Tallymoney.com Reviews

Based on looking at the website, Tallymoney.com presents itself as a “monetary revolution” that allows users to convert their fiat currency into physical gold, which can then be spent digitally using a Mastercard debit card. While the concept of owning physical gold as a store of value is inherently sound, the TallyMoney model introduces several aspects that raise concerns from an Islamic finance perspective, primarily due to the inherent riba interest elements often associated with conventional financial products like debit cards and certain transactional fees, as well as potential ambiguities in the direct ownership and immediate possession of the gold. In Islamic finance, the direct exchange of gold for gold, or gold for currency, must be hand-to-hand and immediate, without any deferral or intermediary interest-bearing mechanisms. Furthermore, any financial system that seeks to gain from the mere passage of time or the leveraging of assets without true risk-sharing or productive activity is problematic. Therefore, while TallyMoney aims to protect wealth from inflation, the mechanisms employed may inadvertently involve elements contrary to Islamic principles, and alternative, truly Sharia-compliant wealth preservation methods should be considered.

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Tallymoney.com Review & First Look

Tallymoney.com pitches itself as a groundbreaking financial service, essentially allowing you to convert your conventional currency like GBP into physical gold, which then becomes spendable via a Mastercard debit card.

Their core promise is “Physical gold meets digital payments,” aiming to offer a stable, inflation-resistant alternative to traditional banking.

The site emphasizes the security of your gold, stating it’s held in a Brinks vault in Switzerland and fully insured.

They highlight that your gold is “actually yours,” not lent out like deposits in a conventional bank.

From a user’s perspective, the process seems straightforward: download the app, get an account and card, transfer funds which automatically convert to gold, and then spend or withdraw.

The “Sound Money” Philosophy

TallyMoney’s narrative heavily leans on the concept of “sound money,” arguing that traditional fiat currencies are inherently flawed due to inflation and government printing.

They position gold as the ultimate store of value, having protected wealth for over 5,000 years.

Their “tally” unit is designed to represent 1 milligram of physical gold, aiming for a stable unit of account.

• Store of Value: They claim gold keeps its value, is insulated from devaluation, and cannot be printed.
• Medium of Exchange: Gold, through the TallyMoney card, becomes easily spendable worldwide.
• Unit of Account: 1 tally = 1mg of gold, aiming for a stable measure.

Regulatory and Partner Transparency

The website lists several reputable partners and regulatory assurances to build trust.

• LBMA-Accredited Providers: Gold is sourced from London Bullion Market Association LBMA accredited providers like StoneX.
• Vaulting: Gold is vaulted with Brinks, a well-known security firm.
• Auditing: Statutory audit firm PKF conducts reconciliations of their daily gold bullion inventory.
• E-Money Institution: Transact Payments Limited TPL is their Principal Member of Mastercard® and a licensed electronic money institution regulated by the Gibraltar Financial Services Commission.
• FCA-Registered Security Trustee Policy: They mention an FCA-registered policy for customer security.

Tallymoney.com Cons

While the concept of gold-backed spending might sound appealing, from an Islamic finance perspective, TallyMoney presents several significant drawbacks that warrant caution. Acrovest.ca Reviews

The primary issue revolves around the nuances of riba interest and the conditions for valid gold transactions in Islam.

Potential for Riba Interest

The very nature of modern payment systems often embeds elements of interest, even if not explicitly stated.

• Debit Card Mechanism: While TallyMoney states “ZERO FEES when making payments” and “ZERO markup” on spending, the underlying Mastercard system operates within a conventional financial framework. Even if the customer isn’t directly charged interest, the network itself and its partners often generate revenue from interest-based activities, which can make the entire ecosystem problematic from an Islamic standpoint. A truly Sharia-compliant system would need to ensure that no part of the transactional chain involves riba.
• Delayed Possession: Islamic rulings on the exchange of gold require immediate, hand-to-hand possession Qabd. When you “transfer funds” to TallyMoney, it “automatically converts to physical gold” in a Swiss vault. While they say “You now own real gold,” the digital representation and delayed physical possession if one were to redeem it can be contentious. This is not a direct, immediate exchange of gold for currency, but rather a digitized claim on gold held by a third party, which may introduce elements of gharar excessive uncertainty or deferment that are not permissible.
• Fee Structure: While they boast “ZERO fees when you spend tally,” they do have an “Account keeping fee” of 0.5% per annum minimum £3 per month and a “One-off Exchange fee transfer in only” of 1.49%. These fees, while seemingly for “FX and gold handling costs,” need careful scrutiny to ensure they are service fees and not disguised forms of interest or charges on delayed possession.

