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Reviews

Review of Banco do Brasil Americas’ Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1986
Total Assets$0.7B
LEARN MORE Banco Do Brasil Americas’s secure websiteMember FDIC

As you can probably guess by the name, Banco do Brasil Americas is not your typical U.S. bank. Instead, it is the American division of Banco do Brasil, a Brazilian bank with over 200 years of history that does business in 24 countries. To best serve its international customer base, Banco do Brasil Americas provides customer service in English, Portuguese and Spanish.

While Banco do Brasil only has five branches located in Florida, many of its deposit accounts can be opened online from anywhere in the country. It also offers some accounts which can be opened without a Social Security number and U.S. address, a feature which could appeal to new immigrants and frequent visitors to the United States.

In this review, we will go over all of Banco do Brasil America’s deposit accounts so you can decide whether it is the right choice for your banking needs. We used the most recent interest rate information on its website as part of this review. These rates apply to all of its accounts nationwide.

Banco Do Brasil Americas’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

Banco Do Brasil Americas Savings Account

2.10%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.90%

CD Rates

Banco Do Brasil Americas 1 Year CD

2.75%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.30%

CD Rates

Banco Do Brasil Americas 3 Year CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Banco do Brasil checking account options

Banco do Brasil Americas Classic Checking account

A basic checking account with a high balance requirement and maintenance fee.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (waived if certain criteria are met)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

The Banco do Brasil Classic Checking account only requires a starting deposit of $100. However, it will charge a $10 monthly maintenance fee unless you meet one of the following:

  1. Your account balance does not fall below $2,000 at any point during the month.
  2. Your combined average monthly balance across Banco do Brasil deposit accounts does not fall below $2,000.
  3. You make a direct deposit of any amount during the statement cycle.

In exchange, this account offers basic checking services like a debit card and online banking. It allows up to $1,500 per day in debit purchases and up to $500 per day in cash withdrawals.

You can make free ATM withdrawals from Banco do Brasil Americas’ ATMs as well as ATMs that are part of the Presto and Allpoint networks. Thanks to these partnerships, you can receive free ATM access to your money nationwide. If you use an out-of-network ATM, Banco do Brasil Americas’ charges a $3 fee and does not refund fees from the owner of the ATM.

This account does not earn interest. This checking account also lets you make free transfers to people in Brazil.

You can only open the Banco do Brasil Americas Classic Checking account at a Banco do Brasil branch in Florida. This account cannot be set up online or by phone. This account is only available for someone with a Social Security number and a U.S. address. You will need to bring your driver’s license, proof of address and initial deposit to set up the account.

LEARN MORE Secured

on Banco Do Brasil Americas’s secure website

Member FDIC

Banco do Brasil Americas Gold Checking account

A free order of checks is nice, but not enough to make up for the massive balance requirement to avoid the monthly fee.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15 (waived if certain criteria are met)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

The Banco do Brasil Gold Checking account only requires a starting deposit of $100. However, it will charge a costly $15 monthly maintenance fee unless you meet one of the following requirements:

  1. Your account balance does not fall below $10,000 at any point during the month.
  2. Your combined average monthly balance across Banco do Brasil deposit accounts does not fall below $10,000.

This account offers the same features as the Classic Checking account and includes a free first order of checks. The Gold Checking account increases your debit card limits so you can spend up to $5,000 per day and withdraw up to $1,000 per day in cash.

You can make free ATM withdrawals from Banco do Brasil Americas’ ATMs as well as ATMs that are part of the Presto and Allpoint networks. Thanks to these partnerships, you can receive free ATM access to your money nationwide. If you use an out-of-network ATM, Banco do Brasil Americas charges a $3 fee and does not refund fees from the owner of the ATM.

This account does not earn interest. As with the bank’s other checking accounts, this one allows you to make free transfers to people in Brazil.

You can only open the Banco do Brasil Americas Gold Checking account at a Banco do Brasil branch in Florida. This account cannot be set up online or by phone. This account is only available for someone with a Social Security number and a U.S. address. You will need to bring your driver’s license, proof of address and initial deposit to set up the account.

LEARN MORE Secured

on Banco Do Brasil Americas’s secure website

Member FDIC

Banco do Brasil Americas e-Classic Checking account

Mostly the same as the Classic Checking account, except it can be opened anywhere, anytime online.
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $10 (waived if certain criteria are met)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

The Banco do Brasil e-Classic Checking account offers the same features as Classic Checking except you open it online rather than at a Banco do Brasil Americas’ branch. This account does require a larger opening deposit of at least $1,000. It will charge a $10 monthly maintenance fee unless you meet one of the following:

  1. Your account balance does not fall below $2,000 at any point during the month.
  2. Your combined average monthly balance across Banco do Brasil deposit accounts does not fall below $2,000.
  3. You make a direct deposit of any amount during the statement cycle.

In exchange, this account offers basic checking services like a debit card and online banking. It allows up to $1,500 per day in debit purchases and up to $500 per day in cash withdrawals.

