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Developed by international money transfer provider Remitly, Passbook is a checking account and Visa debit card designed to help immigrants in the US manage their money. There are no fees associated with this account. But there’s currently no way to deposit checks.
$0 per month
Fee
N/A
APY
$0
Minimum deposit to open
APY | N/A |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
ATM transaction fee | $0 |
Out-of-network ATM fee | $0 |
Foreign transaction fee | 0% |
Overdraft fee | $0 |
Review by
Michael Benninger is a personal finance writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Blinkist, Business Insider and the Los Angeles Times. When he’s not writing, you can usually find him watching movies, enjoying the outdoors or boarding planes to distant destinations.
If you typically use Remitly to send money to family and friends, this account could be right for you. You’ll earn $2 when you use your Passbook Visa debit card to send money through Remitly. But if you don’t use Remitly, there are other free checking account options, like Axos Bank’s Rewards Checking account that offers additional features like an APY.
It only takes about 10 minutes to open a Passbook account:
It may take up to 10 business days to receive your Passbook Visa debit card.
You must meet the following eligibility requirements to open a Passbook account:
You’ll need the following documents to open a Passbook account:
Like most bank accounts, you don’t need a Social Security number to open a Passbook account. And it’s possible to lock your card to help manage your account. Other perks include:
Use your Passbook Visa card to withdraw cash for free at thousands of ATMs in Visa’s Plus Alliance network. Remitly doesn’t charge a fee for using your Passbook card at out-of-network ATMs, but third-party ATM operators might charge you.
There are a few drawbacks to consider before opening a Passbook account:
Although there’s currently no way to do deposit checks with Passbook, there are several other methods to fund your account and withdraw your money: