Remitly launches Passbook
Remitly , the well-funded Seattle startup that helps people send money overseas, is expanding access to essential financial services for US-based immigrants with the launch of Passbook – an online banking service which eliminates the barriers and complexities immigrants face when opening an account.
Passbook accounts are issued by Sunrise Banks and are FDIC-insured up to $250,000 per depositor. To sign up, Passbook doesn’t require a social security number as it relies on other forms of identification common to immigrants and their families such as an ITIN, passport, and other foreign government-issued ID. Accounts are designed to be used globally and each account comes with a Visa Debit Card which can be customized with a national flag of choice. There are no monthly fees, no minimum balances required, no overdraft fees, and access to surcharge-free ATMs. Passbook account holders can access special pricing when using Remitly to transfer money internationally.
“Passbook is the next step in Remitly’s mission to transform the lives of the millions of immigrants around the world who make the huge sacrifice of leaving their families behind to live and work in another country. Passbook was born from countless hours listening to customers’ experiences navigating financial services not built for them. Our team has a unique ability to deliver industry-changing products for immigrants. We’re going to change banking like we changed remittances.” – Matt Oppenheimer, Remitly CEO and cofounder.
“Our relationship with Remitly is another great example of how Visa works with Fintech partners to help them grow and scale their business quickly. We are thrilled to help Remitly bring its product vision to life to support its rapid growth around the world.” – Matt Dill, global head of strategic partnerships and venture at Visa.
“Sunrise Banks is proud to partner with Passbook by Remitly to provide fee-free banking for immigrants. We share Remitly’s commitment to doing good, and this new collaboration allows us to expand on Sunrise’s mission of providing products and services that improve the economic well-being of our clients.” – David Reiling, Chairman and CEO of Sunrise Banks.