Lack of Direct Physical Possession

The core Islamic principle for gold transactions is qabd possession.

• Vaulted Gold: Your gold sits in a Brinks vault in Switzerland. While legally it might be “yours,” it’s not in your immediate physical control. This can be likened to a trust or custody arrangement, but for gold, the rules are stringent. Islamic scholars often emphasize that for a valid sale of gold or currency, actual, immediate possession by both parties is required.
• Digital Representation: The “tally” on your app is a digital representation. Spending it means your claim on gold is instantly converted back to fiat at the global spot price. This complex digital conversion process, while convenient, deviates from the direct, physical exchange encouraged in Islamic finance.

Transactional Complexities

The rapid conversion and re-conversion of gold to fiat for transactions can obscure direct adherence to Islamic principles.

• Instant Conversion: When you spend, “your gold converts instantly at the global spot price.” This is a complex transaction involving the sale of gold and simultaneous purchase of goods/services. For this to be halal, every step needs to conform. The very nature of this “instant conversion” through an intermediary Mastercard can introduce layers that are difficult to reconcile with the strict requirements of immediate exchange in Islamic gold transactions.

Tallymoney.com Alternatives

For those seeking to preserve wealth and engage in financial transactions in a manner consistent with Islamic principles, several alternatives are far more aligned with Sharia.

These focus on direct ownership, avoidance of interest, and ethical investment.

Halal Gold Ownership

Instead of a digital gold spending account, consider direct, physical gold ownership.

• Physical Bullion: Purchase physical gold bullion coins or bars from reputable dealers. Ensure you take immediate possession e.g., in person or via insured delivery. This allows for direct ownership and avoids any interest-bearing mechanisms.
• Segregated Storage: If personal storage isn’t feasible, opt for professional, Sharia-compliant vaulting services that offer allocated not unallocated gold, meaning specific bars or coins are assigned to you and held in your name, with clear legal title. This ensures you own the specific gold, not just a claim against a general pool.
• Gold Savings Plans Sharia-Compliant: Look for financial institutions or fintech companies that offer gold savings plans explicitly vetted and certified as Sharia-compliant. These typically involve direct purchase of physical gold on your behalf, with transparent fees and no interest. An example might be some Islamic banks or specialized platforms.

Islamic Financing & Investment

To grow wealth and engage in financial activities, turn to Sharia-compliant instruments.

• Halal Investment Funds: Invest in Islamic equity funds, Sukuk Islamic bonds, or real estate funds that adhere strictly to Sharia principles, avoiding industries like alcohol, gambling, conventional finance, and interest.
• Takaful Islamic Insurance: For protection against risks, use Takaful instead of conventional insurance. Takaful operates on principles of mutual cooperation and donation, where participants contribute to a fund used to help those who suffer losses, avoiding interest and uncertainty.
• Murabaha, Ijarah, Mudaraba, Musharaka: These are core Islamic finance contracts for various transactions:
  • Murabaha Cost-Plus Financing: For purchasing assets where the bank buys the asset and sells it to you at a disclosed cost plus a profit margin, paid in installments.
  • Ijarah Leasing: For leasing assets e.g., property, equipment where the bank owns the asset and leases it to you for a fixed period.
  • Mudaraba Profit-Sharing: A partnership where one party provides capital and the other provides expertise, sharing profits according to an agreed ratio.
  • Musharaka Joint Venture: A partnership where all parties contribute capital and expertise, sharing both profits and losses.
• Ethical Business & Trade: Engage in direct, honest trade and entrepreneurship, focusing on real economic activity and avoiding speculative or interest-based transactions.

Cash Management

For everyday spending, a straightforward approach is often best.

• Conventional Debit Cards without credit features: Use a standard debit card linked to a non-interest-bearing checking account. While the bank itself may engage in interest, your direct use of the debit card for purchases is generally considered permissible as long as you do not incur or benefit from interest.
• Cash: The simplest and most direct method for transactions, entirely free from the complexities of digital intermediaries and their associated financial models.

