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About PassCard and Passfolio Bank Wallets

Last month we released to our users the waitlist for the newest chapter of Passfolio: banking. US Spending Accounts and international card in dollars have always been two of the most requested features on our roadmap – that’s why we’ve worked hard for months to make this a reality, starting with Brazilians.

The official launch is almost here! So let’s take a moment to understand a little more about the new nature of services offered by Passfolio:

After all, what’s your new Global Wallet Dollarized? And what’s this PassCard? Is it edible?

Your Global Wallet Dollarized is your new US spending account and PassCard is your new MasterCard international debit card in dollars. No opening, issuing or maintenance fees. No monthly or annual fees. No credit analysis. This is the beginning of a new phase in your financial life: international. All of this integrated with Passfolio’s already diverse nature of services.

Will my funds be insured?

Yes! We always seek the safety of your assets, so both your Bank Wallet and your Stock Wallet are insured by US institutions.

Passfolio Banking services are provided by our partnership with Synapse and its bank partner Evolve Bank & Trust. Evolve Bank is a member of FDIC (Federal Deposit Insurance Corporation), which protects assets of its customers up to US$250.000 by depositor, by depository institution, insured for each category of account ownership. For additional information about FDIC insurance coverage, visit the website https://www.fdic.gov/

Your Stock Wallet (and its security products and services) are provided by Passfolio Securites LLC, member FINRA/SIPC, and is insured by the SIPC (Securities Investor Protection Corporation), which protects securities customers of its members up to US$500.000 (including US$250.000 for claims for cash). Explanatory brochure available upon request or at https://www.sipc.org/

What are the transfer fees and limits of your new Bank Wallet?

Your Bank Wallet and PassCard have no opening, issuing or maintenance fees (as well as your other Passfolio wallets). The list of transaction fees and limits is available at passfolio.com/fees#banking and the list of fees associated to your Stock Wallet is available at passfolio.com/fees#trades

Is PassCard a physical card? And the credit functionality, will it exist?

PassCard will be a physical card, however not in its launch. The printing and distributing card logistics is one of our current focuses. First, therefore, your PassCard will be virtual and 100% integrated with your favorite digital wallet (Apple Pay, Google Pay, Samsung Pay, etc). It is expected that by the first quarter of 2022, you will receive your physical card at home – we will keep you updated, as always.

As for the credit functionality, at first it will not exist – your PassCard will be a debit card. Dollar credit cards in Brazil are heavily regulated and involve complex approval and issuance processes. However, we are working to also make this functionality available to you – everything will always be communicated!

When will I have access to my US spending account and the international card in dollars?

Throughout December 2021, we will begin giving access to users chosen to be Passfolio Beta Testers (users with active participation in our roadmap and in the Telegram investors’ group).

Once the stability and quality of the new service is proven, we will open access to Passfolio Pro users and those who signed up on the waiting list.

From the first months of 2022 all Brazilian and American users who are approved on Passfolio will have access as well!

Can anyone open a Passfolio Bank Account and receive their PassCard?

No. This is our first step in the banking segment and we will start our operation serving only Brazilian and American citizens. You are still required to open a Passfolio account and be approved. If you haven’t opened your Passfolio account yet, it takes 5 minutes and there’s no hassle or bureaucracy – you can register for free here.

Passfolio are three wallets: Bank, Stock and Crypto Wallets. One financial app, multiple possibilities. Passfolio Securities connects over 150 thousand people in more than 6.000 assets in the US stock market, with no commission fees on assets worth US$5 and more.

We are members of FINRA and SIPC, and we have partnered in Brazil with RB Investimentos (read more about this partnership here). You can also trade 60 digital currencies in the app through Passfolio Financial, regulated in the US by FinCEN, not a part of the partnership with RB Investimentos.

We are constantly working to expand our services so, if you are not Brazilian or American, don’t worry – we will reach you! Sign up for our waiting list to be updated when we provide for your nationality.