Palremit is one of many financial apps in Africa that offers USD accounts. Launched it mobile app in 2024, the company is delivering the basic services users need to receive dollars abroad.
In addition, there’s crypto (buy & sell), virtual cards, local airtime and data purchase options.
Overview of Palremit
| Features | Palremit |
| Core offering | Crypto purchase, crypto swap, airtime and data purchase, international money transfer, virtual USD cards. |
| Target Audience | Freelancers, remote workers, contractors, and small business owners. |
| Supported Countries | Nigeria, USA, Kenya, Germany, Latvia, Mexico, and South Korea. |
| Supported Currencies | NGN, USD, KES, EUR, BTC, USDT, and more. |
| Withdrawal Method | Bank transfer |
| Funding Method | Bank transfers, Cards |
| Fees | USD card deposit fees, card-funding fee, card-creation fee, card monthly maintenance fees, account creation fee, declined low-balance charges |
| Card Services | Yes |
Palremit is definitely worth the attention. One reason is its interaction with cryptocurrencies. Not all fintech offer this blend of services.
Another outstanding thing about Palremit is the minimum card balance. Users are required to have at least $3 in their USD card at all times. It is important to watch this limit when making withdrawals and card-related transactions.
Palremit Exchange Rate
Wondering what the current exchange at on Palremit is? At the time of writing, the value of dollar-to-naira conversions stood at N1,752 per USD.
Palremit USD Account Fees
| Fees | Amounts |
| Card funding fee | 2% of funding amount (minimum of $0.5) |
| Card creation fee | $2 |
| USD card deposit fee | 1% |
| Card monthly maintenance fee | $1 |
| Card declined charge due to low balance | $0.3 |
| USD account deletion fee | $5 |
| USD account deposit, USD withdrawal, USD account-creation and account monthly maintenance fees. | Free |
The above table offers a quick view of Palremit fees. You can expect this on your account.
Card Creation Fee: Creating a USD card on Palremit attracts a fee of $2.
USD Funding Fee: Funding your USD card attracts a 2% charge. However, there’s a catch with that. Palremit will only accept a minimum of $0.5 as fee payment for this activity.
It means that funding $10 on your card should cost you $0.2. Instead, with the minimum charge in place, it will cost an extra $0.3 on top of that.
Card Deposit Fee: A percentage-based fee is applied on Palremit card deposits small and considerable, standing at 1% only.
Card Monthly Maintenance Fee: Note that card and account monthly maintenance are two different things. On Palremit, you pay a fee of $1 for card monthly maintenance. Thankfully, account maintenance is totally free.
Declined Low-balance Charge: Virtual cards can be used for several online services or payments. In some situations, a card’s balance is insufficient for an intended payment. This results in a declined transaction.
Palremit charges this type of event. The fee amount is a fixed $0.3.
USD Account Deletion Fee: It seems even deleting your USD account isn’t free. Funny thing is it costs a stunning $5.
Steps in Getting a USD Account on Palremit
Download the Palremit Mobile App: The Palremit service is only accessible through the mobile app. Visit the Google PlayStore or the Apple App Store to download the app on your Android or iOS devices respectively.
Create an Account: This is the very first step. Click on the “Create Account” button to get started. Fill in your country, email, password, and referral code (optional). Next, read the Terms and Conditions at the bottom of the entry fields. Select the button to confirm your action. Click “Next” to proceed.
Verify Email and Onboard: An OTP is sent to the email you provided. Copy-paste this code in the appropriate field. Once done, you get to an onboarding page. Personal details are required here. They include your first name, last name, gender, and phone.
Login to Dashboard: After submitting your personal information, you are redirected to sign in. Enter your email and password to proceed. This will usher you to your Palremit dashboard, where you can take several actions.
Setup Transaction PIN: A simple prompt appears on your dashboard screen. This reminds you to set up a transaction PIN. Feel free to use a PIN of four digits or longer.