Tallymoney.com Pricing

TallyMoney outlines a transparent fee structure on their website, detailing what you pay for various services. Byclickdownloader.com Reviews

It’s important to understand these charges to assess the overall cost of using their gold-backed account.

Fee Breakdown

TallyMoney’s fees are categorized into a few distinct charges:

• One-time Activation Fee: £9

  • This is a single charge incurred when you first open your account.
  • It covers the setup of your “solid gold everyday account” and the issuance of your TallyMoney debit Mastercard.
  • It also includes uncapped gold balance protection and promises free transfers out, card payments, and ATM withdrawals from TallyMoney’s side though third-party ATM fees might apply.

• One-off Exchange Fee Transfer In Only: 1.49%

  • This is a flat percentage fee applied when you transfer funds into your TallyMoney account, and they are converted into gold.
  • It’s described as covering “FX and gold handling costs,” regardless of the amount transferred.
  • Example: If you transfer £1,000, you would pay £14.90 as this exchange fee.

• Account Keeping Fee: 0.5% per annum

  • This is a recurring fee, calculated daily and charged monthly.
  • It equates to approximately 42p per month per £1,000 held in your tally balance.
  • Important Note: There’s a minimum monthly charge of £3. This means if you hold a small amount of gold, say £100, your 0.5% annual fee would be 50p per year, or about 4p per month. However, due to the minimum £3 charge, you would still pay £3 per month, making the effective percentage significantly higher for smaller balances.
  • This fee covers full insurance for your gold and the technology that makes your gold spendable.

Fee Implications

• For Small Balances: The minimum £3 monthly account keeping fee can make TallyMoney relatively expensive for users holding small amounts of gold. For example, if you hold £500 in tally, your annual fee would be £60 12 x £3, which is an effective annual percentage of 12% on your holdings, a substantial charge. This significantly impacts the benefit of gold as a stable store of value.
• Cost of Conversion: The 1.49% exchange fee on every transfer in means that buying gold through TallyMoney incurs an immediate cost. If you frequently add small amounts, these fees can accumulate.
• “Zero Fees” Caveat: While they promote “ZERO fees when you spend tally,” this refers to TallyMoney’s charges. Mastercard’s standard exchange rates will apply for international transactions, and third-party ATM operators might impose their own fees.

How to Cancel Tallymoney.com Account

If you decide to close your TallyMoney account, the process generally involves withdrawing your funds converting gold back to fiat and then formally requesting account closure.

While TallyMoney emphasizes ease of use, specifics for account cancellation are usually found in their terms and conditions or by contacting their support directly.

Steps to Consider for Cancellation

1. Withdraw All Funds:
   • Log into your TallyMoney app.
   • Initiate a transfer from your tally balance gold back into fiat currency e.g., GBP.
   • Transfer these funds to a linked bank account of your choice.
   • Be aware of any applicable fees for this conversion/transfer, although TallyMoney states “Free transfers out” in their fee breakdown. Ensure your balance is zero or as close to zero as possible.
2. Contact Customer Support:
   • The most reliable way to cancel an account is to directly contact TallyMoney’s customer service.
   • Look for their contact information on the website, typically under “Help,” “Contact Us,” or in the footer. This usually includes a phone number, email address, or an in-app chat option.
   • Clearly state your intention to close your account and follow any specific instructions they provide. They may require identity verification.
3. Confirm Account Closure:
   • After initiating the cancellation, request a confirmation email or message stating that your account has been successfully closed.
   • Retain this confirmation for your records.
4. Data Deletion Request Optional but Recommended:
   • Under data protection regulations like GDPR, you often have the right to request the deletion of your personal data. When cancelling, you might explicitly request that your data be deleted from their systems, in accordance with their privacy policy and legal obligations.

Important Considerations

• Minimum Balance for Fees: Ensure you zero out your account to avoid incurring the monthly account keeping fee if you decide not to use the service actively.
• Remaining Gold: If you have any fractional amounts of gold left, discuss with customer service how these are handled during closure.
• Debit Card Disposal: Once your account is closed, securely dispose of your TallyMoney debit Mastercard.

Tallymoney.com vs. Conventional Banking

TallyMoney positions itself as a stark contrast to conventional banking, particularly regarding inflation and the nature of money.

Their core argument is that traditional banks use your deposits for their own profit, while TallyMoney allows you to directly own physical gold.

Tallymoney.com’s Stance

• Wealth Protection: TallyMoney argues that conventional fiat currency is constantly devalued by inflation, robbing savers of their wealth. Gold, conversely, protects wealth because it cannot be printed and has historically maintained its value. They present charts showing gold “smashing the pound.”
• Actual Ownership: They claim that in a conventional bank, your deposits are not “yours” in the same way. banks lend them out. With TallyMoney, your gold is “actually yours,” held in a Swiss vault, not used, lent, or invested by them.
• Security & Insurance: They highlight their 100% insurance on every milligram of gold, contrasting it with banks’ £85k deposit protection limits like the FSCS in the UK. They also mention their “future proof” policy of getting money back in 14 days even if they cease trading.
• Sound Money Principles: They define “sound money” as having a stable store of value, being a reliable medium of exchange, and a consistent unit of account, asserting that fiat currencies fail on these points.

Conventional Banking Overview

• Fiat Currency: Based on government-issued fiat currency, whose value is backed by trust in the issuing government and economy.
• Fractional Reserve Banking: Banks operate on a fractional reserve system, lending out a significant portion of customer deposits, generating profit from the interest on these loans.
• Deposit Protection: Deposits are typically protected by government-backed schemes up to a certain limit e.g., £85,000 by the FSCS in the UK, $250,000 by the FDIC in the US.
• Interest-Bearing Accounts: Savings accounts typically offer a often low interest rate, while loans and credit cards incur interest charges.
• Convenience: Highly integrated into modern economic life, offering extensive branch networks, online banking, digital payments, and a wide array of financial services.

Key Differences & Implications Islamic Perspective

Feature	Tallymoney.com Gold-Backed	Conventional Banking Fiat-Based	Islamic Perspective Considerations
Asset Type	Physical gold digitally managed	Fiat currency digital or physical	Gold as a real asset is preferred for wealth preservation. Fiat currency is permissible for transactions.
Ownership of Funds	“Your gold = actually yours!” held in a vault.	Deposits are loaned out by banks. you have a claim, not direct ownership of specific funds.	Direct ownership of assets like gold is generally preferred. Lending money to a bank for interest riba is forbidden.
Inflation Hedge	Explicitly designed to protect against inflation.	Highly susceptible to inflation. savings lose purchasing power.	Gold is a strong hedge against inflation. a key reason for its appeal in Islamic finance for wealth preservation.
Profit Mechanism	Primarily through fees activation, exchange, account keeping.	Interest on loans, investment of deposits, service charges.	TallyMoney’s fee structure needs careful scrutiny to ensure no hidden interest or impermissible charges on delayed possession. Conventional interest-based banking is forbidden riba.
Spending Mechanism	Mastercard debit card, gold converted to fiat at spot price.	Debit cards directly access fiat funds.	The instant gold-to-fiat conversion needs to be scrutinized for qabd possession and gharar uncertainty aspects.
Risk Protection	100% insured gold. “future proof” policy.	Government-backed deposit insurance e.g., FSCS up to £85k.	While insurance offers protection, the underlying financial model must be Sharia-compliant. Conventional insurance itself can be problematic due to gharar and riba.
Accessibility	App-based, global Mastercard acceptance.	Wide network of branches, ATMs, online platforms.	Both offer digital convenience, but the method of underlying asset management is key for permissibility.

From an Islamic standpoint, TallyMoney’s attempt to circumvent inflation through gold is commendable. Hjertmans.se Reviews

However, the use of conventional debit card systems and the nuanced interpretation of gold ownership digital representation vs. immediate physical possession can introduce elements of riba or impermissible contracts.

While conventional banking is clearly problematic due to its reliance on interest, TallyMoney requires careful examination by scholars to ensure full Sharia compliance, especially regarding the immediacy of transactions and the nature of the “ownership” of the digitized gold.

Tallymoney.com Features

TallyMoney is built around a straightforward concept: converting fiat currency into physical gold for everyday spending and saving.

The features are designed to facilitate this unique financial model.

