📖 What is Tally?
Tally is a new everyday currency and personal account linked to physical gold. Every 1 tally in your
account represents 1 milligram of gold you own.
👨🏫 How does Tally work?
Tally works just like a foreign currency, meaning its value fluctuates (up and down) relative to pounds
sterling. Unlike other foreign currencies, its value is tied to the global gold wholesale price, which
means tally can’t be devalued when governments decide to “print” more fiat currency (like pounds),
which causes inflation.
📈 Why Is Tally Connected To Gold?
Since the supply of gold can’t easily be increased in the same way as pounds or euros, your savings
are more likely to retain their purchasing power. In other words, you’re more likely to be able to buy
the same amount of stuff or even more as time progresses for the same amount of tally. The same
cannot be said for fiat currencies, which only buy you less and less over time. In recent years, the
price of gold has almost doubled, which means that the pound (£) value of savings in tally has also
doubled. Although an element of risk is involved in investing in metal, this is much less of a gamble than investing in other assets.
ℹ️ How To Use Tally
You will need to download the Tally App and have suitable identification (18+) to open an account.
Most accounts are approved in just a few minutes. To start spending and saving in tally, you’ll need to transfer money from your traditional bank account into your Tally Account. Those funds will purchase your physical LBMA-approved gold, denominated in tally in your account. You can use the app to transfer money in and out of your Tally Account anytime. You can specify the amount you want to transfer in pounds or euros, but your account will always be credited and debited
in tally.
When opening an account, you will have the option to order a Tally Debit Mastercard, which should
reach you in a matter of days. You can make purchases online or in-store and withdraw cash
worldwide using the card.
🔒 Is Tally Safe and Secure?
All tally in a Tally Account is linked to physical gold bullion, stored safely in Zürich, Switzerland. All
gold and, therefore, tally is insured against loss and theft. Customer holdings are guaranteed by daily
reconciliations.
TallyMoney LTD is listed as an E-money directive agent under the FCA-Licensed Electronic Money
Institution. Tally is not a fiat currency, so the FSCS does not cover it. Instead, you’re protected by the
FCA-licenced company Woodside Corporate Services. If Tally ever went into liquidation, you will see 99% of your gold holdings' pound (£) value transferred to your normal bank account. The remaining 1% facilitates this quick and secure process.
⚙️ Key features of Tally
Customers who sign-up for a Tally Account get an Everyday Account with an individual IBAN for
spending and saving, supported by an app and Tally Debit MasterCard.
Merchants can be paid with your Mastercard, and you can also transfer funds to other accounts with
the Tally App. Suppose you are spending or sending money to a retailer or traditional bank. In that
case, the tally will be converted to the fiduciary currency your recipient expects using the live
exchange rate based on gold’s global wholesale price. There are no fees or foreign exchange
commissions for completing these transactions.
You won’t be charged any fees by Tally to withdraw money from ATMs around the world, either.
However, it’s worth noting that the ATM owner may still decide to charge you. If you want to set funds aside for any reason, you can take advantage of 3x Easy Access Safes. Transferring sums between your Easy Access Safes and Everyday Account is a quick, simple process.
📱 The Tally App
The Tally App is available for Android and Apple operating system users. The app provides you with
a convenient range of banking solutions, which you can use anywhere as long as you have an internet connection. Sending, spending, saving and managing funds with the app is easy.
💷 How Much Does Tally Cost?
Tally charges a one-off joining fee of £19 and an account-keeping fee of 0.9% p.a (calculated daily,
charged monthly). And that’s it; no extra fees, charges or mark-ups, no matter which country or
currency you’re operating in.
👍 Advantages of Tally
● Based on a less volatile asset
● High security standards
● No added foreign exchange fees
● Simple to manage funds
● Useful app
● Small annual fee
👎 Disadvantages of Tally
● No protection from FSCS
● No Google Pay or Apple Pay support
💭 Conclusion
There are many reasons why someone might wish to open a Tally Account. The fact your funds are
backed by physical gold bullion means your money is incredibly safe, making Tally one of the most
innovative solutions on the market currently.
If you’re looking for a banking system that delivers on its claims of accountability, innovation,
transparency and security, Tally may well be right for your needs. It seems likely that Tally will grow
in popularity substantially over the coming years.
You can get in touch with Tally via support@tallymoney.com. There is also an FAQ section on their
website that answers some of the most commonly posed by Tally customers.
