Passbook by Remitly Review [Discontinued May 2023]

Passbook by Remitly¹ offered banking services including the Passbook account and linked Visa debit card, with no minimum balance or maintenance fees, and easy ways of sending money locally and internationally. However, if you were thinking of opening an account with Passbook, we have bad news: Passbook by Remitly closes in May 2023.

Don’t panic though - as part of this Passbook by Remitly review, we’ll also highlight some great alternatives, like the Wise Account for low-cost local and international payments. More on this later.

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What Is Passbook by Remitly?

Remitly is a large international money transfer company, which partnered with Sunrise Banks, to offer a broader range of financial services, including the Passbook bank account.

Through the Passbook by Remitly app, customers could open a checking account to receive and send payments, and get a linked card for easy day to day spending and withdrawals. Passbook offered many no-fee services, and options to get cashback when you use the Remitly service to send payments overseas with your Passbook Visa card.

However, Passbook is being withdrawn in the US, with services ending as follows:

• March 23, 2023: Last date to make a deposit to your Passbook account unless you have a MoneyBoost balance. If you have an active MoneyBoost balance, you can continue to pay off your loan until May 1, 2023.
• April 20, 2023: Last day to use your Passbook Visa debit card.
• May 1, 2023: Your Passbook account will be closed.

How can I withdraw my money from Passbook?

To withdraw your funds from Passbook, there are two main options:

• Use your Passbook card: until 20 April 2023, you can use your Passbook debit card to finance your purchases, withdraw money from ATMs or to use Remitly to send money with.
• Transfer your money to an alternative provider: you can also transfer your funds to an alternative provider, such as PayPal or Wise. To do that, you’ll need to use your Passbook account details and routing number, which you can access in the Passbook App – go to ‘Settings’ and then tap’ Account Number’.

Get a Wise Account - an alternative covering all your needs

Remitly by Passbook stops working on 1st May 2023. Looking for a flexible Passbook alternative with low fees? An alternative may be the Wise Account from Wise, which is a Money Service Business (MNB).

Open a Wise Account online or in the Wise app, to manage your money on the move - just as conveniently as you could with Passbook - plus, get the following features:

• Hold money in (over) 50 currencies
• Send money to 80 countries
• Receive money in 10 currencies with local account details
• Spend money in 174 countries

Whenever you need to convert between currencies - within your account, when spending with your card, or to send a payment - Wise uses the mid-market exchange rate rate and low fees⁹. That can help you cut the costs of foreign currency spending, and mean you get more from your money when you travel or shop online with international retailers.

Get a Wise Account today

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

How does Passbook by Remitly work?

Passbook by Remitly is a checking account offered through Remitly’s banking partner. You could have your salary or other payments deposited into your account, to make payments and send money to others - or to make fee free ATM withdrawals.

As Remitly is a specialist in overseas transfers, you could also use Passbook alongside Remitly’s international payment service to send money overseas.

How do I open a Passbook account?

Passbook is no longer offering accounts to new customers. Prior to Passbook’s closing, accounts were available to US residents who were over 18, as long as they could provide²:

• Government issued proof of ID or an SSN
• An active email address

Looking for another account that’s easy to open online or in-app? We have a few coming up later, so you can pick the best for your needs.

Features

Passbook accounts were primarily operated via the Passbook by Remitly app. Once your account is up and running, you’d be able to access the following features:

Bank account and e-banking

Receive direct deposits, check your balance in the mobile app, send payments in the US to other Passbook customers, or use Remitly’s services for international transfers. Access to the Passbook bank account ends on 1 May 2023, and any money left in your account will be sent to you as a check.

If you have questions about your account, contact the Passbook by Remitly customer service number, or email on service@passbook.app.

Passbook card

Passbook accounts also came with a linked Visa card for spending at home and abroad. There were no Remitly fees to make withdrawals or spend, although limits did apply, which we’ll cover later. When you used your Passbook card to spend overseas, there were no foreign transaction fees, and your dollars were converted with the Visa exchange rate.

The Passbook card is being withdrawn on 20 April 2023.

Check out the Wise card for simple, low-cost spending at home and abroad

Get a Wise card, for a one-time fee of $9, to spend in 174 countries,

And make up to 2 fee-free ATM withdrawals to a total of 100 USD, every month, with low, transparent fees after that. While Wise will not charge you for these withdrawals, some additional charges may occur from independent ATM networks.

Whenever you spend with your Wise card, your USD balance is automatically converted using the mid-market rate to the local currency when spending, with the mid-market exchange rate and low fees.

Order a Wise card

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

Passbook by Remitly: What are the fees & limits?

Passbook by Remitly had no day to day fees, and no minimum balance. You may pay a fee for sending money overseas, however - which we’ll cover later - and transaction limits also applied.