Core Functionality

• Automatic Gold Conversion: When you transfer funds to your TallyMoney account, they are automatically and instantly converted into physical gold based on the real-time global gold spot price, plus their 1.49% flat exchange fee.
• Digital Gold Balance: Your account balance is displayed in “tally” where 1 tally = 1 milligram of physical gold, reflecting the amount of gold you own.
• Spendable Gold TallyMoney Debit Mastercard:
  • Use the TallyMoney debit Mastercard to spend your gold worldwide at over 40 million locations where Mastercard is accepted.
  • When you spend, your gold converts instantly to the local currency at the global spot price, with “ZERO fees” from TallyMoney Mastercard’s standard exchange rates apply.
  • Withdraw cash from ATMs globally.
• Instant Transfers: Transfer funds converted to fiat back to your linked bank account instantly, 24/7.

Security and Ownership

• Physical Gold Ownership: TallyMoney asserts that the gold you purchase is “actually yours,” not used, lent, or invested by them, unlike conventional bank deposits.
• Swiss Vault Security: Your physical gold is stored in a Brinks vault in Switzerland, a highly reputable global security company.
• Full Insurance: Every milligram of your gold is 100% insured. This contrasts with traditional bank deposit protection limits.
• Future-Proof Policy: In the unlikely event TallyMoney ceased trading, they claim you would get your money back in 14 days less a 1% admin cost, backed by their FCA-registered Security Trustee policy.
• Auditing: PKF, a statutory audit firm, conducts daily reconciliations of their gold bullion inventory.

Transparency and Control

• Transparent Fees: They claim to have no hidden charges, clearly outlining their activation, exchange, and account keeping fees.
• Real-time Gold Price: Transactions are based on the real-time global gold spot price.
• App-Based Management: All account management, transfers, and spending are handled through their mobile application.

Tallymoney.com vs. Other Gold Investment Platforms

When considering TallyMoney, it’s useful to compare it with other platforms that offer gold investment or gold-backed services.

The key differentiators often lie in accessibility, liquidity, and the specific ownership model.

Tallymoney.com’s Unique Proposition

TallyMoney’s primary differentiator is the spendability of your physical gold. It attempts to bridge the gap between owning physical gold as a long-term store of value and using it for everyday transactions. Most other gold platforms focus purely on investment or savings.

Comparison with Traditional Gold Investment Platforms

1. Physical Gold Bullion Dealers e.g., BullionVault, GoldRepublic:

   • Focus: Purely on buying and storing physical gold and silver.
   • Ownership: You directly own specific, allocated physical bars/coins. You can typically request physical delivery.
   • Liquidity: Selling gold can be done quickly, but accessing cash for everyday spending isn’t instantaneous without selling.
   • Spendability: No direct spendability via a card. You must sell your gold to get cash.
   • Fees: Typically, storage fees e.g., 0.12% – 0.48% per annum, transaction fees e.g., 0.5% – 1.5% buy/sell spread, and potential withdrawal fees for physical delivery.
   • Islamic View: Generally more Sharia-compliant if the gold is allocated and you have clear, immediate ownership, fulfilling the qabd condition. The challenge arises if the gold is unallocated a claim against a pool rather than specific bars.

2. Gold ETFs Exchange Traded Funds:

   • Focus: Tracking the price of gold via a securities product.
   • Ownership: You own shares in a fund that holds gold, not the physical gold itself. There’s no direct claim to physical bullion for retail investors.
   • Liquidity: Highly liquid, traded on stock exchanges like shares.
   • Spendability: No direct spendability. You sell ETF shares to get cash.
   • Fees: Expense ratios e.g., 0.20% – 0.40% annually and brokerage trading fees.
   • Islamic View: Often problematic due to the lack of direct physical ownership, the potential for synthetic ETFs which don’t hold physical gold, and the underlying conventional financial mechanisms.

3. Digital Gold Apps/Platforms e.g., local apps for small gold purchases: Vr-racing.dk Reviews

   • Focus: Making small, fractional gold purchases accessible.
   • Ownership: Varies widely. Some claim physical backing, others may be closer to an ETF. Clarity on allocated vs. unallocated gold is crucial.
   • Liquidity: Generally easy to sell back to the platform.
   • Spendability: Usually no direct spending mechanism.
   • Fees: Transaction fees and sometimes storage fees.
   • Islamic View: Depends heavily on the underlying asset backing, the clarity of ownership, and avoidance of interest or excessive gharar.

