What is the Cleo wallet?
The wallet is a handy place for you to put money aside and pay for things that matter. Cleo can help you in that by moving money automatically to your wallet each week.
The wallet is *not* a savings account, in that your wallet balance doesn't accrue interest and is not FSCS guaranteed.
You can use these wallet funds to pay for your Cleo+ subscription and send money to friends. Soon you'll also be able to invest and grow the money you put aside with Cleo.
How do I set up a Cleo wallet?
Type 'home' to Cleo & then swipe right to the Wallet panel. Click the button, then follow the instructions. We'll ask for three bits of information:
- Basic identifying information, including your address. (To comply with KYC regulation.)
- Your debit card details. (To deposit money to your account.)
- Bank account details. (To withdraw funds back to your bank account.)
How does it work, this automatically moving money?
Every week, Cleo’s algorithm will detect how much you can afford to put aside based on your spending, and will move that money to your Cleo wallet.
How do you know what I can afford?
Cleo calculates how much to move into your wallet based on your spending. Cleo will never transfer more than you can afford, so you don't have to worry about going into your overdraft.
Where does that money go?
The money you goes into a Cleo wallet, where the funds are segregated. You can use the funds to pay for Cleo+ and pay friends, with more use cases like investment coming soon. You can withdraw money to your bank account at any time.
Where is my Cleo wallet balance held?
The money is ringfenced with Barclays by our FCA-regulated partner MangoPay in the UK, so its kept secure.
How often will Cleo move money for me?
Cleo will aim to transfer funds to your Cleo wallet for you once a week - but it's dependent on you having enough in your account!
You can also manually move money by saying "transfer £amount" to Cleo at any time and she'll transfer that amount to your Cleo wallet immediately.
How much control do I have over Cleo’s automatically moving money?
Cleo will detect how much you can afford to put away, and will ask you every Wednesday whether you’d like to go ahead. We'll transfer the money unless you hit cancel.
How do I stop automatically transferring money to the wallet?
You can turn off automatic payments on your Wallet menu.
(To get to your Wallet menu, just say... 'wallet' to Cleo.)
How do I withdraw from my Cleo wallet?
Say "withdraw £amount" to Cleo and she'll transfer that amount back into your bank account.
We process withdrawals via Faster Payments, and so if you withdraw your money on a weekday, it's typically in your bank account by the end of the day. If you make a withdrawal on the weekend, you should receive your money on the Monday.
Look out for an incoming payment from MangoPay and if you can't see it within 2 working days, give us a shout.
I've put in/withdrawn over 1000 EUR, how do I submit verification documents to withdraw my money?
We're legally required to ask you to submit proof of identity documents to our third-party payment provider at this point. Just follow this link to do so.
Can I move money if I am overdrawn?
Cleo will not move any funds into your wallet if you're in your overdraft. Cleo will also make sure that you do not go into your overdraft in the course of transferring funds.
Can you guarantee that you will not take me into overdraft?
Cleo will not move any money if you are near your overdraft or overdrawn.
Why do I have to add my bank details again?
You need to add your bank details in order to set up payments and withdrawals to your bank account.
How do I update the card and bank details associated with my Cleo Wallet?
You can also go to your Cleo dashboard in your browser, click on the 'Wallet' tab and click the corresponding update details buttons.
We currently do not pay interest on your Cleo wallet balance. The wallet is primarily designed as a little pocket, where you can put aside money easily.
We're also working on an investment product, so you'll be able to invest your Cleo wallet funds.
How much does it cost to use the Cleo wallet?
The Cleo wallet is free to both set up and use 👍