Rewire Review: Neobank for Migrants

Rewire is a neobank that offers banking and money transfer services online to migrants. Rewire account comes with a European IBAN account and international debit and prepaid Mastercard. The bank also offers a virtual card.


Rewire online MasterCard you can start making online purchases and payments instantly from day 1, without waiting for delivery. After you order your Rewire MasterCard from the app you can instantly activate and use it, until your physical card will arrive.

Rewire is an Israel-based fintech startup founded in 2015 by Guy Kashtan, Adi Ben Dayan, Saar Yahalom, and Or Benoz. Rewire alternative is Wise (formerly Transferwise).

How to Open a Rewire Account

This is how Rewire works. You need to access it through the website or the Rewire mobile app (available for Android and iOS). To register for an account, you will need to upload one of your identification documents (Driver’s License, Passport, an EU Citizenship or Residence card, an EU used ID or refugee ID). You will then need to take a selfie for identity verification and enter personal details such as your full name, email, and phone number. Next, you will be required to set a password and the system will verify your phone number using an SMS code. Once you have been verified, your account will be ready for use. The account will automatically come with a free IBAN.


Following our email to Rewire about account opening for undocumented migrants, Rewire said:

To be able to open a Rewire account you must have a European ID. Unfortunately, we cannot support undocumented migrants.

 

Invite your friends to Rewire and receive Rewire rewards. You need to log-in to your account and select the “Share Rewire” button where you will find options to share via Whatsapp, Email, Facebook & Viber. Once your friend has signed in & activates his account with a minimum transfer for €90, you will receive a Bonus of €40 into your Rewire balance.

How to Add Money to Your Rewire Account

After opening your Rewire account, you will need to top up so you can start using it. There are several ways to add funds into your account including bank transfers, instant Credit/Debit Card transfers, or funds transfer into your account by friends, family or your employer.

Rewire Services

Rewire provides various financial services to its customers including:

  • Euro IBAN account. It is fast and safe to send and receive money with a Euro IBAN account. You can even receive your salary directly through your IBAN account.
  • A free Rewire debit MasterCard and online Mastercard. You can make everyday purchases and international online shopping using your debit MasterCard. There are also no annual fees and ATM withdrawal fees.
  • Money transfers. Rewire offers fast and secure money transfer services at friendly rates (local EU transfers are free, but for international transfers, you pay a 1% fee based on the amount you transfer). Instant transfers will cost a little more than slow transfers. Money transfers within Europe to a Euro account is free. Non European countries you can send money using Rewire are Nigeria, India, Thailand, The Philippines, Nepal, Sri Lanka ,China, Ukraine, Senegal, Uganda, South Africa, Kenya and Ghana.
  • Money management services. The Rewire app comes with great features to help you keep track of your finances. You can use the app to set your budget and track your expenses.

With Rewire online MasterCard, you can start making online purchases and payments instantly without having waiting for your physical card to arrive. After you order your Rewire MasterCard from the app, you can activate your Rewire virtual card and use it.

Phillipines SSS Payment Online

SSS is a social insurance program for Overseas Filipino Workers (OFWs). Services include health benefits, disability, maternity leave, unemployment and retirement for all OFWs abroad who pay SSS contributions. Rewire allows Filipino workers abroad to pay for SSS online for free via Rewire app.

Rewire Fees and Pricing

Rewire mainly targets immigrants in Europe. Since the bank aims at making life easier for these immigrants, it keeps its fees low to ensure that customers can afford the services it provides. The Rewire IBAN account has no monthly maintenance fees, local online money transfers are free, and ATM withdrawals are also free of charge. Additionally, you will only pay a 1% fee for international money transfers. Debit MasterCards are also free.

Is Rewire Safe?

Any online bank should be concerned about the security of their customer’s information and funds. The same applies to Rewire online bank. It has put in place several security measures to ensure that it is in line with international rules and regulations concerning safety of customer’s information. When applying for an account, you will need to supply proof of identity. This will ensure that the bank recognizes you as their customer and you will be the only one authorized to access your account.

Additionally, Rewire acquired its EU Electronic Money Institution (EMI) License from the Dutch Central Bank, allowing it to issue electronic money, engage in money remittance, and provide payment services to customers. It works with institutions that have acquired all financial licenses necessary to operate in Europe and the United Kingdom. The Rewire MasterCard also safeguards against third-party access of personal information.

Who are Rewire Customers?

Rewire offers cross-border financial services to migrants worldwide. Its customers include migrants from Europe, Asia, and Africa. You can send money to several countries including Thailand, Nigeria, the Philippines, India, Uganda, Nepal, Ukraine, Kenya, South Africa, Sri Lanka, China, Senegal, and Ghana.

The Rewire Customer Support

The Rewire customer support team is available from Sunday to Thursday from 7:00 AM to 6:00 PM. On Fridays, they are available from 7:00 AM to 1:00 PM and from 10:00 AM to 6:00 PM on Saturdays (through email only). You can reach their help centre through chat, Messenger, email: [email protected], WhatsApp/Viber: +49-1609-941-4871 or phone (+31-0800-022-0041).

Customer support is available in your language of choice, including English, Chinese, Filipino, Hausa, Akan, Kiswahili, among other languages.

Final Thoughts on Rewire Bank

Sometimes, migrants are not able to get traditional bank accounts in foreign countries. As such, they always have financial challenges where they cannot make payments, receive money or send money to friends and family. However, Rewire has changed that since migrants can now open an account and start enjoying the convenience of online mobile banking.