What Is Pomelo?
Pomelo is one of the safest and easiest ways to send money to other countries. With a Pomelo card, you can combine the benefits of an international credit card with remittance services to get your loved ones the money they need instantly.
Pomelo doesn’t have any fees because you won’t be sending money directly. Instead, apply for the card and use it just like a credit card, with a line of credit.
Your family members that you choose will also receive a virtual or physical card to use up to a certain amount as determined by you.
At the end of the monthly billing cycle, you pay the card off in full and build your credit in the process.
What Makes Pomelo Different?
As you can see, Pomelo is not your average remittance company.
If you’re been wondering about the safest way to send money internationally, it doesn’t get any safer than using a payment card that is accepted anywhere Mastercard is accepted.
Let’s break down some of the four key ways in which Pomelo differs from your average remittance company.
1. Fees
Sending money through money transfer organizations like remittance companies can be costly. Everyone’s fees are different but it also depends on where you’re sending money to.
For example, if you’re wondering how to send money to Mexico through a remittance company, you could pay anywhere from $5 to $21 to send $500 to a family member.
The average company charges transfer fees up to 7%.
These fees also depend on what the exchange rate is between the sender’s country and the recipient’s country.
Up until now, it might have seemed necessary to spend money in order to get your family the funds they need. This money can easily add up over time though and take away from what you’re able to send loved ones.
With Pomelo, there are literally no fees to get your family the money they need. Pomelo is paid by the merchant via interchange and daily foreign exchange rates.
2. Transfer Time
Instant transfers are always best—especially in emergency situations. Remittance companies can make instant money transfers but it’s not always guaranteed. Usually, it all depends on how you decide to send the money.
Some of your options include:
- Wire transfer/bank transfer
- Cash pickup
- Mobile money
- Home delivery
Using the cash pickup option means the recipient must go to a partner location (usually a retail store) to pick the money up. This is almost always the fastest option to send money. If you choose to send money via bank transfer, it could take a few days.
Pomelo cardholders only have one option when it comes to sending money to family and friends internationally: instant transfer.
Having a Pomelo card will come in handy if someone in your family needs cash for an unexpected expense.
Since Pomelo is a payment card, the money does not actually get ‘transferred’. Rather, it’s already readily available on the card. Your loved ones overseas can use their Pomelo card just like a credit card to make purchases whenever they want. Without the wait.
You don’t have to worry about locating cash pickup stations or waiting for the money to get deposited into their bank account. It’s instantly available which puts less pressure on you. You won’t have to fill out any applications, gather reference numbers, or calculate exchange rates.
Having a Pomelo card will come in handy if someone in your family needs cash for an unexpected expense.
Let’s say you’re working or preoccupied with something else at the moment. Your loved one won’t have to wait for you to have free time in your schedule. They can simply use their Pomelo card to pay for the expense without your direct involvement.
3. Transfer Amount
Another key difference in how Pomelo works in comparison to a remittance company is the transfer amounts. Remittance companies offer a wide range in terms of how much money you can send. There is usually no minimum and with some companies, you can send up to $5,000 to $10,000 overseas.
If you’re just sending a few hundred dollars each month to help them supplement expenses, a Pomelo card can help them obtain that money through a line of credit that you both share.
At the end of the month, you can take the money you would normally send to your family and use it to pay the card off.
4. Set Spending Limits and Build Your Credit
What’s unique about Pomelo is that you can set limits to how much other cardholders can spend. Instead of taking the time to send money each time a family member needs something, you can just give them a monthly spending limit of $350, for example.
It’s also no secret that Pomelo helps you build your credit. So long as you’re a U.S. citizen and at least 18 years of age, you can apply for a Pomelo credit card and build your credit history each month while you help your family.
Even if you don’t have good credit, Pomelo will still work with you and operate as a secured credit card. This means you can make an initial deposit to serve as your credit limit to start.
Whether you’re a new citizen or someone who’s lived in the U.S. for a while but doesn’t have much credit history, building your credit is a crucial step to improving your financial stability.
What’s even better is that you can also help your family by providing them with funds in the process.
See how easy it is to get started: Reserve your card today.
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Read next: Why Remittances are Important For the Global Economy