How TallyMoney Stands Out and Where it Raises Flags

• Convenience for Spending: TallyMoney’s biggest appeal is its seamless integration of gold ownership with everyday spending through a Mastercard. This is a functionality largely absent in other platforms.
• Liquidity: The instant conversion back to fiat for spending or transfer offers high liquidity, making your gold immediately accessible.
• Ownership Claim: Their claim of “actual ownership” of insured, vaulted gold is a key selling point against ETFs and some digital gold products.

However, from an Islamic perspective, the “spendability” feature is precisely where the complexities arise:

• Bridging the Gap: While TallyMoney tries to bridge the gap between investment and spending, the instant conversion and use of a conventional card network could still be problematic if it doesn’t meet the strict “hand-to-hand” qabd requirements for gold transactions.
• The “Spot Price” Conversion: The claim of converting gold at the “global spot price” plus their fee when spending implies a rapid, simultaneous sale of gold and purchase of goods/services. Islamic rulings often require a clear, separate sale of gold for currency before that currency is used for a purchase, and importantly, no deferral or embedded interest. This rapid, interconnected process could still be interpreted as violating direct immediate possession.

In summary, TallyMoney offers a unique and convenient way to interact with gold, especially for spending.

However, for those prioritizing strict adherence to Islamic finance principles, direct physical gold ownership with immediate possession or Sharia-certified gold savings plans remain safer alternatives due to the complexities of digital gold-spending mechanisms and their potential to involve elements of riba or impermissible contractual structures.

How to Get Started with Tallymoney.com

Getting started with TallyMoney is designed to be a straightforward, app-driven process, allowing users to quickly convert their funds into gold and begin using it.

The Onboarding Process

1. Download the App: The first step is to download the TallyMoney app, available for both iOS and Android devices. This is the central hub for managing your account.
2. Account Creation:
   • You’ll need to go through a registration process within the app. This typically involves providing personal details such as your name, address, date of birth, and contact information.
   • Like any financial service, TallyMoney will conduct identity verification KYC – Know Your Customer checks. This might involve uploading photos of your ID documents e.g., passport, driving license and possibly a selfie. This is a standard procedure for financial institutions to comply with anti-money laundering regulations.
3. Get Your TallyMoney Account & Debit Mastercard:
   • Once your identity verification is complete and your account is approved, your TallyMoney account will be activated.
   • A TallyMoney Debit Mastercard® will be issued and sent to your registered address. This card is central to spending your gold digitally.
4. Transfer Funds:
   • Link your conventional bank account to your TallyMoney account within the app.
   • Transfer funds from £1 to £1M+ from your bank account to your new TallyMoney account.
   • Automatic Conversion: Upon transfer, your funds are automatically converted to physical gold at the real-time global gold spot price, minus the 1.49% flat FX & Gold Handling fee.
   • Your balance will then be displayed in “tally,” representing the milligrams of gold you own.
5. Start Using Your Digital Gold:
   • Once the gold is in your account as tally, you can start using your TallyMoney Debit Mastercard for purchases online or in physical stores worldwide.
   • You can also withdraw cash from ATMs globally.
   • Transfer funds back to your linked bank account as fiat currency if needed.

Initial Setup Considerations

• One-time Activation Fee: Remember that a £9 one-time activation fee is charged when you set up your account.
• Minimum Account Keeping Fee: Be mindful of the £3 minimum monthly account keeping fee, especially if you plan to hold small balances, as it can significantly impact the effective cost.
• Internet Connection: As an app-based service, a stable internet connection is required for all transactions and account management.

The process is designed for digital natives and those comfortable managing their finances via a mobile app.

The seamless conversion and spending features are key to its appeal.

Frequently Asked Questions

What is Tallymoney.com?

Tallymoney.com is an online financial service that allows users to convert their fiat currency like GBP into physical gold, which can then be spent globally using a TallyMoney Debit Mastercard.

It aims to offer a “digital gold standard” for everyday transactions and wealth preservation against inflation.

How does TallyMoney work?

You download the app, open an account, and transfer funds.

These funds are automatically converted into physical gold, held in a Swiss vault. Gigawave.co.za Reviews

You then use a TallyMoney Debit Mastercard to spend your gold, which is instantly converted back to local currency at the global spot price at the point of sale.

