetary losses for their clients. Yes, European clients have already had their accounts tapped into in order to bail out their banks!
Bank runs prevented in Cyprus and Greece
Europe has been having a hard time of it… In 2013, to avoid a collapse, the Republic of Cyprus froze accounts worth more than EUR 100,000 at the two largest banks in the country (Bank of Cyprus and Laiki Bank). All of the country’s banks were subsequently shut down for 12 days to prevent mass withdrawals by the whole population as a result of panic. In 2015, it was Greece’s turn to reach the brink of implosion: cash machine withdrawals were limited to EUR 60 a day for a full week.
Hidden fees and opaque exchange rates
When we look over our financial statements at the end of the month, we sometimes discover unexpected debit lines: service fees, monthly fees, subscription fees and more. Although it may only be a few cents a month, we still feel powerless as we sit by, watching our money dwindle. And when you travel abroad, banks systematically take a hidden commission called a ‘spread’, included in their exchange rates.
Take back the control of your money with VeraCash!
A non-bank account for protection against future crises
VeraCash is not a bank, but rather a fintech (financial technology) company whose business it is to turn physical assets into digital currency outside the traditional financial system. VeraCash does not put your gold to work to make a profit. Instead, the precious metals are stored in vaults and belong exclusively to you, meaning that, in the event of a bank collapse, your capital will not be affected, in any way, as it is completely separate from that system.
Banks and cash machines closed? No need to panic!
The VeraCash payment card is a Mastercard® like any other. If banks and/or cash machines are closed in a particular geographic area, VeraCash cards won't work either. However, thanks to an innovative solution, you can ‘transfer VeraCash® currency instantly, to anywhere in the world.
Demand account transparency
At VeraCash, integrity, stability and transparency are in our DNA. For example, we guarantee our inventory of precious metals down to the gramme,by means of independent annual audits. And because those values are important to us, our company works actively to prevent fraud, money laundering and terrorist financing.
Clear pricing
With VeraCash, there are no hidden fees: no surprises, no complicated price schedule and no conditions buried in a footnote. It's all there for you to see. In fact, you simply pay for the purchase of precious metals and fees if your account has been inactive for more than six months, but you pay no commissions on debit transactions. And if you travel abroad, just compare transactions on your VeraCash card and on your classic bank card to see the difference!