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Remitly launches digital banking service for immigrant communities

Remitly launches digital banking service for immigrant communities

Remitly, a Seattle-based digital money transfer company, has launched Passbook by Remitly, a mobile banking service designed for immigrant communities, with no fees and advanced compliance technology, according to a company press release.

Passbook by Remitly, which is an FDIC-insured account through a partnership with St. Paul, Minnesota-based Sunrise Banks N.A., offers an app-based account that charges no monthly fees, ATM fees, overdraft charges or minimum balance requirements.  

"Passbook is the next step in Remitly’s mission to transform the lives of millions of immigrants around the world who make the huge sacrifice of leaving their families behind to live and work in another country," Matt Oppenheimer, co-founder and CEO of Remitly, said in the release. "Passbook was born from countless hours listening to customers’ experiences navigating financial services not built for them."

The service uses sophisticated onboarding technology to verify identity using immigrant friendly documents, such as foreign passports, individual taxpayer identification numbers (ITIN) or Matricula Consular IDs, which is an ID issued by Mexican consulates for Mexican nationals living outside of that country.

Customers receive a Visa debit card to withdraw from ATMs in more than 200 countries. 

Cover image: Remitly

Topics: ATM & Mobile Banking, Bank / Credit Union, Omnichannel Banking, Payments

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