The Ultimate Chime Review: Fees, Money Transfers, and Monito's Verdict
Aug 15, 2022
Chime is an excellent financial app and online account (8.8/10) that Monito roundly recommends for everyday spending and in-network ATM withdrawals in the US and most countries abroad. Essentially living up to its fee-free promise, Chime comes with 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 checking account and debit card loaded with interesting features (8.1/10).
What Monito Likes About Chime
- No transfer fees, foreign transaction fees, opening deposit, or balance minimum.
- Ability to add a savings account, which 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. (This is because the retailer that receives your cash will be responsible for transferring the funds for deposit into your Chime Checking Account. Cash deposit fees may apply if using a retailer other than Walgreens.)
- No way to send money internationally and no international ATMs.
Key Questions About Chime Answered
Who Is Chime For?
Chime is currently only available to residents of the United States.
We are trusted.
We go the extra mile.
We are independent.
We are principled.
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
9.0
Partnered with The Bancorp Bank and Stride Bank to provide deposit insurance to more than 12 million customers across the US.
Security & reliability
9.0
Accounts are fully secured using segregated user accounts and HTTPS and cards are 3-D Secure.
Company size
9.5
Founded in 2013 with around 12 million customers and 1,100 employees in the US.
Transparent pricing
8.0
"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
7.5
Easy-to-use and well designed with interesting features, although lacking automatic spending categorization.
Managing the account
5.5
Supports only a limited number of top-up methods and only one currency (USD).
Contacting support
10
FAQ, live chat, and phone support are readily available to users of all plans.
Making card payments
9.5
Contactless, online payments, Apple Pay, Google Pay, and social payments are all supported.
Chime Visa Debit Card
You can spend money in your Chime account using the Chime Visa debit card, which can also be paired with mobile wallets such as Apple Pay and Google Pay.
The debit card can also be used at Chime’s network of more than 60,000 fee-free ATMs across the United States allowing you to make fee-free transactions at any MoneyPass ATM in a 7-Eleven location and at any Allpoint or Visa Plus Alliance ATM. Otherwise, out-of-network ATM withdrawal fees may apply.
Expedited Direct Deposit
As mentioned above, qualified direct deposit funds will hit your Chime account up to two days earlier than they would at other banks (though this depends on the timing of the submission of your payment file). All you have to do is give the platform’s payment file to your employer, and you’ll be automatically enrolled. According to Chime, the funds are generally made available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
Chime Comprehensive Banking App
You control and manage your Chime account exclusively online, and the main tool for doing so is the Chime mobile app. Along with giving you a bird’s-eye view of your account, the Chime app also gives you daily balance notifications and instant transaction notifications any time your card is used. You can also use the app to instantaneously block your card if it’s lost or stolen or order a replacement.
The Chime app also includes a built-in transfer option called Pay Anyone that makes it easy for you to send money to others whether or not they hold Chime accounts, and its suite of online tools includes an option for writing a paper check (which can then be sent by Chime on the sender's behalf).
Wire Transfers at Chime
As of January 2021, Chime does not offer wire transfers to domestic or international bank accounts. According to Chime, this is a feature in development and will be released at some point in the future.
To send money to another bank account in the US, you'll therefore need to use an ACH transfer instead of a wire transfer (see more about the difference here.) To send money to a bank account outside of the US, we recommend you make use of a money transfer specialist service, to which you'll be able to send money directly using Chime.
¹ As of 1 November 2021, as determined by the FDIC.
Fees & Exchange Rates
9.8
Everyday use
10
Zero everyday costs such as monthly fees, transfer fees, and local ATM withdrawal fees.
ATM withdrawals
10
Free withdrawals from partner ATMs (which include most ATMs in the US), otherwise $2.50 per withdrawal.
Online spending
10
Ordinary online spending comes at no cost, neither in the default currency nor in a foreign currency.
International spending
9.0
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.
Customer Satisfaction
8.4
Customer review score
7.8
Average Trustpilot rating of 3.9 out of 5 stars.
Number of positive reviews
9.0
More than 6,000 four- and five-star reviews.
How To Open an Account With Chime
Opening an account through 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
- 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.
- 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 (at Walgreens, for example, deposits are free). However, you can always find better options on Monito.
- Is Chime safe? 🔒
Yes, Chime is most certainly a safe checking 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.
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