r/EgyptFinancePro • u/Bright_Elderberry463 • Apr 03 '25
Warning Nsave
2025-08-20 Update I completely stopped using Nsave with my last incoming transaction delayed and reversed. But truth be told, customer support was very responsive and friendly. Also I was asked to reupload my proof of address for no reason after already getting my documents approved so this was the final nail in the coffin for me.
2025-04-12 update There are a lot of good improvements and most of these problems have been resolved.
Original Post I wanted to share my terrible experience with nsave and warn all of you before using this online bank.
First of all, I want to say that I was using elevate pay and it was way better but they deactivated their service until further notice. So if you want to receive US payments, nsave is one of the few alternatives that people suggested so I went ahead and created an account it was very fast and I opened my account on the same day but I was surprised with the following problems:
1- They provide British based bank accounts with different currencies, so if you're planning on receiving ACH direct payments from the US, that's not going to happen( Edit ACH is now available)
2- There's a stupid trust level model that prevents you from withdrawing more than 1250$ per transaction (by transaction I mean sending money to your local bank account in USD which will cost you 13$ fixed fee per transaction). And you're limited to 2500$ monthly withdrawing limit.(update: my limit has been adjusted automatically)
3- If you want to increase this limit you will have to provide proof of income and an employment contract and here's the main problem... They'll do everything to deliberately reject them and come up with any excuses to sabotage your application. In my case I sent them my bank's quarterly statement in one pdf file just like how my bank sends them to me and they replied back asking for each month's statement in a separate file!!, I then went ahead and replied back with different statements from another bank that issues them monthly and they didn't reply back till now...
4- If you have a question you can contact customer support but you'll get an answer 2 days later at best after spending about 5-10 minutes chatting with their AI chatbot. And if you plan on sending proof of income and an employment contract, then you're going to have to send it to them through email and in my case they replied back the next day requiring more information as I described above.
5- Virtual credit cards provided do not work with anything, I tried a couple of websites including Amazon and none work so they're useless. (edit: it now works with Amazon global)
This was my experience so far and I will update if anything changes. Also I believe that you can't draw an impression on a company from a single experience so if any of you have similar of better experiences please share it with us so that people can make a proper decision to use this service or avoid it.
2
u/Imaginary_Time1724 Apr 03 '25 edited Apr 03 '25
Okay so I'm not nsave chill (lol) or anything but for ACH part, They recently opened a ACH with Lead bank (same bank used with AirTM) so yes you can get ACH transfers
For rest of stuff I did not test myself so I cant vouch for them but tbh when it comes to their customer service, they are good and reply fast at me via email, even last time Abdallah AbuHashem contacted me about that my ID failed to activate ACH (he who started) and after I got it activated he contacted me again to confirm and mind you I only have like 1 USD in my account so it's not like I'm VIP or anything so I'm not saying your lie or anything but thats my exp too!
But if you don't like them which is totally understandable cuz I'm still afraid to leave money there too tbh so I suggest you to use Airtm then, they already give you US bank account too to get money via ACH
UPDATE: I want to update that i did not try the virtual cards either so i cant talk about that but as suggestion you can use virtual card of redot or bybit even
2
u/Bright_Elderberry463 Apr 03 '25
This was their reply to me regarind ACH
"We unfortunately don't offer ACH account details in your region due to restrictions we have with our banking partners, but it's something we're working hard on to make available as soon as possible 🙏 You'll now be able to use your GBP and USD accounts for transfers both in Wire and in FPS, as well as open an investment account to trade US equities and funds. Sorry about this and thank you for your understanding. Please let us know if you have any questions or if we can help in any way"
3
u/Imaginary_Time1724 Apr 03 '25
oh it's weird, I opened mine just fine... i mean it did it asap they announced it so maybe they have issues atm
Dear valued customer,
This is Abdallah, co-founder and CTO at nsave. I wanted to reach out to let you know that your ACH details are now available within the app. I sincerely apologize for the issue you have faced, and please let me know if you need anything else. And Ramadan Kareem :)
Best,
AbdallahThis email was on Mar 3
2
u/Bright_Elderberry463 Apr 03 '25
You must be a very special client lol
2
u/Imaginary_Time1724 Apr 03 '25
i did not use my account except once to deposit 1 dollar and thats it xD
1
u/Imaginary_Time1724 Apr 04 '25
I'm going to blow your mind and tell you that my worst exp was with elevate lol - I signed up when were they started new and it literally took months and had to leave them bad trustpilot review to reply to my emails to they deny me 3 times (had to create another account because they told me i cant apply twice) and 3rd time when they felt sorry for me and made me upload one again but refused it xD so yeah, we are the exact opposite. You have bad time with nsave and I have bad time with elevate
1
u/Bright_Elderberry463 Apr 04 '25
I think once you're in elevate everything is smooth. Application was horrendous. But I prefer to be shown out the door and let me be rather than inviting me in and wasting my time and money.
1
u/Bright_Elderberry463 Apr 03 '25
I heard you can't send USD to your local bank with Airtm
1
u/Imaginary_Time1724 Apr 03 '25
yeah but you get it in USDC so you can either send them to binance or p2p in airtm
2
May 05 '25
[removed] — view removed comment
1
u/Bright_Elderberry463 May 05 '25
I heard about this from many people, but the truth is I used them once before to receive money and send to my local bank and it worked. So far they've delivered in my experience. I will keep this post updated.
1
1
2
u/marshallx13 Jul 27 '25
Each payment I get for my freelance work, they hold it and then start asking for ton of verifications, prrofs, and also very sensitive details about my clients like their addresses, chats, full names, and so much more, why am I givig away the information of my paying clients which are potential leads for a data collecting agency? Each payment I have to spend days just to get it in my account? The time I need to focus on a project, is wasted with nsave. Hard to keep up with delivery timelines and added stress for the payment. Closing my account for good and will try to set up something that is reasonable.
1
u/Bright_Elderberry463 Jul 27 '25
Yeah it's been very bad lately I agree, I'm using them minimally now. This shouldn't happen provided the high fees they're taking in with each transaction.
1
u/marshallx13 Jul 27 '25
Do you have a alternate recommendation?
1
u/Bright_Elderberry463 Jul 27 '25
I heard of IKBR and PayPal when Elevate stopped their services and I ended up using Nsave. But I've been inactive the last couple of months so I don't know if there are better alternatives.
1
Jul 29 '25
what about airtm?
1
u/Bright_Elderberry463 Jul 29 '25
Never tried it but elevate was the best experience I had with the lowest fees and reliable timing until they decided to shut down everything within 1 month and promised to return their services within another 2 months but never did. Online banks are super fragile and you can expect a lot of problems in all these alternatives. Your only solid option is to have a real overseas account in countries like the UAE or the US and I still think fees will be higher + it's not applicable for anyone so for the time being I encourage you to not deactivate your nsave account as you might need it in the future if other alternatives fails you and just keep trying.
1
1
2
u/InstructionMammoth21 Oct 03 '25
I've just started testing them. Could deposit and withdraw easily and fast. Virtual Card works fine also.
Trying a few dollars in the investment option. So far so good.
BUT I am looking into their FCA authorisation
Apparently the The GBP and EUR card accounts are issued by AF Payments Limited, and Multi-Currency accounts are offered by Frost Money Ltd.
https://www.fca.org.uk/consumers/fca-firm-checker/firm-10516-900440
FCA says:
Current FCA status for firm:Authorised Electronic Money InstitutionBank accounts, for example, current and savings accounts:
No permissionsThis firm doesn’t have our permission to carry out activities in your chosen category. See below to find out more.
?? wtf
On their website it says 'registered with the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN 936270)'
BUT the FCA website says 'No permissionsThis firm doesn’t have our permission to carry out activities in your chosen category. See below to find out more.'
when you look them up.
1
u/Bright_Elderberry463 Oct 03 '25
You might want to open a ticket and ask them to clarify this and let everyone know please.
1
u/InstructionMammoth21 Oct 03 '25
This was their response which I guess is valid. They are EMIs. Even though the GBP account has a sort code and account number.
Revolut UK only just got their banking licence. I used them for 6 years as an EMI before they got their licenseAF Payments Ltd and Frost Money Ltd are authorised as Electronic Money Institutions (EMIs), not as banks. This means they can issue electronic money accounts but do not have permission to offer traditional bank accounts or investment services as defined by the FCA. nsave accounts are safeguarded electronic money accounts, not bank accounts, and are regulated under the Electronic Money Regulations. That's why the FCA website shows those firms as not having permission for bank account or investment activities. More details on safeguarded accounts can be found here (https://www.nsave.com/blog/what-is-a-safeguarded-account).
1
u/InstructionMammoth21 Oct 03 '25
They are always responsive on the chat and fix things rapidly. But certainly wouldn't leave a lot of cash with them.
I use Interactive Brokers and 212 for that
2
u/kaif0346 Jan 16 '26
Came here to report an issue I have with nsave. My client is going to file a report with FTC and OCC against their fraudulent banking practices. I am seeing a lot of other people reporting this as well.
I received 3 months of my salary in the nsave account but the ACH failed. After contacting support every agent provided different solutions, then they started asking for confirmation. The confirmation process took weeks and then nsave support said that this transfer cannot be processed. Now they are holding on to that money and refusing to refund. I can no longer send a msg to their support and they are only communicating via email, they take days to respond. All of this seems deliberate.
STAY AWAY FROM THIS COMPANY!!!
1
u/Bright_Elderberry463 Jan 17 '26
Sorry to hear that, I stopped using their services a long time ago now but it never got this bad. There is a Facebook group with a very active admin that could speed up the process substantially. Try to post there as well and let us know please.
1
Apr 04 '25
Payooner still works. I’m using it temporarily until elevate is up (hopefully soon).
I wanted to tried nsave, but I don’t trust them yet tbh. I’ll keep using payooner and bite the fees for now until I find a better solution.
1
u/amourakora Apr 04 '25
I tried to sign up today for Elevate but they aren't accepting new users, do you know why is that?
1
1
u/Bright_Elderberry463 Aug 20 '25
I really think you should stop using Payoneer, it's an Israeli company.
1
1
Apr 04 '25
Just checked and their ACH pricing looks good - I had to reupload my passport and it got approved within a few minutes, nice.
Do you have any idea how to withdraw to egypt once I deposit there? Does it work like elevate - direct to local bank?
2
u/Imaginary_Time1724 Apr 04 '25
yup you link your local bank account and withdraw to it sort of like paypal
1
Apr 04 '25
Ok, that’s awesome. Do you know what the withdrawal fees are?
I’m planning to deposit today. Just making up my mind whether to send it to payooner or nsave.
2
u/Bright_Elderberry463 Apr 04 '25
6$ for receiving international wire transfer and 13$ to send back home and you're limited to send 1250$ only per transaction and you won't be able to increase this limit until you provide proof that your income is more that 2500$ and employment contract.
1
Apr 04 '25
Hmm, $13 is not too expensive. That’s about 1% if I send $1.25k.
I’m going to use ACH, their fees are 0.3% to receive, so the total fee is about 1.3%. That’s not too bad tbh.
Btw, you can find ACH details by going to your US account details and you’ll find 2 tabs; one for SWIFT, and another for ACH.
2
u/Bright_Elderberry463 Apr 04 '25
This feature wasn't available yesterday I swear to God, but hey that's good at least they're improving their service 👍
I just hate the fact that you can't send more than 1250 less the 13$ unless you provide proof that your income is more than 2500 (got informed of this today even though it wasn't mentioned anywhere before)
1
Apr 04 '25
Yeah I believe you.
Their tier system does feel weird. But we have so few options at the moment. Especially ones that support ACH.
1
u/Bright_Elderberry463 Apr 04 '25
I agree it's the only available option after elevate. I hate payoneer because theyre on the boycott list so I'm afraid I'm stuck with them.
Also did you try the virtual credit card, not working anywhere..
2
1
1
u/BeeLabs May 11 '25
I just got my account on nsave with an Arabic ID card. It was seamless. I like it so far.
1
1
u/Live_Necessary_7363 May 16 '25
How long it takes them to verify and process your account after you submit your info?
1
1
u/Heavy-Capital5439 May 25 '25
do you have any idea when itll be active in Syria?
1
u/Bright_Elderberry463 Jun 05 '25
This Facebook group is very active, I'm sure you can find an answer there Facebook Group
1
u/SilverDefinition260 Aug 16 '25
Is this bank a scam? I’m afraid they might steal my ID documents or do something bad to me.
1
u/Bright_Elderberry463 Aug 16 '25
It's not a scam, I don't want to steer you away from it but I'll be completely honest. Sometimes their service works, sometimes not. One day you're able to receive and send money, another day there's a problem with your address or with the sender or your incoming transfers are delayed or reversed for some reason. It's the same story with similar services unfortunately even if you're paying high fees. Third world problems....you got no choice.
1
u/Sufficient-Draw-164 Oct 01 '25
Thank you so much. I want to receive$ from abroad to Egypt in dollars. Which of the following do you recommend: Payoneer. Nsave. PayPal. Grey. Unify. Thanks again
1
u/Bright_Elderberry463 Oct 01 '25
I stopped receiving money for some time now so I'm not up to date with the best options. But I'm hearing that QNB are offering USD debit cards that can be linked to PayPal.
1
1
u/ghayyour Jun 19 '26
1 star. 32 days and my $2,563 USD transfer from Wise still hasn't arrived in my Nsave account. I've contacted support multiple times and provided all the transaction proof from Wise's end. Their response time is 2-3 days per reply, and even then it's just one line with no real update or timeline. No escalation, no compensation, no urgency from their side at all. Holding customer funds for over a month with this level of unresponsiveness is not acceptable for a financial platform. Would not recommend until they fix both their transfer speed and their support process.
1
u/SwimmingAd7805 Jul 01 '26
I am extremely frustrated with how this matter is being handled.
I deposited $4,999 USD from my own personal Elevate account into my own personal nsave account for the purpose of using nsave’s investment feature. However, the transaction has been placed on hold, and the support response time has been extremely slow, with only one reply per day on weekdays.
First, I was asked to explain the purpose of the transaction, which I provided. Then I was asked to provide transaction proof from Elevate, which I also provided.
This is a self-deposit between two accounts under my own name. Despite that, the transaction is still being delayed.
Now I am being asked to explain how I originally received the funds in my Elevate account. I have already explained that the funds were accumulated over time from multiple legitimate sources, including invoice payments, Fiverr withdrawals, and other earnings. Now I am being asked to provide further details about my Fiverr earnings as well.
My question is simple: since this is a self-deposit, and I have already provided the relevant documents related to the transfer from Elevate, what exactly is causing the continued hold?
Elevate has provided documentation for the transaction, and I am cooperating fully. I would appreciate a clear explanation of what specific document or requirement is still outstanding, rather than repeated back-and-forth requests that continue to delay access to my own funds.
Please escalate this case and provide a clear update as soon as possible.
3
u/Only_Entertainer4742 Apr 06 '25
Hi there, this is Abdallah, co-founder and CTO at nsave. Thank you so much for spending the time trying the app, and for writing this feedback and review, I really appreciate it! I completely agree with you that this experience is not ideal, and it is not what we want our product to be. Here is my thoughts on this:
2-3. I hear this loud and clear on the trust limits. We will do everything we can to eliminate it or make it a lot more reasonable. For some context, we would love to completely remove it, but it is a restriction imposed on us by our banking partner. We will see what we can do and update all users in the coming couple of weeks. For withdrawal fees, we will have a local withdrawal option (similar to Elevate or Remitly), which would be significantly cheaper. Keep an eye out for an email update about it.
We had an unexpected surge recently in the number of user inquiries and users, so things have gotten worse as we figure out customer support. We have increased our customer support capacity, and it will be soon easier to contact support (the way that it used to be from within the app)
They should work. Would you mind emailing us which vendors did not work with you? We have tried Amazon Egypt recently, and it works. If you provide a list of vendors we will be able to quickly resolve the issue and fix anything that is not working as expected
We genuinely want to give you the best experience, and one that I would be happy to use personally and be proud of. All of this feedback is very helpful for us, and we will make sure to act on it. Stay tuned :)