SEATTLE--(BUSINESS WIRE)--Beginning today, immigrants living in the United States have access to a banking solution designed specifically for their needs: Passbook by Remitly. Built by Remitly, the largest independent digital remittance company in North America, Passbook is eliminating the barriers and complexity of opening a bank account, removing fees, enabling easy and secure international use, and offering new international money transfer benefits.
“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,” said Matt Oppenheimer, Remitly CEO and co-founder. “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.”
There are over 44 million first generation adult immigrants in the U.S., representing more than 1 in every 6 workers. Immigrants earn over $1.3 trillion in wages annually and have over $900 billion in spending power, but until now, have not had a comprehensive financial service company built for them.
Built for Immigrants’ Unique Needs
- Eliminating barriers to access. Remitly brings its advanced identification technology and compliance to Passbook, enabling new customers to be verified digitally. Passbook accepts forms of identification common to immigrants and their families such as an ITIN, passport, and other foreign government-issued IDs like the Matricula Consular ID. A social security number isn’t required to sign up.
- No borders. The Passbook account is designed to be used globally. Each account comes with a Visa® Debit Card and can be used everywhere Visa debit cards are accepted, including access to Visa’s global ATM network in over 200 countries and territories. There are no foreign transaction fees when paying internationally. Customers can lock and unlock their card directly from the app without having to contact customer service.
- No account fees. 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.
- Secure. Account funds insured by the FDIC, up to $250,000 per depositor, through our partner bank, Sunrise Banks N.A., Member FDIC. Sunrise is a B-Corp with deep experience working with immigrant communities.
- Personal. Passbook Visa Debit Cards can be customized with a national flag of choice by customers.
Backed by the Best
The launch of the Visa® Debit Card builds on Remitly’s existing collaboration with Visa. By using Visa Direct, Visa’s real-time push payments platform, through Remitly’s money transfer platform, consumers are able to send and receive funds across borders from the United States to eligible Visa debit cards.
“Our relationship with Remitly is another great example of how Visa works with Fintech partners to help them grow and scale their business quickly,” said Matt Dill, global head of strategic partnerships and venture at Visa. “We are thrilled to help Remitly bring its product vision to life to support its rapid growth around the world.”
Passbook accounts are issued by Sunrise Banks N.A., Member FDIC. Sunrise is a Certified B Corporation, a Community Development Financial Institution, and a member of the Global Alliance for Banking on Value, with a history of serving immigrant customers.
“Sunrise Banks is proud to partner with Passbook by Remitly to provide fee-free banking for immigrants,” said David Reiling, Chairman and CEO of Sunrise Banks. “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.”
To learn more about Passbook, visit https://passbook.app/.
About Remitly
Remitly is an independent digital remittance company that transfers over $6 billion in annualized volume through its proprietary global money transfer network across Africa, Asia, Central Europe, and South America. Its reliable and easy-to-use mobile app makes the process of sending money faster, easier, more transparent, and less costly by eliminating the forms, codes, agents, extra time, and fees typical of the traditional, century-old money transfer process. Remitly is backed by industry-leading investors Generation Investment Management, Owl Rock Capital, Princeville Global, Prudential Financial, Naspers’ PayU, Silicon Valley Bank, Stripes Group, Threshold Ventures (formerly DFJ Venture), DN Capital, QED Investors, Trilogy Equity Partners, Bezos Expeditions, Founders’ Co-Op, and TomorrowVentures. The company is headquartered in Seattle, with additional offices in London, the Philippines, and Nicaragua. For more information, visit Remitly.com.
About Sunrise
Sunrise Banks N.A., based in St. Paul, Minnesota, seeks to radically change the way urban communities and underserved people thrive by empowering them to achieve their aspirations. Sunrise is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), a designation earned by approximately 100 banks nationwide. Sunrise Banks is also a member of the Global Alliance for Banking on Values and is a Certified B Corp for its demonstrated commitment to transparent corporate governance and positive community impact. Learn more at sunrisebanks.com. Sunrise Banks is Member FDIC and an equal housing lender.
