TallyMoney: The Complete Guide to Gold-Based Banking

What Is TallyMoney?

TallyMoney offers a banking system that links directly to physical gold. This system protects your money from inflation, which often reduces the value of traditional currency. Each unit of tally equals one milligram of gold stored in secure vaults, creating a clear connection between your digital balance and actual gold.

Key features of TallyMoney include:

• Gold-backed currency: Each unit of tally = 1mg of physical gold
• Inflation protection: Your money maintains purchasing power over time
• Real asset backing: Unlike traditional currencies with no physical backing
• Everyday usability: Spend your gold-backed currency anywhere Mastercard is accepted

Unlike standard banks that use government-backed money, Tally bases its value on real gold. This helps protect your purchasing power over time, as gold tends to maintain or increase its value against inflation when measured across decades.

The system makes it easy to use gold for everyday transactions without the usual complications of owning precious metals. You can spend your gold-backed currency through the TallyMoney app and debit Mastercard, which works at over 37 million shops worldwide. This wide acceptance turns Tally from just a way to store wealth into a practical currency for daily use.

TallyMoney works for people worried about ongoing inflation and currency devaluation in traditional banking. The service lets you save, spend, and transfer money while your wealth stays connected to gold rather than government currencies that often lose value over time.

How TallyMoney Works

TallyMoney operates on a simple yet effective principle. When you transfer pounds to your Tally account, the system instantly converts your money to its gold equivalent based on the current global gold price, with a clear 1.49% fee applied during conversion.

The conversion follows a straightforward formula where your app shows your balance in tally units. All gold in the Tally system comes from London Bullion Market Association (LBMA)-accredited providers to ensure quality.

A standout feature of TallyMoney is the immediate access to your funds for everyday transactions. You can use your TallyMoney Mastercard for purchases just like a regular debit card. Your gold converts instantly at the current global price whenever you spend.

TallyMoney’s practical advantages:

• Instant conversion: Gold to currency at point of purchase
• Global accessibility: Use your card at over 37 million locations worldwide
• ATM access: Withdraw cash from any Mastercard ATM globally
• Full-reserve banking: Your money is never lent out or leveraged

Tally works as a complete money system by fulfilling three key elements that economists identify as essential: a reliable store of value, an efficient exchange medium, and a clear unit of account that provides consistent valuation regardless of economic conditions.

The Story Behind TallyMoney

TallyMoney was created to solve a major problem in traditional banking: the steady decline in currency value over time. The founder believed people should have access to a banking system that benefits the account holder rather than mainly serving banks, and that savings should maintain their value while remaining under the customer’s control through economic changes.

This vision led to the development of what they describe as the world’s first non-government currency personal accounts available to everyday consumers. Tally is not a cryptocurrency (with its volatility and technical complexity), nor a multi-currency wallet, nor a trading app. Instead, it works as true asset-based money that functions with existing banking systems while protecting customers from inflation-based devaluation.

The company was built on the principle that money should make people feel empowered and financially secure. The founder recognized that the global financial system often works against ordinary savers through mechanisms like quantitative easing and fractional reserve banking, and sought to provide a practical solution to this problem.

Unlike standard banks that operate on fractional reserve principles, TallyMoney functions as a full-reserve platform. This means your deposited funds stay in place and are never lent out or invested in potentially risky assets.

The company maintains a strong commitment to transparency in both its business model and fee structure. Their ethical approach to money and payment systems focuses on four core principles:

• Innovation: Developing new solutions for financial services
• Accountability: Placing customer interests first
• Transparency: Clear communication about fees and operations
• Protection: Safeguarding customer assets from various risks

TallyMoney Saving

TallyMoney offers a protective approach to savings that directly addresses how inflation erodes purchasing power over time. Traditional savings accounts present a hidden challenge: they often provide interest rates that fail to match or exceed inflation rates. For example, if inflation reaches 10% annually while your savings account provides only 2% interest, your money effectively loses 8% of its real-world value each year – a substantial erosion that compounds over decades.

Tally protects savings by linking them directly to physical gold holdings, which cannot be devalued when governments print additional currency. This creates a hedge against the persistent erosion of purchasing power that affects traditional savings accounts over extended periods.

The company illustrates this benefit with a real-world example: If you had saved £200 monthly starting in January 2010, by February 2022 your balance would have reached approximately £29,200 in a typical high street bank account. In contrast, the same savings pattern in a Tally account would have grown substantially more, reaching an equivalent value of £40,757 during the same period – a remarkable difference that shows the protective power of gold-backed currency against inflation.

