Trustly Review: Is this open banking payment method right for you? 

Trustly is a popular payment provider that lets you pay directly from your bank account without needing to set up a new account or share your banking details. Founded in Sweden back in 2008, it has grown into one of the more established names in the fintech space, processing billions in transactions each year. 

The company operates across several industries, including e-commerce, travel, financial services, and online gaming. For UK consumers, Trustly offers a way to make quick and secure payments at a growing number of merchants and service providers. 

But is it actually any good? In this Trustly review, we’ll look at how the service works, whether it’s safe to use, which UK banks support it, and how it stacks up against other payment methods. We’ll also cover the fees involved and what real users are saying about their experiences. 

Trustly review snapshot 

Pros: 

• Instant payments in most cases 

• No need to register for a Trustly account 

• Your banking details aren’t shared with the merchant 

• No fees for consumers 

• Works on mobile browsers without a separate app 

Cons: 

• Not as widely available as other payment methods 

• Some users have reported slow customer service response times 

• Receiving money can take longer than sending 

How Trustly works 

Open banking might sound complicated, but the concept is fairly straightforward. As explained by MoneySavingExpert.com, the site of popular finance expert Martin Lewis, it allows third-party providers (like Trustly) to access your bank account (with your permission) to initiate payments on your behalf. This means you can pay for things directly from your bank without typing in any numbers or setting up more accounts. 

When you choose Trustly at checkout, you’ll be asked to select your bank from a list. You then log in using your normal online banking credentials. Trustly acts as a secure go-between, passing the payment instruction to your bank without ever storing your login details or sharing them with the merchant. 

Once you approve the payment through your bank’s authentication process (usually a one-time passcode or app confirmation), the transaction goes through. The whole process typically takes less than a minute and works on a laptop, tablet, or phone. There’s no separate app to download either, as everything runs through your banking app or web browser. 

Security and regulation 

One of the main concerns people have with any payment method is security, and this is where Trustly performs well. The company is licensed and regulated by the Swedish Financial Supervisory Authority (Finansinspektionen), which is recognised by the FCA. This means strict European standards are met for handling financial data and processing payments. 

The company also operates under PSD2, the EU’s Payment Services Directive. This regulation requires strong customer authentication for online payments and gives consumers greater protection when using third-party payment providers. 

From a practical standpoint, your bank login details are never stored or passed on to the merchant you’re paying. The connection uses encryption, so your data stays protected throughout the transaction. In short, it’s as secure as logging into your online banking directly. 

Supported UK banks 

Trustly can be used by consumers of all the major UK banks, along with many smaller ones. If you have an account with any of the following, you should be able to send money this way without any problems: 

• Barclays 

• Lloyds 

• Halifax 

• HSBC 

• Santander 

• NatWest 

• Nationwide 

• TSB 

While not every single UK bank is compatible, the vast majority of people with a UK bank account will find their bank on the list. If you’re unsure whether yours is supported, you’ll see the available options at checkout. 

Who is Trustly suitable for? 

Online shoppers 

If you prefer not to enter your card details on websites while shopping, Trustly gives you an alternative. It’s useful for one-off purchases where you don’t want to create yet another account, and the instant payment means there’s no waiting around for transactions to clear. 

Some people simply feel more comfortable authorising a payment through their own banking app rather than handing over a 16-digit card number. 

Online gambling 

The gaming industry has become one of the company’s biggest markets. As explained by TrustlyCasino.uk, the leading resource for Trustly casinos in the UK, there is a range of sites available where you can deposit and withdraw this way. 

It’s popular with players too, with a considerable share of the market using this as their primary payment method. This is only expected to grow too, as paying by bank becomes even more familiar with British gamers. 

Other industries 

Beyond shopping and gaming, Trustly is used across a range of other sectors. Travel companies use it for flight and hotel bookings. Subscription services accept it for recurring payments like gym memberships or streaming platforms. Some financial services providers also offer it as an option for loan repayments or money transfers. 

If you’re a small business owner, accepting these payments can help you avoid the higher processing fees associated with card payments. However, you’ll need to weigh this against how familiar your customers are with the method. 

Fees and pricing 

For consumers, Trustly is free to use. You won’t be charged anything extra for making a payment through the service. On the merchant side, it’s a different story. Business prices aren’t disclosed publicly, so companies need to get in touch directly via Trustly.com for a quote. 

It’s also worth noting that while consumers aren’t charged directly, some merchants might pass the costs on in other ways. Always check for any additional fees at checkout, although in our experience this is rare. 

Customer experience 

User reviews of Trustly are mixed, which is fairly typical for payment providers. On Trustpilot, you’ll find plenty of people praising the speed and convenience of transactions. When everything works as expected, it’s genuinely quick and hassle-free. 

However, there are also complaints, mainly around transactions occasionally getting stuck or delayed, and customer support taking longer than expected to respond. Some users have found it frustrating to resolve issues when things go wrong. 

That said, it’s worth keeping perspective. Payment providers tend to attract negative reviews because people are far more likely to leave feedback when something goes wrong than when everything runs smoothly. If you do run into problems, contacting Trustly’s support team sooner rather than later seems to be the best approach. 

Trustly compared to alternatives 

Trustly isn’t the only option for online payments, so how does it compare with others? 

PayPal is more widely accepted and lets you hold a balance, but it requires you to create an account. Merchant fees are also typically higher, which sometimes gets passed on to consumers. 

Klarna has a different focus altogether, specialising in buy now, pay later services. It’s not really a direct competitor unless you’re specifically looking for credit options. 

Traditional bank transfers don’t require a third party, but they’re slower and don’t offer the same level of buyer protection if something goes wrong with your purchase. 

Debit cards remain the most widely accepted payment method, but they do require sharing your card details with every merchant you buy from. 

Trustly sits somewhere in the middle. It offers the security of not sharing card details, the speed of instant payments, and the convenience of not needing to register for anything new. The trade-off is that it’s not accepted everywhere, and withdrawals aren’t always as quick as deposits. But overall, Trustly is a solid option for making payments online.