The Passbook Card by Remitly is a popular choice for those looking to send money internationally. It's a prepaid card that can be loaded with funds and used to make transactions abroad.
One of the key benefits of the Passbook Card is its low fees, which can be as low as 0.5% of the transfer amount. This can add up to significant savings, especially for frequent travelers or those who send money regularly.
The card can be used at over 2 million ATMs worldwide, making it a convenient option for those who need to access their funds on the go.
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What is a Passbook Card?
The Passbook Card is a debit card that allows you to make payments and withdraw money for free worldwide, even in foreign currencies.
It's a game-changer for travelers, as you won't have to worry about getting charged extra fees for using your card abroad.
The Passbook Visa Debit card has chip-and-pin and tap-to-pay features, making it convenient to use in-store and online.
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You can also use it with mobile payment apps like Apple Pay and Google Pay, which is super handy.
However, there are some limits to be aware of - you can't spend more than $10,000 a month or $2,500 a day with this card.
Similarly, there's a withdrawal limit of $2,500 a month and $500 a day, with a maximum of four withdrawals per day.
If you're planning a big trip or need to make large transactions, you might want to consider other options.
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Using a Passbook Card
You can make payments and withdraw money for free worldwide with the Passbook Visa Debit card, even in foreign currencies.
The card doesn't charge foreign transaction fees, but it doesn't use the mid-market exchange rate either, so you might still end up paying a little premium on such transactions.
The Passbook Visa Debit card has the necessary features like chip-and-pin and tap-to-pay, making it easy to pay both in-store and online.
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You can pay with the card through mobile payment apps like Apple Pay and Google Pay.
The card itself has some limits: you can't spend more than US$10,000 a month or more than US$2,500 a day.
There is also a Passbook withdrawal limit, meaning you can only withdraw up to US$2,500 a month and US$500 a day, with no more than four withdrawals a day.
If you're going to want to make large transactions or need large amounts of cash, it might be worth looking at other options.
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Security and Benefits
The passbook card offers enhanced security features, including encryption and secure authentication, ensuring your financial information is protected at all times.
One of the key benefits of the passbook card is its ability to store multiple cards in a single device, making it a convenient and organized way to manage your finances.
With the passbook card, you can make contactless transactions, eliminating the need to carry cash or multiple cards, and reducing the risk of lost or stolen cards.
The passbook card also allows you to set up alerts and notifications, keeping you informed of any transactions or account activity, providing an added layer of security and peace of mind.
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Banking Services and Passbook Cards
The Passbook Card offers a range of banking services that make it easy to manage your finances on the go.
You can make payments and withdraw money for free worldwide, even in foreign currencies, with no foreign transaction fees charged by Remitly Passbook.
However, keep in mind that the card doesn't use the mid-market exchange rate, so you might still end up paying a little premium on such transactions.
The Passbook Visa Debit card also has now-necessary card features like chip-and-pin and tap-to-pay, making paying both in-store and online much easier.
You can use the card on mobile payment apps like Apple Pay and Google Pay, making transactions even more convenient.
There are some limits to be aware of, though: you can't spend more than US$10,000 a month or more than US$2,500 a day, and you can only withdraw up to US$2,500 a month and US$500 a day, with no more than four withdrawals a day.
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Domestic Payments
Domestic Payments are a breeze with Passbook. You can use the Visa Debit card that comes with it to make payments or send money via a dedicated app, which helps you avoid some limits.
The daily limit for direct debits within Passbook is $5,000, and the monthly limit is $25,000. You can set up direct debits to pay your rent or utility bill without using your card.
Sending money to other people is also free, but only to other Passbook users. They'll need to open a Passbook account to receive the money.
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Validity and Fees
The Passbook Visa Debit card has some spending limits: you can't spend more than $10,000 a month or $2,500 a day.
The passport card, on the other hand, has a validity period of 10 years for people 16 and over, and 5 years for children under 16.
The passport card renewal fee for eligible applicants is $30, and if you're applying in person or it's your first time applying, you'll need to pay an extra $35 processing fee, making it a total of $65.
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If you already have a fully valid passport book, you can pay a $30 fee to apply for the passport card using the passport renewal form, regardless of when your passport book expires.
A citizen or national can hold both a passport card and a passport book, and you can apply for both simultaneously by paying the respective fees for each passport, plus a single $35 processing fee for first-time and other in-person applicants.
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Is Remitly Suitable for You?
Remitly's Passbook is a solid option for new US residents, especially immigrants and foreign students, as it doesn't require a Social Security Number to create an account.
The account is fully online, making it easy to create and manage. Remitly Passbook is also affordable and practical.
If you're living in the US and frequently travel abroad, Remitly's Passbook is a great option for you. It allows you to keep a US account that you can access and use for free while traveling abroad.
The monthly deposit and transfer limits may be a problem if you're paid frequently, but they're generous nonetheless.
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