To support goal-based saving, Tally has developed In-App Safes. This feature allows users to create up to three personalized digital safes where they can set aside money for specific purposes – whether saving for a holiday, a new car, or building an emergency fund. These safes offer complete flexibility; unlike traditional fixed-term savings products that penalize early access, Tally’s safes allow instant transfers back to your main account whenever needed, with no fees for accessing your own money.

Saving with Tally offers:

• Inflation protection: Your purchasing power remains stable over time
• In-App Safes: Create up to three digital safes for specific saving goals
• Instant access: No penalties or waiting periods to access your money
• Growth potential: Possibility of value increase as gold prices rise

TallyMoney Payment

TallyMoney provides a payment system that offers individual customer account numbers and sort codes, making it a real alternative to conventional money for everyday transactions.

When you transfer funds to your Tally account, your pounds pass through a payment account with your name, sort code, and account number. This money automatically converts to tally at the global gold wholesale price, less conversion fees.

For security and fraud prevention, Tally requires that the first electronic funds transfer into your new Tally account must come from another financial account already registered in your name. This security measure creates a verified link between your traditional banking identity and your new Tally account, protecting your money from unauthorized access from the start.

Whether shopping online or making in-person purchases while traveling abroad, your tally balance automatically converts to the merchant’s currency at the exact moment of transaction. Tally never adds hidden charges to the standard Mastercard foreign exchange rate during these conversions.

The platform also provides flexible options for transferring funds. When you transfer from your Tally account to your linked traditional bank account, the system automatically handles the conversion from tally units to the relevant currency at current market rates. You can specify the transfer amount in either tally units or the equivalent currency value.

A standout feature of the platform is the ability to instantly transfer tally directly between different Tally account holders. This peer-to-peer feature enables quick, secure, and completely free money transfers between Tally users regardless of location, creating a closed ecosystem for gold-backed currency transfers that bypasses traditional banking networks entirely.

Benefits of Using the TallyMoney Debit Card Abroad

The TallyMoney Debit Mastercard offers major advantages for international travelers compared to conventional banking cards. The card functions the same abroad as it does at home, eliminating many frustrations travelers experience with traditional banking products.

Tally has eliminated foreign transaction fees that plague most traditional cards. The company believes customers shouldn’t face penalties merely for using their own money in different countries. They charge:

• Zero foreign transaction fees: No charges for using your card abroad
• No ATM withdrawal fees from Tally (local ATM operators may charge)
• No currency conversion markups: Get the standard Mastercard exchange rate
• No separate travel card needed: Use the same card at home and abroad

The Tally system offers greater exchange rate stability compared to traditional currencies. Government-controlled currencies like pounds or dollars often experience dramatic value fluctuations in response to political events or economic announcements. The Brexit referendum provides an example, where the resulting uncertainty caused the pound to experience its longest losing streak against the Euro since 2000, severely impacting travelers’ purchasing power overnight. Because Tally derives its exchange rate directly from the global price of gold rather than government monetary policy, it remains better insulated from sudden political or economic shocks.

The card also offers enhanced security features. You can instantly lock your card using the app if it goes missing. For added peace of mind, you can keep it locked while sightseeing and unlock it only when needed for spending.

Another valuable feature for international travelers is the ability to send money instantly to another Tally account holder anywhere in the world without transfer fees. This capability proves useful when family members or travel companions find themselves separated or when someone in your travel group unexpectedly depletes their funds while abroad.

Most conveniently for frequent travelers, Tally eliminates the need to maintain separate financial products for domestic and international use. By incorporating all the advantages of specialized international cards into their standard product, Tally removes the hassle of managing multiple accounts or remembering to transfer funds to separate travel accounts before trips.

TallyMoney Fees

TallyMoney maintains a transparent fee structure with no hidden charges – a contrast to the often convoluted fee structures common in traditional banking. Their straightforward pricing system includes several clearly defined components:

Core fee structure:

• Account activation fee: One-time £9 payment
• Account keeping fee: 0.5% per year of your balance (calculated daily, charged monthly)
• Minimum monthly fee: £3 per month (if the 0.5% calculation is less)
• Currency conversion fee: 0.99% foreign exchange spread + 0.5% gold handling fee
• Card replacement: First replacement each year free, additional cards cost 200 tally units

The initial one-time account activation fee covers the complete setup of your gold-backed account, provides your physical TallyMoney debit Mastercard, includes unlimited gold balance protection regardless of account size, and enables permanently free transfers out, card payments, and ATM withdrawals throughout the life of your account – with no recurring charges for these core services.

For ongoing account maintenance, Tally implements an account keeping fee structured to fairly distribute operational costs based on account size. This fee covers essential services including account reporting, security systems, secure storage of your physical gold, complete insurance coverage, and all other operational costs associated with maintaining the gold-backed system.

If account keeping fees remain unpaid for three consecutive months, you’ll receive notification and have a 30-day grace period to resolve the outstanding balance before facing potential account closure.

To maintain financial security while providing flexibility, Tally implements reasonable daily transaction limits across different payment channels:

• Peer-to-peer transfers: Up to £250,000 equivalent per day
• Bank transfers: Up to £20,000 equivalent per day
• Card spending: Up to £3,000 equivalent per day
• ATM withdrawals: Up to £250 equivalent per day (max 3 transactions)

Sending tally directly from one TallyMoney account to another TallyMoney account is always completely free of charge, regardless of the transfer amount or frequency.

Is TallyMoney Safe?

TallyMoney has implemented extensive security measures to protect customer assets at every level. The foundation of their security approach is the physical protection of your wealth – the gold backing your tally balance is physically stored and secured in a Brinks vault facility in Switzerland. Brinks has over 159 years of experience in protecting high-value assets, bringing expertise to the safekeeping of your gold.

Beyond physical security, Tally ensures that every milligram of gold within their system is fully insured against loss. This approach contrasts with traditional bank accounts that typically only insure deposits up to £85,000 through schemes like the Financial Services Compensation Scheme. Tally instead provides complete 100% insurance coverage regardless of how much you hold in your account, eliminating the worry about exceeding protection thresholds.

If TallyMoney ever ceases operations, the company has established protections. Your gold would be promptly sold, and the proceeds (minus a 1% administrative fee) would transfer back to your non-Tally account within 14 days.

Tally partners with reputable organizations to ensure security and compliance:

• Brinks: World-renowned security company for vault storage
• StoneX: LBMA-accredited gold supplier ensuring quality
• PKF: Independent auditors for daily reconciliation
• Transact Pay: Regulated E-Money Institution

The gold represented by tally in your account is safely stored and never lent out, leveraged, or invested. This contrasts with traditional banks, which typically use customer deposits for their own investments and lending activities.

When you transfer GBP to Tally, it flows through a payment account in your name with a sort code and account number to buy gold. During the brief period when your funds exist as GBP in the payment account, they aren’t covered by the Financial Services Compensation Scheme (FSCS) but are protected under safeguarding rules for electronic money institutions.

Tally provides added protection through a security trust structure with FCA-licensed trustee Woodside Corporate Services Ltd (FCA No. 467652). However, gold custody services are not regulated activities, so Tally UK Ltd and its parent entity Tally Central Ltd are not licensed under the UK Financial Conduct Authority.

Daily reconciliation and quarterly reviews by independent auditors ensure that customer gold holdings are accurately tracked and maintained. This regular verification adds another layer of security to the system.

Conclusion

TallyMoney offers a unique banking alternative that combines the historical stability of gold with the convenience of modern financial services. By directly linking its currency to physical gold stored in secure vaults, Tally creates a shield designed to protect your purchasing power from inflation while providing practical tools for everyday financial activities.

The service addresses concerns many people have about traditional banking systems and the ongoing devaluation of government-issued currencies. With its transparent fee structure, strong security measures, and practical payment options that work both domestically and internationally, Tally positions itself as a forward-thinking choice for individuals seeking greater financial stability in uncertain economic times.

Whether your main goal is protecting your savings from inflation, spending abroad without foreign transaction fees, or diversifying your financial approach beyond conventional banking, TallyMoney provides a gold-based solution worth considering. The physical gold backing each unit of currency, combined with comprehensive insurance coverage regardless of account size, offers a level of tangible security that traditional banking institutions often struggle to match.

If you value long-term purchasing power protection and seek a practical alternative to conventional banking that works within existing financial infrastructure, TallyMoney represents an innovative solution worth exploring.

Here’s how to get started:

1. Download the TallyMoney app from the App Store or Google Play Store
2. Complete the simple registration process to create your account
3. Make your first deposit by transferring funds from your existing bank
4. Activate your TallyMoney Mastercard when it arrives
5. Start using your gold-backed currency for everyday transactions