Watch Monito's Video Review of Majority
A Youtube Creator at Monito, Jonny helps you understand all you need to know about hidden fees, exchange rates and the best services to move your money across borders.
A writer at Monito, Byron possesses a keen interest in the intersection of personal finance and technology. A former journalist, he strives to bring complex information to life in a way that can be widely understood and appreciated.
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This video is a money transfer review of Majority. In it, we take a good look at its money transfer service by delving into its fees, how it works, the benefits of using it to transfer money, and much more.
Majority Review Video Transcript
As a new migrant in the US, did you ever feel ignored or left out by the financial system? By nature, this system is badly designed and can be difficult to be a part of. For example, just opening a bank account without a Social Security number can be almost impossible.
Or if you just want to send money internationally to a loved one, it's likely you'll be charged unreasonably high fees. However, there are new banks emerging whose mission it is to help people thrive in a new country. And one of those companies is called Majority Bank, who we’ll be reviewing today.
They are a great current account and finance app that's designed explicitly for migrants. We'll explain why we scored them a 8.2 on our Monito score and look closely at their various services, fees and exchange rates and make sure you stick around to the end because we'll compare Majority to Chime, Revolut and Wise.
Founded in 2019, Majority Bank is a relatively new company with just over 100 employees. Because they're so new, I won’t blame you for being skeptical about whether you can trust them with your money.
When it comes to choosing a bank most of us just want to make sure our money will be secure, and we typically relate security with history and experience. Unfortunately, Majority lacks both of these. However, they are partnered with Sutton Bank, who are steeped in history and were founded in 1878 and are regulated and FDIC-insured.
FDIC-insured basically means that deposits within the bank are federally protected against failure or theft. So if Majority were to go bust, your money would be safe. That's why we scored them a 7.9 for Trust and Credibility. As a young company, they do have great potential and already some pretty unique and interesting services.
The majority account costs a fixed monthly fee of $5 and includes a one month free trial for this fee, you receive a number of services, including a Majority current account, a Visa debit card, international money transfers, mobile top ups and free international calling.
The majority current account is FDIC insured, and you can deposit money into the account by linking your bank account using a credit or debit card or via cash at select locations. The current account also has a great feature called Get Paid Early.
Basically, Majority are able to deposit your paycheck into your account two days earlier than normal. You can arrange this via the majority app through a form that must be printed, filled out and submitted to your employer. The account also includes a Majority Visa debit card that you can use worldwide in over 200 countries.
This card has a number of benefits, such as discounts on shopping, including groceries, entertainment and utilities. For example, right now you can receive 5% cashback at National Supermarket in Miami, 50% off your first month with Spotify, and 2% cashback for six months on your Direct Energy electric bill.
You really can save money with this card and Majority has a dedicated discount page, which is definitely worth checking out before registering, just to make sure there are some discounts that you can benefit from. Along with discounts, the card also has no overdraft fee.
This is a pretty good feature, as most banks on average charge a 35 dollar overdraft fee. It also has fee free ATM withdrawals at over 55,000 ATMs in the US, and these can be located through the Majority mobile app.
Finally, with the Majority debit card, you can spend anywhere in the world for free so you could visit your family abroad and use this card while shopping and not incur additional fees or shop online fee free with international stores. That's a pretty good reason to get this card, as most big banks would charge a fee for international transactions. The card delivery is also free and will arrive within seven to ten days.
Using the Majority app, you can convert the US dollars in your account into foreign currency to send to friends and family abroad and Majority does not charge a fixed fee for this.
However, Majority does not exchange the US dollar with foreign currency at the mid-market real exchange rate. Instead, your money will be exchanged at a slightly poorer rate and Majority will keep the difference. That's what we call an exchange rate margin.
Unfortunately, unlike some companies, a Majority do not publicly show these rates. For example, Wise provides a tool that allows you to calculate your transfer ahead of time, giving their customers full transparency on fees and exchange rates.
That said, if you are going to transfer your money with Wise or Majority, definitely visit Monito.com first to check who will be the cheapest provider for you. All you have to do is enter the amount you're sending and where to. It's free, only takes a minute and might just save you some money.
If you're on expensive mobile tariffs with, let's say, Verizon or AT&T, making phone calls internationally to Mexico, Canada or the UK, for example can be very costly. However, through the Majority mobile app, you could reduce these costs because you can make calls internationally for free and to over 20 countries.
You can instantly send phone minutes and internet access to over 35 countries, so family and friends of yours can use your top ups to call, send messages and surf the internet.
Majority certainly holds its own when compared to other popular digital banks in America, such as Chime, Revolut and Wise. For example, Majority never charges a percentage for foreign ATM withdrawals, while Chime, Revolut and Wise do. However, compared to Majority Chime, Wise and Revolut do not charge a monthly fee for their standard accounts, although they're not offering free international calls within their app, access to various discounts and a free overdraft facility.
But Revolut and Wise are much more transparent with their fees in terms of international money transfer and along with Chime, are far more established. All three companies have more customers and as a result have accumulated more testimonials and feedback on Trustpilot.
Although they haven't established themselves on Trustpilot yet. On average, the App Store rating is 4.8 out of five stars, with over 80% of almost 4000 reviews being four or more stars. The positive reviews mention that their app is user friendly, intuitive and safe.
Customers also found international cooling and topping up to be very convenient, and they love the fact that you can send money overseas to loved ones in just minutes without incurring additional fees. The negative reviews included complaints about Majority's verification system, delays in opening accounts and faulty referral codes that are meant to include sign up bonuses.
These complaints sound to me like teething issues that new companies typically experience, and I expect Majority in time to iron these out.
At Monito though, we do really like that Visa debit card with no international transaction fees.
The fee free ATM withdrawals are also great, along with the fact that there are no fees for accidentally going overdrawn. Oh, and of course, not forgetting the free calls to more than 20 countries. That's pretty cool, especially if you frequently phone family or friends abroad.
And if you do want to sign up for Majority, please click the link below. It's an affiliate link, and by clicking it, you'll be supporting Monito and helping us make more videos like this one.
Hope you enjoyed today's video. If you do want to find out more about Majority I’ve linked a full review that we wrote below, and please do consider subscribing to our channel by clicking here, and I'll see you on the next video. Goodbye.
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