Why do you ask for my SSN during signup?
Because Pomelo is the first to combine credit with money transfer, providing your SSN allows us to verify your identity and provide you a credit offer that helps you earn rewards and build your credit whenever you send money overseas. Your SSN is not stored or read by Pomelo, and only transmitted securely to an identity verification service for our bank partner, Coastal Community Bank, member FDIC, to confirm your identity.
Will giving my SSN harm my credit score?
No - viewing your credit offer does not affect your credit score. This is called a soft pull. For customers who accept and receive credit from Pomelo, we then perform a hard pull with the credit bureaus to formally open your credit line. This will then show up on your credit report, but on-time payments will typically help your credit score, not hurt it.
I don't have good credit. Will Pomelo decline my application?
If you don't have good credit today, you can still use the Pomelo Mastercard with Credit Builder, a secured card that is backed by your own funds, up to $500. After a sufficient number of positive payments, Pomelo may graduate you to an unsecured credit line and refund your original security deposit.
How does Pomelo provide such amazing rates?
Glad you asked! First, we use Mastercard's real-time exchange rate for each transaction, so you never have to worry about timing a transfer for the best price. Second, when customers use their Pomelo Cards anywhere Visa or Mastercard is accepted, we earn a small percentage from the merchant - not from you! This means that all transaction fees are now subsidized by the places and venues where your recipients shop in store like pharmacies, supermarkets and online (merchants like Meralco, Grab, etc.) in the Philippines. How cool is that?
So, Pomelo is a credit card?
Pomelo is a type of credit card called a charge card, which means you must settle your balance in full every billing cycle. As a result, we do not charge interest - no APR at all - and we have a smaller maximum limit (up to $1,000), to ensure our customers never get trapped in debt. In fact, our only fee is a late fee and we allow our customers to use auto-pay to ensure you're never late. To get the Pomelo Mastercard, you will need to apply for it like you would any other credit card product.
What does it mean to ‘Send now, Pay later?’
This means your loved ones in the Philippines can start spending the moment they get their Pomelo cards delivered. You don’t have to pay until you get your monthly bill. The bill is calculated using the Pomelo rate + any promotional rate you have.
Ok, no transfer fees. But are there any other fees?
There are no fees to use Pomelo as long as you keep your account in good standing, meaning you pay your bill on time. Customers have up to 25 days past each billing cycle to settle their balance. A $39 late fee may apply on any missed payments, but don't worry - the app supports payment reminders and auto-pay so you never have to worry about a missed payment.
How does Pomelo make money if you don’t charge fees?
Like most other money transfer companies, we earn from currency exchange. But we also earn from something called interchange. This is a fee that merchants in the Philippines pay us – not a fee you pay! This is why we are able to offer a better exchange rate.
What is the fee for ATM withdrawals?
At this moment we don’t allow ATM withdrawals or ATM cash advances.
How does Pomelo value my safety?
Pomelo was designed from the ground-up to be safe. Imagine bank-level security for cashless money transfer. You can pause the card at any time. Your personal information is encrypted. Your loved ones don’t line up at pawnshops and walk around with lots of cash.
Here’s the best part: you’re not going to worry where your money is. You pay the bill only after it arrives, after your loved ones have spent the money. You can also dispute anything that doesn’t look right just like a credit card. With traditional money transfers you cross your fingers and say a prayer every time your money leaves your bank account. We’ve fixed that with Pomelo.
How do you handle disputes for unauthorized charges?
On a case-by-case basis. We will review every dispute to ensure you are protected from valid unauthorized purchases. This is something cash-based money transfers simply cannot offer.
What do you mean by money being “always available?”
Transfer time doesn’t apply to us. It doesn’t take days, hours, or even minutes for money to arrive with Pomelo, because as long as your loved one has the Pomelo card and room in their credit limit, they can spend the money. So if there’s an emergency, you don’t have to hurry to send money as long as you have credit available.
What are the acceptable forms of ID for beneficiaries in the Philippines?
Here are some forms of ID you can submit for identity verification: