Dolar App review [2024]

The Dolar App®¹ offers residents in Mexico, Argentina and a selection of other countries, fast ways to hold and exchange USD in digital form.

You can also get a Dolar card to spend and make withdrawals, and send money easily to others. This guide walks through what you can do with Dolar App so far - as well as what existing customers think of it.

Dolar App isn’t available at the time of writing for US residents, so we’ll also introduce Wise as a great non-bank provider for fast, flexible and convenient international transfers, with low costs and the mid-market exchange rate - perfect if you’re looking for a quick and easy way to send USD overseas, receive USD payments, or hold a USD balance.

Key features of Dolar App

Dolar App is a Y Combinator supported fintech company² for people in select countries in Latin America to dollarize their finances.

It lets customers trade seamlessly between their home country, and USDc - a cryptocurrency Stablecoin, tied to the value of the USD. Digital dollars are a virtual asset, backed by Dolar App’s reserves of USD³.

Dolar App is available for residents and citizens in Mexico and Argentina⁴, and is a fairly new product which aims to allow easy transactions using a mobile account, with a focus on sending and conversion between USD and select Latin American currencies.

Some of the features available with Dolar at the moment include⁵:

If you’re not from Mexico or Argentina, but have a tax ID number in any of the following countries you may also be able to use Dolar app⁶:

• Chile
• Colombia
• Spain
• Brazil
• Canada
• Portugal

Ease of use

Dolar App gets 4.2 stars out of 5⁷ on Google Play®, and 4.3 stars⁸ over on the App store®.

While it’s fairly new, it seems to be a hit with the customers who currently can access the service. Dolar App hasn’t yet claimed a profile on Trustpilot® - but once it does, this is another great source of feedback if you’re trying to figure out if it’s right for you.

Check out what existing customers have to say about the ease of use, once it’s got a more established user base.

Customer Service

To get in touch with the Dolar App team you’ll be able to start an in app chat if you’re already a customer.

There are also local phone details which you can get once you have an account, based on your location and query type.

If you’re not signed up yet, head to their desktop site to send an email, or check them out on their social media channels.

Dolar App fees and costs

Dolar App accounts are free to register. However, transaction fees may apply. Some fees are only available once you’ve registered an account, and may be linked to the services you use, and the account type you choose.

You’ll need to also pay close attention to the Dolar App exchange rates when you’re moving your money across currencies. If you already have USDc in your account with Dolar App and you send a payment to USD, the balance will be deducted from your account without any conversion fee⁹. There’s just a 3 USD flat transfer fee to pay in this case.

However, when currency conversion is needed - either when converting from your home currency to USD, or when you spend on your card - there may be an exchange rate markup used¹⁰.

This is a fee added to the rate used for conversion, but to see it you’ll need to compare the Dolar App rate against the mid-market rate you can get from Google.

Make low cost international transfers with Wise

Although Wise doesn't offer the option to hold crypto, it's a smart alternative that operates in the US if you’re looking to send money overseas.

You can register a Wise account online or in the Wise app, and send money to 70+ countries, with the mid-market exchange rate and low, transparent fees.

Wise always shows you the amount you’re paying and how much your recipient will get — and you can even compare against other providers on the Wise app or desktop site.

Get started with Wise

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

Pros and cons of Dolar App

What are the benefits of Dolar App?

Dolar App aims to help residents in eligible countries to dollarize their finances, by exchanging their home currency for USD digital dollars.

Digital dollars are a virtual asset backed by Dolar Apps reserves of USD. With Dolar App you can conveniently receive, send and hold USD digital dollars, and spend in USD whenever you need to, using your linked card.

What are the disadvantages of Dolar App?

Dolar App is not a bank, so the way your funds are held may be different compared to if you hold money in a bank. It’s important to understand the way Dolar App works - including the role of digital dollars, and the way your money is protected by Dolar App.

You’ll also want to review the rates for buying and selling USD digital dollars to see if there are fees added in the form of a markup - if there are, this could push up the costs of using Dolar App.

Conclusion: is Dolar App the best choice for you?

Dolar App has set out with the mission to help customers in eligible countries and regions to dollarize their finances, by selling their home currency for USD digital dollars, which can then be spent or sent to the US.

However, it’s not necessarily the right option for everyone. At present Dolar App is only available in a small number of countries - not including the US - so you’ll need to see if you’re able to apply for an account in the first place.

You’ll also want to make sure you understand how the app works when buying and selling digital dollars - and any fees that may apply to your account.

Compare some features of Dolar App with Wise which offers easy multi-currency accounts you can open from more or less anywhere, to hold, send, spend and receive USD and 40+ other currencies, with low fees and the mid-market rate.