Bank Zero review
Updated September 28, 2026 · HodlCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Bank Zero is a South African mutual bank built for business accounts, and its monthly fee of ZAR 0 makes it a cheap everyday card for a company that mostly spends at home. The cost to watch is the conversion rate, which decides whether a business pays little or a great deal.
Key facts
- Best for
- A business account that keeps spending in a single currency and wants a card with a monthly fee of ZAR 0.
- Monthly fee
- ZAR 0↗
- Currency conversion fee
- 1.8%↗
- Card type
- Debit↗
- Card network
- Mastercard↗
- Legal entity
- Bank Zero Mutual Bank↗
- Headquarters
- South Africa↗
- Founded
- 2018↗
- Support channels
- Email, Chat, Phone↗
- Features
- Multi-currency, Virtual card
- Audience
- Business
- Official website
- bankzero.co.za
Facts checked September 26, 2026, 4 sources
Pros and cons
Pros
- Accounts come with multi currency and virtual card, so currency balances and a virtual card sit in the same product.
- Support runs on email, chat and phone, with a phone line for payment problems.
- Registration with the South African Reserve Bank, MB0001, puts the balance with a licensed mutual bank.
- A debit card on the mastercard network, which South African terminals already take.
Cons
- Currency conversion costs 1.8%, and the lowest figure listed across the site is 0%, so foreign-heavy spend carries a premium.
- The account is aimed at business customers, so anyone after a personal current account will not find one here.
Who it suits
- A company that mostly spends in a single currency and wants a card with a monthly fee of ZAR 0.
- Businesses that hold several currencies and want a virtual card, both covered by multi currency and virtual card.
- Firms that need phone help on a stuck payment, since email, chat and phone gives them a line to call.
Who should look elsewhere
- Anyone converting currency every week: conversion costs 1.8% here, so Wise is the one to weigh first.
- Customers after a card from a crypto exchange brand, since Bitpanda lists a monthly fee of €0 in this comparison.
- Households wanting personal current account features, since this card is for business customers and Monzo Flex lists a monthly fee of £0.
How it compares on our data
On monthly fee, Bank Zero sits at position 1 among 379 brands ranked, the strongest result of any fee on the card. Currency conversion runs the other way: position 143 of 237 brands ranked. A business that keeps spending in a single currency comes out ahead, and the gap opens as foreign payments grow.
How Bank Zero compares
8.9 vs 9.4
8.9 vs 9.0
8.9 vs 8.2
8.9 vs 9.5
8.9 vs 9.6
8.9 vs 9.0
8.9 vs 9.1Lists a monthly fee of €0 and sits in the same card comparison with a different base market to a South African mutual bank.
8.9 vs 8.9
8.9 vs 8.1
8.9 vs 8.2
8.9 vs 9.5
8.9 vs 9.4
8.9 vs 9.2
8.9 vs 9.1
8.9 vs 9.0
8.9 vs 8.9- 8.9 vs 8.8
8.9 vs 8.8
8.9 vs 8.6
8.9 vs 8.5
8.9 vs 8.3
Where Bank Zero is available
- Available
- South Africa
- Licence in South Africa
- South African Reserve Bank (MB0001), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
How much does a Bank Zero account cost each month?+
The monthly fee is ZAR 0, so business banking does not start with a card charge. Converting currency is where money leaves the account: the conversion fee is 1.8% each time. A business that mostly spends in a single currency keeps the running cost low, while frequent foreign payments raise it.
Is Bank Zero regulated?+
Bank Zero is operated by Bank Zero Mutual Bank and is registered with the South African Reserve Bank under MB0001. The account is therefore held with a licensed mutual bank in South Africa, and the same regulator oversees the business behind the card.
What kind of card does Bank Zero issue?+
The card is a debit card running on the mastercard network, so it is accepted wherever Mastercard cards are. Spending comes straight from the account balance, and a virtual card is offered as part of multi currency and virtual card for staff and one-off purchases.
Can a Bank Zero business account hold more than one currency?+
Multi-currency sits among the listed features, multi currency and virtual card, so a business can hold balances across several currencies and pay from them without converting at the till. With the conversion fee at 1.8%, paying from the currency already held is the cheaper way to buy.
Who is the Bank Zero account for?+
The account is aimed at business customers, so sole traders, partnerships and companies are the natural fit. The feature set, multi currency and virtual card, is built around holding balances and issuing cards for a company, and the monthly fee of ZAR 0 keeps the running cost down.
How do I reach Bank Zero support?+
Support runs on email, chat and phone, all reached from the same South African operation. That means a business can call when a payment is stuck and drop to chat or email for routine questions, without moving to a different provider.
How does Bank Zero compare with Monzo Flex, Wise and Bitpanda?+
The monthly fees match: Bank Zero charges ZAR 0, Monzo Flex £0, Wise £0 and Bitpanda €0. The monthly fee is not where these separate. Currency conversion and the type of account are the deciding points, and Bank Zero's conversion fee is 1.8%.
Where is Bank Zero based and when was it founded?+
The legal entity is Bank Zero Mutual Bank, headquartered in South Africa and founded in 2018. It runs as a mutual bank, which is why the account is aimed at business customers. It operates under South African Reserve Bank registration MB0001.
Sources
- bankzero.co.za checked September 26, 2026
Backs: Audience, Legal entity
“Zero-fee banking for individuals and businesses”
- bankzero.co.za/rates-and-pricing checked September 26, 2026
Backs: Currency conversion fee
“1.8% markup applied to purchases made in currencies other than ZAR”
- en.wikipedia.org/wiki/Bank_Zero checked September 26, 2026
Backs: Card type, Founded, Headquarters, Card network
“patented debit card, obtained with an agreement with MasterCard”
- bankzero.co.za/faqs checked September 26, 2026
Backs: Features, Monthly fee, Support channels
“Cards work both locally and internationally for online and physical purchases”
- gov.za/documents/notices/mutual-banks-act-registration-ba... checked September 26, 2026
Backs: Licences
Compiled from 5 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Free ATM withdrawals, Protection.
Bank Zero
A business account that keeps spending in a single currency and wants a card with a monthly fee of ZAR 0.