The Ultimate Chime Review: Fees, Money Transfers, and Monito's Verdict

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
• Option to open the Chime High Yield Savings Account with 2.00% APY³
• 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

Who Is Chime For?

Chime is currently only available to residents of the United States.

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.

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 apply¹.

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.

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 November 2022, 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.

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.

Disclaimers

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.

¹ Out-of-network ATM withdrawal fees apply except at MoneyPass ATMs in a 7-Eleven location or any Allpoint or Visa Plus Alliance ATM.

² To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

³ The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of November 17, 2022. No minimum balance required. Must have $0.01 in savings to earn interest. The average national savings account interest rate of 0.21% is determined by FDIC as of November 17, 2022 based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Visit National Rates and Rate Caps to learn more.

⁴ On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score. Results may vary.

⁵ Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member's Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime's discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won't cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.