Here’s a rundown of the key Remitly by Passbook limits you’ll want to know about:

Transaction type	Remitly by Passbook limits²
ACH debits initiated by Remitly to an external financial institution	Up to $2,000 per calendar day Up to $5,000 per calendar month
Deposits via your Passbook debit card (e.g. from CashApp/Venmo/PayPal)	Up to $5,000 per calendar day Up to $25,000 per calendar month
Cash Deposits via third party money transfer services or ATM	4 deposits per calendar day with a cumulative daily limit of $1,500 7 deposit per week with a cumulative weekly limit of $3,500 20 deposits per calendar month with a cumulative monthly limit of $5,000
ATM withdrawal/Cash Back at POS	Up to 4 times per calendar day Up to $500 per calendar day Up to $2,500 per month
Card Purchases	Up to $2,500 per calendar day Up to $10,000 per month

Domestic transfers

There is no Remitly fee for Passbook domestic transfers. However, this service is somewhat limited in that funds could only be deposited to another Passbook account. If your recipient did not have a Passbook account already, they’d be prompted by an email or SMS to register an account - which had to be done within 14 days for the funds to be deposited.

Transfers were also capped at 10 per day, with a maximum value of $500².

International transfers

If you needed to send a payment overseas with your Passbook account, you could also do that through Remitly’s international transfer service. Fees and limits for this service varied widely, depending on the destination country. However, you could log into Remitly using your Passbook log in details³, to model your transfer and see the fee and exchange rate that would apply.

Passbook by Remitly alternatives

As we’ve noted, Passbook by Remitly is no longer offering new accounts, and will be entirely removed from service in May 2023. Let’s look at some Passbook alternatives, to help you select a different provider.

Don’t see what you’re looking for? Find out more about online providers and challenger banks here.

Wise

If you want an account with no ongoing charges, and the option to hold a balance in 50+ currencies, you might like Wise. Open your Wise Account online or in the Wise app, to hold and exchange currencies, send payments to 80+ countries, and spend with your linked Wise card all over the world.

Wise always uses the mid-market rate for currency conversion, with no maintenance charges, and low transparent fees for the services you use.

Chime

Chime⁴ accounts come with a lot of the same benefits that Passbook did, like no monthly fees and options to get paid early through direct deposit. With Chime, you can also build your credit score or save in a high yield savings account - making this a great pick for anyone who wants an online account to build a nest egg.

💡 Learn more about Chime in our full review.

Varo

Varo⁵ bank offers accounts with early direct deposit, options to spend and get cashback, and Zelle payments embedded into the service. Varo aims to be an inclusive provider, with different account types to suit customer needs, plus no credit checks and no monthly fees to operate your account.

💡Get a full Varo bank guide here.

Axos

Axos⁶ has a broad range of banking services, including checking, savings and premium accounts, mortgages and loans and ways to invest. With Axos you can get pretty much all the financial services you might need from one provider, which can make this a good Passbook alternative if you need to take a loan, invest, or access more complex financial services.

💡Get a complete guide to Axos and how it works here.

What are the pros & cons of Passbook?

So what advantages and disadvantages did Passbook come with? Here’s a quick summary:

Pros	Cons
No monthly fees - lots of transactions are fee free too Linked card for easy spending Send payments overseas easily with Remitly	No longer available in the US Low limits on most transaction types Third party fees may apply to transactions

Is Passbook by Remitly legit? Is it safe to use?

Passbook by Remitly offered services through a partnership between Remitly - a major international transfer service - and Sunrise Banks. It is fully licensed for the services it offered, and deposits were FDIC insured.

Passbook customer reviews

The Passbook by Remitly app is solidly rated by customers, with good reviews about how simple and intuitive it is to use. Here’s the Passbook customer reviews for both Apple and Android phones:

• Passbook - Apple App store: 4.8 stars⁷
• Passbook - Google Play: 4.7 stars⁸

Bottom line: Is Passbook by Remitly right for you?

Passbook by Remitly offers some really great, low fee financial services you could access and manage from your mobile. However, Passbook is being withdrawn in the US and will no longer take on new customers. Existing accounts close during May 2023.

Instead of Passbook, consider an alternative - like Wise if you loved Passbook because of the account’s easy ways to send money overseas. You’ll be able to send payments with the mid-market exchange rate and low fees⁹ from your Wise Account, while spending with your handy Wise card, and keeping an eye on everything in the Wise app. Easy.

Learn more about Wise

Frequently asked questions

What bank is Passbook by Remitly?

Passbook by Remitly is offered in partnership between Remitly and Sunrise Banks.

Can I use the Passbook card abroad?

The Passbook card is issued on the Visa network and could be used anywhere Visa is accepted, worldwide. However, as card use stops in April 2023, you’ll need an alternative. Check out the Wise card as a smart option with multi-currency functionality, and low-cost currency conversion which uses the mid-market exchange rate and low fees⁹.

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1. Passbook by Remitly
2. Passbook account terms and conditions
3. Remitly FAQ
4. Chime
5. Varo
6. Axos
7. Passbook - App store
8. Passbook - Google Play
9. Pricing/fees: Please seeTerms of Use for your region or visit WiseFees & Pricing for the most up-to-date pricing and fee information.