Out of Business


in Personal Bank Accounts - DELETED

Out of Business


in Personal Bank Accounts - DELETED

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Zenbanx was acquired by SoFi in February 2017 and Zenbanx accounts were closed August 31, 2017.

Zenbanx is a mobile multi-currency banking account that allows users to hold money in up to five currencies. It also lets users exchange currencies and send cash domestically or internationally for free or at very low prices.

Zenbanx was launched in 2012 by Arkadi Kuhlmann, the founder of both ING Direct USA and ING Direct Canada. It has an A+ rating with the BBB. In Canada, Zenbanx is a subsidiary of DUCA (short for Dutch Canadian), a credit union with headquarters in Toronto that was established in 1954. In the United States, Zenbanx operates through the Wilmington Savings Fund Society, a bank that was founded in 1832: the seventh oldest bank in the United States that still operates under the same name. WSFS has $5.06 billion in assets and a five-star rating with Bauer Financial.

Who Can Benefit From Zenbanx?

Zenbanx was built as a bank for people who live, travel, and work in multiple currencies. Think frequent travelers, business executives, and migrant workers living in the United States and Canada. Zenbanx's mobile bank account makes it easier to keep savings in different currencies, exchange currencies, and send money to family and friends.

What Services Does Zenbanx Offer?

Zenbanx offers three main services: checking accounts, currency exchange, and money transfers.

Zenbanx’s Checking Account

All Zenbanx accounts in the United States are offered through WSFS, a minority shareholder in Zenbanx and an FDIC member. Therefore, all Zenbanx accounts in the United States are insured up to $250k.

Zenbanx’s checking account has no monthly fee or signup fee, and there is no minimum balance to open an account or to start receiving interest. As of January 2016, checking accounts receive a 1% APY on all US dollar deposits. The APY on deposits in other currencies varies. For instance, deposits in Canadian dollars and Indian rupees receive a 1.26% APY, but deposits in British pounds get a 0.50% APY.

Zenbanx users receive a free debit card, and there are no fees for ATM transactions within the United States. International ATM transactions have a $1.75 fee per transaction.  

Zenbanx’s Currency Exchange

As of February 2015, Zenbanx allows customers to hold money in US dollars, Australian dollars, Canadian dollars, Singapore dollars, euros, pounds, Indian rupees, and yen. There is no additional fee for exchanging money from one currency to another within a Zenbanx account and exchange rates are competitive.

Money Transfer Service

Zenbanx account holders also have access to low-cost (in some cases free) money transfers.

Domestic transfers have a $0.00 fee when the transfer is between Zenbanx accounts and $0.50 when the recipient is not a Zenbanx member. International transfers have a $0.95 fee for Zenbanx accounts and a $4.95 fee when the recipient is not a Zenbanx account holder.  

What Are The Advantages and Disadvantages Of Zenbanx?

This is what we love about Zenbanx:

- High yield checking account. US dollars get 1% APY on all balances above $0.01, and some currencies (CAD and IR) have an even higher APY (1.26%).

- No monthly fee, no minimum balance, and no minimum opening deposit.

- Low-cost money transfers.

- Users can hold up to five currencies. There is no exchange fee, and rates are competitive.

- Free domestic ATM transactions and a low international ATM fee of $1.75.

What We do not Like About Zenbanx:

- No access to CDs, IRA or savings accounts.

- No branches. We don't really mind; but if you are the kind of person who needs a bank with brick-and-mortar branches, you may want to pass on this one.

SUPERMONEY Disclosure: is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...


  • Headquarters
  •   1600 Seaport Boulevard
    Suite 550N
    Redwood City, CA 94063 USA

Feature Breakdown

Bauer Financial A+/A Rating  
Checking Interest Rate Starting at 1%

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