Complete KYC process: Next, you want to double down on your USD account creation. Begin by clicking the “View More” button. This is located just below the six action cards at the centre of the screen. A card of options opens, including one that says, “USD deposit”. Click on this and complete the three-part KYC process. This starts with a simple selfie and a request to provide your Bank Verification Number (BVN). If this checks out, you see the option to submit an additional identification document. You may choose to use your National Identification Number (NIN), driver’s license, or international passport for this. Note that, in all cases, you have to input the document number and upload a copy to the platform. The supported formats are JPG, JPEG, PNG, and PDF. Once uploaded, you will see a message saying, “We’ve got you.” Click the “Okay” button. Wait for an email confirmation.
Create Palremit USD Account: Completing the previous step will usher you to a Palremit USD Account creation page. Click on “Create an Account”. Next, provide the documents and information required. This includes your residential address, proof of address, identity document, and a reason for creating an account. Under the reason for creating the account, you have to answer a number of questions. First is if the account is for you. More questions follow. They are about the source of funds, most recent occupation, primary purpose, employment status, and lastly, the expected monthly payments. In addition, you may provide proof of funds and proof of employment. However, these are optional. After completing the process, click on “Done”. You will receive a notification that the documents are under review which might take a while due to new policies.
Availability and Platform Support
Palremit support is available at help@palremit.com. If you’re not the email type, you can opt for the live chat option right on the app. Click on “Settings” and navigate to the “Get Help” option.
From here, you easily see the “Live Chat” button. You can also find support through social media like X (formerly Twitter), Instagram, etc.
Security Features
Palremit, like any other fintech, offers security features.
Enhanced Due Diligence (EDD)
Enhanced Due Diligence is an advanced verification. Palremit implements an EDD for large or unusual transactions. It requires a user to provide additional documents.
Password and Transaction PIN
Password and transaction PIN features are both available on Palremit. The password allows sign-in access. On the other hand, the transaction PIN is used for authorizing a transfer.
Pros and Cons
Pros
- Crypto Service Offering
- Low USD Card Creation Fee
- Enhanced Due Diligence
Palremit offers crypto services, making it attractive to crypto enthusiasts. You can buy, sell, or swap cryptocurrencies of your choice. You can also make crypto deposits.
A $2 charge for USD cards is less than what you get on other fintech apps. You can be thankful for this.
The Enhanced Due Diligence (EDD) makes Palremit a secure platform. This is definitely something positive.
Cons
- Numerous Fees
- High Account Deletion Fee
- Lengthy KYC Process
- Unavailable on the Web:
Users are faced with numerous fees on Palremit. From the regular USD deposit fee to the not-so-regular card monthly maintenance fee, and the low-balance decline fee.
Moreover, there’s a high account deletion fee. Imagine paying $5 just to part with your USD account.
Another possible downside is the KYC process. This is lengthy compared to on other fintech services. It might be a challenge for a typical user.
Mobile apps make sense in terms of user-friendliness. However, some users appreciate the flexibility of accessing fintech dashboards on the web. Palremit does not support this form of usage.
Alternatives Worth Considering
Chipper Cash
Chipper Cash is a top-contender among USD banking platforms. The solution offers advanced features and options to users across several countries.
Cleva
If you’re looking for something specific to Nigeria, Cleva is a good start. Note that while they currently only serve Nigerians, they will be expanding soon.
Grey Finance
Grey Finance meets the requirement of a standard USD banking platform and more.
Final Thoughts
Palremit users must be careful about out-bound transactions. The same goes for recurring subscriptions linked to USD cards. Both of these can trigger a card decline low-balance charge-if there’s insufficient fund.
Secondly, Palremit currently supports BTC, ETH, USDT, and SOL cryptocurrencies. Regular users should find this sufficient. Thirdly, users cannot directly send USD from their account.
The available option is converting from USD to a cryptocurrency or other currencies. The user can then send this to someone using their account.
Conclusion
Palremit works for basic USD banking operations and more. You might find their “awuf” data plans attractive.
