Can You Withdraw Money From Chime Credit Card
The Ultimate Chime Review: Fees, Money Transfers, and Monito's Verdict
Oct 1, 2021
Chime is an excellent mobile banking and current account service (8.8/10) that Monito roundly recommends for everyday spending and in-network ATM withdrawals in the US and abroad. Essentially living up to its fee-free promise, Chime charges some of the lowest fees we've seen on the market (9.8/10) on a secure and primarily transparent web and mobile app (8.9/10). Chime is also widely praised by its customer base (8.4/10) and offers a capable current account and card loaded with interesting features (8.1/10).
What Monito Likes About Chime
- No overdraft, transfer fees, foreign transaction fees, opening deposit, or balance minimum;
- Automatically rounds spending up to help you meet financial goals;
- Savvy mobile app compatible with Google Pay and Apple Pay;
- The app is rated very highly by Apple and Android users.
What Monito Dislikes About Chime
- Wire transfers aren't possible;
- Only available to US citizens and permanent residents;
- Depositing cash can be difficult and may involve racking up third-party fees;
- No way to send money internationally and no international ATMs;
- The savings account has a very low interest rate;
- Doesn't offer a proprietary credit card, though you can use your Chime account to pay for third-party credit card bills.
Who Is Chime For?
Chime is currently only available to residents of the United States.
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How Monito Reviewed Chime's Services
As with all services reviewed by Monito, Chime underwent a rigorous evaluation to assess the quality of its service. To begin with, our experts analysed several key criteria, including customer reviews, the percentage cost of various transaction types, top-up options, access to customer service, as well as business and legal metrics such as revenue, appropriate authorization, and company size. As with all Monito Scores, Chime's score was peer-reviewed by at least one Monito expert.
Background check
Partnered with The Bancorp Bank and Stride Bank to provide deposit insurance to more than 12 million customers across the US.
Security & reliability
Accounts are fully secured using segregated user accounts and HTTPS and cards are 3-D Secure.
Company size
Founded in 2013 with around 12 million customers and 1,100 employees in the US.
Transparent pricing
"Fee-free" pricing is advertized across the website, but it takes some digging to find out those few costs actually are.
Using the mobile app
Easy-to-use and well designed with interesting features, although lacking automatic spending categorization.
Managing the account
Supports only a limited number of top-up methods and only one currency (USD).
Contacting support
FAQ, live chat, and phone support are readily available to users of all plans.
Making card payments
Contactless, online payments, Apple Pay, Google Pay, and social payments are all supported.
Fees & Exchange Rates
9.8
Everyday use
Zero everyday costs such as monthly fees, transfer fees, and local ATM withdrawal fees.
ATM withdrawals
Free withdrawals from partner ATMs (which include most ATMs in the US), otherwise $2.50 per withdrawal.
Online spending
Ordinary online spending comes at no cost, neither in the default currency nor in a foreign currency.
Holidaymaking
Very low fees for spending overseas, although Visa's exchange rate applies to foreign currency spending as well as the $2.50 fee for out-of-network ATM withdrawals.
Compare Chime's Travel Card Alternatives
Customer Satisfaction
8.4
Customer review score
Average Trustpilot rating of 3.9 out of 5 stars.
Number of positive reviews
More than 6,000 four- and five-star reviews.
How To Open an Account With Chime
Opening an account with Chime is free, easy, and all done online. It only takes about two minutes, and there's no impact on your credit score.
However, Chime accounts are only available to US citizens and permanent residents aged 18 or older, and you must have a valid Social Security number to apply. While proof of address, such as a utility bill, isn't required during the application process, Chime may ask to verify your information with additional documentation, such as a driver's license.
To sign up, you'll need to enter your email address, create a password for the account, and then type in basic demographic information, such as your name, birth date, and Social Security number. Chime also requires employment information and estimated income level, though you can choose "decline to answer" on many of its prompts.
Frequently Asked Questions About Chime
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What are the pros and cons of Chime? ⚖
Chime review is a convenient, safe, and low-fee banking option that makes it easy to manage your finances from your phone. Its Visa debit card can be used internationally with no additional fees and can also be paired with mobile wallets. However, Chime is not available to those who are not US citizens or permanent residents, and both depositing and accessing cash can be problematic, especially in countries outside of the US. With Monito, you can always check Chime's alternatives.
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Is Chime a good deal? ✅
If you're not planning on depositing cash often, Chime is a great deal: it carries no minimum account balances, offers free overdraft protection, and doesn't charge transfer or foreign transaction fees. However, you may be hit with fees if you use out-of-network ATMs or deposit cash using the Green Dot Network at participating retail locations. Better options you can always find on Monito.
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Is Chime safe? 🔒
Yes, Chime is most certainly a safe current account product to use. Chime deposits are FDIC insured for up to $250,000, which is comparable to most major banks. Chime has thousands of positive reviews, though there are also some complaints online, which Chime has taken efforts to address and resolve. You can always check Chime's alternatives with Monito.
See Other In-Depth Monito Guides
Alternatives to Chime
Can You Withdraw Money From Chime Credit Card
Source: https://www.monito.com/en/send-money-with/chime
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