Why are you asking for my SSN? Other remittance companies do not do that.
We totally understand your concerns. It's not typical to have to provide your SSN when using other remittance companies. However, Pomelo is different as we're the first to combine credit with money transfer. Providing us with your SSN allows us to do a quick credit check to both confirm your identity with your application for credit and determine creditworthiness.
Will giving my SSN harm my credit score?
When you create a Pomelo account, we will perform a soft credit check. Don’t worry though! While it may appear on your credit report, a soft credit check doesn’t affect your credit score.
Why are you able to give such a good rate?
Glad you asked. What makes Pomelo different from traditional money transfer companies is that we’ve combined money transfer with credit. Pomelo earns every time someone uses the Pomelo card. So instead of our customers shouldering the full cost of money transfer, merchants (like Meralco, restaurants, groceries in the Philippines) pay part of it too! Traditional money transfer companies simply cannot compete with that.
Wait, is Pomelo a credit card?
We’re a charge card. Unlike a credit card, we don’t charge interest, because your balance does not carry over month-to-month. The amount must be paid in full every month. To get the Pomelo card, you will need to apply for it like you would a credit card.
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.
Are there really no fees?
The only fee we have is a late fee of $39. As long as your account is in good standing, there are no fees to use Pomelo.
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.
Is Pomelo safe?
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.
How do we know you’re legit?
We’re new, but we’re very legit. We’re backed by prestigious Silicon-valley investors. We’re partnered with Mastercard – one of the planet’s most trusted names. Our banking services are provided by Coastal Community Bank, Member FDIC. They are a state chartered bank based in Washington State established in 1997. We’re fresh, new, innovative and looking for customers who are excited to try new things before others discover them.
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: