MoneyAmigo offers the services you expect from an online bank but without many of the fees and credit requirements of traditional banks. With MoneyAmigo you can open an online bank account that is always open for business, get a debit card, make deposits, and withdrawal cash from over 50,000 ATMs. All for free. It also makes it easy for account holders to make low-cost national and international money transfers.
Members can also apply for a credit card, even if they have no or low credit. The application form only includes three questions and provides an instant approval answer. The MoneyAmigo credit card is a useful tool to rebuild credit, and its auto-pay on minimum payments ensures you never default.
None of these services are new. What is new is the way MoneyAmigo offers these services. MoneyAmigo has a sophisticated and easy to use user interface that fuses social network chat rooms and basic banking functionality.
MoneyAmigo is still in its trial stage and has not provided details on its interest rates.
MoneyAmigo still hasn't launched officially and has not provided details on the fees it will charge. However, MoneyAmigo claims to be completely transparent with its fee schedule and never charge hidden fees.
MoneyAmigo has yet to officially launch, so it's still early days to compare its service with other online banks. However MoneyAmigo does seem to have done a good job at cornering a market for itself among people who are underserved by traditional financial providers, particularly among Spanish speakers with family and friends abroad. The ability to send fast and inexpensive money transfers to friends and family, qualify for a credit card, and a free banking and debit card are valuable services for people who have previously not had access to banking services.
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