HSBC launched the international payments app in January 2024 to challenge cross-border payment companies such as Wise and PayPal.
Since its launch, Zing’s low fees have made it a best buy for prepaid travel cards, which allow you to lock in an exchange rate before travelling abroad.
Zing informed customers of the closure in an email on Tuesday (28 January). It also posted a statement on its website that said: “We are saying goodbye. Thank you to all our Zing members for your support, we’ll miss serving you. We will unfortunately be closing the Zing app in the coming months due to changes in strategic business priorities.”
The statement also set out a timeline for closing down. It has already stopped accepting new account applications.
All account and app functionality will continue to work as normal until 2 April 2025, so you can add funds, convert currencies, and transfer, spend or withdraw the money in your account.
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From 2 April, no new funds can be added to your Zing account and you won’t be able to top up or receive inbound payments into your Zing account.
If you have money in your account, Zing recommends you transfer it to an alternative account or use the remaining balance with payments. You will not be charged for converting other currencies held in your Zing wallets back to pounds sterling. You can also withdraw the cash from an ATM.
Zing, and all Zing accounts, will close on 22 May 2025, although you can close your account yourself any time before this date. After 22 May, you will no longer be able to access the Zing app. Customers will be sent a formal notice of termination at the relevant time.
