Zenbanx is a new Canadian direct bank, meaning that they exist online and don’t have any branches to visit. Their specialty appears to be exchange and saving in foreign currencies. The bank’s CEO is Arkadi Kehlmann, the former CEO of ING Direct (now Tangerine), and so far it looks promising.
Savings in Canadian Dollars currently pay 1.5% interest (nearly double Tangerine), and there have been a series of promotions in the past (exchange USD at a favourable rate, a signup credit etc). Currently customers that sign up will receive a $50 credit when the complete three transactions above $50 CAD before next year.
The signup process is relatively painless, and familiar if you’ve created an account with Tangerine or Presidents Choice Financial. It can be completed using the mobile app or on the Zenbanx website. A cheque is not required to make the first deposit, although it does make things a bit easier.
So far I have been able to transfer money in and out of the account using electronic funds transfer from Tangerine. Zenbanx sent out a debit card the next day, but it hasn’t arrived yet (looks like it will take about two weeks to arrive to BC). The debit card works with no fees for Interac purchases or on The Exchange network, so credit unions machines are the best place to make deposits and withdrawals.
Zenbanx doesn’t offer cheques or bill payment, so this isn’t a full featured replacement for your daily bank account. Its better suited as a compliment to your existing accounts.
So far the experience has been good. Zenbanx does not appear to be a scam, and is a legitimate direct bank. I’ll update after I’ve had a chance to use the debit card and (hopefully) received my $50 credit.
You can use my referral code (button above) and we’ll both get a bonus.