Opening a bank account in a country like the US can be very challenging for immigrants. Latin American immigrants, especially, know how difficult this is. Most banks in the US require them to provide their US SSN as proof, which is only issued to US Citizens or permanent residents. Without a bank account, Latino immigrants struggle to make payments, electronic transfers, and send money to relatives or friends outside the States.
Since US is one of the only countries with the highest number of Latino immigrants, the problem becomes all the worse. This is where MyBambu’s revolutionary app comes into the picture.
Based out of West Palm Beach, Florida, MyBambu develops mobile-based financial services products that enable consumers to transact conveniently and securely. Also, the company promotes financial inclusion to the unbanked by providing a variety of financial solutions, and giving an overlooked audience a convenient, safe and cost-effective way of managing their finances. “We level the playing field by allowing individuals regardless of their immigration status to start their financial growth journey,” says Val Infante, Chief Operating & Marketing Officer at MyBambu.
MyBambu is a game-changing online banking app that has completely redefined the way Latin American immigrants bank in the US. Specially designed for them, MyBambu allows users to open a free MyBambu bank account from anywhere in the U.S. regardless of their immigration status. With MyBambu’s digital checking account, there’s no need to worry about monthly fees, minimum balance maintenance, or hidden charges.
Unlike most banks, MyBambu doesn’t make the account opening process too burdensome. All users need to do to open a MyBambu bank account is to simply provide their country’s ID card with no need for a US SSN. Then they simply have to fill the online application and upload a picture of their face. That’s all. Voila! The account is successfully created now. Users don’t have to fret about which ID of their country to submit to verify their proof because the company has simplified the process for immigrants by accepting more than 450 types of IDs.
With MyBambu app, customers can make immediate international money transfer to over 18 Latin American countries. Remittances reach the recipient in approximately 35 minutes, and transfers can be made directly from the application at affordable rates. The money can be sent both from bank to bank and be withdrawn directly in cash in the destination country.
And when it comes to peer to peer transfers between MyBambu users, you can send and receive immediate funds with no hidden charges. What’s more, you can receive automatic deposits to your account for free, pay bills domestically and internationally, and easily load cash at over 120,000 cash locations in the U.S. (which includes CVS, Walmart, 7-Eleven, Walgreens, Family Dollar). On the security front, MyBambu provides the best protection for your account against digital attacks with different layers of encryptions and protection. All deposits in the accounts on this platform are protected by the Federal Deposit Insurance Corporation (FDIC).
As the first ever Hispanic fintech, the company developed the product offering after doing tons of research on what immigrants do daily, how they do transactions, and their other behavioural patterns are. And that’s why, if you look at the array of services and solutions they offer, you will know how customized they are for the Hispanic immigrant population. MyBambu addresses all their banking pain points and challenges, on point, like never before. One among the list of services is mobile top-ups. MyBambu allows customers to send international mobile top-ups to family and friends back home, anywhere, anytime, with no maximum amount restrictions.
Furthermore, customers can request a free Bambu Visa Debit card to make purchases online or at the stores anywhere, subscribe to internet services, buy in online stores, and withdraw money at any ATM in the country. MyBambu doesn’t charge any maintenance or emission fee for its customers’ prepaid card and there is no risk of overdraft. In addition to all the benefits MyBambu offers its customers, it also gives incentives when customers spread word about their app. Yes, customers get $15 credited to their account for every referral that verifies their account.
With all of that said, the road to where the company is now hasn’t been a cakewalk. Over the past few years, the company has had its share of ups and downs. But still, it strived forward and persevered to now achieving the position as the most chosen banking service application by Latin American users. Since the apps’ launch in June of 2021, MyBambu has opened over 250.000 accounts and made over 2,340,000 transactions. And that is quite an incredible feat for an app launched just a year ago!
The success of MyBambu demonstrates how innovative companies can become if they put in their heart, and soul in solving a problem. The company’s product offerings are way too robust that no other competitor has still been able to provide such a multitude of services under one single application. “We are very nimble in the market and that’s why we can say we’re always ahead of the competition” explains Val. Down the road, the company is looking to step into crypto space and offer other services like enabling gift vouchers and providing microloans. With a great product in place and the right leadership at the helm, MyBambu is all set to redefine the future of banking.