Is TallyMoney Sharia-compliant?

No, based on our review, TallyMoney raises significant concerns regarding Sharia compliance. The primary issues include the indirect and non-immediate physical possession of gold for transactions violating qabd, and the potential for implicit riba interest within the conventional debit card and banking network it operates through, despite claims of “zero fees” from TallyMoney directly.

What are the main concerns about TallyMoney from an Islamic perspective?

The main concerns are the lack of immediate, direct physical possession of gold qabd during transactions, and the involvement with conventional financial systems Mastercard, banking partners that are inherently based on interest riba, even if the user isn’t directly charged interest by TallyMoney.

Is my gold with TallyMoney physically held?

Yes, TallyMoney states that the gold you purchase is physical gold bullion held in a Brinks vault in Switzerland.

They emphasize that your gold is “actually yours” and not lent out.

Is my money insured with TallyMoney?

Yes, TallyMoney states that every milligram of your gold is 100% insured.

They also mention an FCA-registered Security Trustee policy and a “future proof” policy in case they cease trading.

What are the fees for TallyMoney?

TallyMoney charges a one-time activation fee of £9, a 1.49% flat exchange fee on transfers in when converting fiat to gold, and an account keeping fee of 0.5% per annum calculated daily, charged monthly, with a minimum of £3 per month.

Are there any hidden fees with TallyMoney?

TallyMoney claims to have no hidden charges and states their fees are fully transparent.

However, users should be aware that while TallyMoney charges “ZERO fees” when spending, Mastercard’s standard exchange rates will apply for international transactions, and third-party ATMs may have their own fees. Britfix-repairs.co.uk Reviews

Can I withdraw cash from TallyMoney?

Yes, you can withdraw cash from any Mastercard ATM worldwide using your TallyMoney Debit Mastercard.

Can I transfer funds out of TallyMoney to my bank account?

Yes, you can transfer funds from your TallyMoney account converting your gold back to fiat to your linked bank account instantly, 24/7.

What is “tally” in TallyMoney?

“Tally” is TallyMoney’s unit of account, where 1 tally represents 1 milligram of physical gold. Your account balance is displayed in tally.

Does TallyMoney protect against inflation?

TallyMoney positions itself as a strong hedge against inflation, arguing that gold historically protects wealth from devaluation, unlike fiat currencies that can be printed endlessly.

Who regulates TallyMoney?

TallyMoney UK Ltd is incorporated in the UK.

Their e-money institution partner, Transact Payments Limited TPL, which issues payment accounts and the Mastercard, is authorized and regulated by the Gibraltar Financial Services Commission.

They also mention an FCA-registered Security Trustee policy.

What are Sharia-compliant alternatives to TallyMoney for wealth preservation?

Better Sharia-compliant alternatives include purchasing physical gold bullion directly with immediate possession, investing in Sharia-compliant gold savings plans that ensure allocated physical ownership, or utilizing halal investment funds and ethical business practices.

How long does it take to open a TallyMoney account?

The website indicates it’s a quick process, implying that once you download the app and complete the necessary verification steps, you can get your account and card relatively quickly.

Can I use TallyMoney for international payments?

Yes, the TallyMoney Debit Mastercard is welcomed at millions of locations worldwide where Mastercard is accepted, making it suitable for international payments. Portuguesewithcarla.com Reviews

How does TallyMoney make money?

TallyMoney generates revenue primarily through its one-time activation fee, the 1.49% exchange fee on transfers into gold, and the recurring 0.5% annual account keeping fee.

What happens if TallyMoney ceases trading?

TallyMoney states that in the unlikely event they cease trading, you would get your money back in 14 days, less a 1% admin cost, backed by their FCA-registered Security Trustee policy.

Is TallyMoney suitable for small amounts of savings?

The £3 minimum monthly account keeping fee can make TallyMoney relatively expensive for small balances.

For example, if you hold only £100, the £3 monthly fee translates to an effective 3% monthly charge, or 36% annually.

Where is TallyMoney based?

TallyMoney UK Ltd is UK-incorporated, and their registered office is in London.

Their parent entity, Tally Central Ltd, is Guernsey-incorporated. Their gold is held in a Swiss vault.