You can make free ATM withdrawals from Banco do Brasil Americas’ ATMs as well as ATMs that are part of the Presto and Allpoint networks. Thanks to these partnerships, you can receive free ATM access to your money nationwide. If you use an out-of-network ATM, Banco do Brasil Americas charges a $3 fee and does not refund fees from the owner of the ATM.

This account does not earn interest. One unique benefit from Banco do Brasil checking accounts is that they allow you to make free transfers to people in Brazil.

You can open a Banco do Brasil e-Classic Checking account through its online application. You will need to provide a U.S. driver’s license, a U.S. address, a Social Security number and a U.S. bank account routing number and account number to fund the account. This account is only available for someone with a Social Security number and a U.S. address.

LEARN MORE Secured

on Banco Do Brasil Americas’s secure website

Member FDIC

Banco do Brasil Americas International Checking account

A U.S. checking account for international applicants who don’t have a Social Security number and U.S. address.
  • Minimum opening deposit: $3,000 when opened at bank branch, $3,000 when opened online by CAPES/CNPq Scholars and $10,000 when opened online by other existing BB S.A. customers.
  • Monthly account maintenance fee: $15 (waived if certain criteria are met)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

For customers who want a U.S. bank account but don’t have a Social Security number and U.S. address, Banco do Brasil Americas offers its International Checking account. This account has very high initial deposit requirements. It’s $3,000 if you open the account at a bank branch or if you open the account online and are a CAPES/CNPq Scholar. It’s $10,000 if you open online in other situations.

This account also charges a sizable $15 per month maintenance fee that can only be avoided if:

  1. Your account balance does not fall below $10,000 at any point during the month.
  2. Your combined average monthly balance across Banco do Brasil deposit accounts does not fall below $10,000.

In exchange, this account offers basic checking services like a debit card, online banking and a free first order of checks. It allows up to $5,000 per day in debit purchases and up to $1,000 per day in cash withdrawals.

You can make free ATM withdrawals from Banco do Brasil Americas’ ATMs as well as ATMs that are part of the Presto and Allpoint networks. Thanks to these partnerships, you can receive free ATM access to your money nationwide. If you use an out-of-network ATM, Banco do Brasil Americas charges a $3 fee and does not refund fees from the owner of the ATM.

This account does not earn interest. This checking account also allows you to make free transfers to people in Brazil.

You can open this account at a Banco do Brasil Americas bank branch or online through its website. If you open this account online, you must be an existing Banco do Brasil S. A. customer or be a CAPES/CNPq Scholars with a prepaid card. The online application is Portuguese and will ask for your existing Banco do Brasil account information.

LEARN MORE Secured

on Banco Do Brasil Americas’s secure website

Member FDIC

magnifying glass

How Banco do Brasil Americas’ checking accounts compare

For the average U.S. customer, Banco do Brasil Americas’ checking accounts do not offer much. They all require large deposits to avoid the costly monthly maintenance fee. None of them pay interest and they only offer basic checking services. The national ATM access through Presto and Allpoint is convenient for a regional bank but is a feature available with many other banks.

For international customers and people with ties to Brazil, these accounts offer a bit more. The free transfers to Brazil could be a huge benefit for someone who needs this feature and want to save on transfer fees. In addition, visitors and new immigrants from Brazil might find the international account useful because it can be opened without a U.S. address or Social Security number.

However, for people who can qualify for a regular U.S. checking account, there are better checking account options with lower fees and more perks, including the ability to earn interest.

Banco do Brasil savings account options

Banco do Brasil Savings account

Pays interest, but not enough for all the rules, withdrawal restrictions and potential fees.

APY

Minimum Balance Amount to earn APY

0.25%

$1,000

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5
  • ATM fees: N/A
  • ATM fee refunds: N/A
  • Overdraft fees: $35 per transaction

The Banco do Brasil Americas Savings account can be opened with a deposit of only $100 but you will need to deposit more to make this account worthwhile. This account charges a $5 monthly maintenance fee whenever your balance falls below $300. Also, the account only earns interest when your balance stays above $1,000 for the month.

This account makes it extremely difficult to access your money. First, you can only take money out either by visiting a Banco do Brasil Americas branch, which are only in Florida, or by scheduling a wire transfer, which costs $30 for a domestic transfer and $45 for an international transfer.

In addition, if you make more than six transactions or withdrawals per month, Banco do Brasil Americas will charge an extra $20 penalty for each excess transaction.

You can only open a Banco do Brasil Americas savings account by visiting one of its bank branches. It cannot be opened online or over the phone. You will need to bring your ID and deposit to fund the account. This account is available for international clients who do not have a Social Security number or U.S. address.

LEARN MORE Secured

on Banco Do Brasil Americas’s secure website

Member FDIC

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How Banco do Brasil Americas’ savings account compares

The benefits from the Banco do Brasil Americas Savings account are not enough to make up for all the potential fees and restrictions. This account makes it far too difficult to access your money since you can only take money out through expensive wire transfers or by visiting a bank branch.

While the interest rate is better than large national banks, it’s still far from a competitive rate and you need to keep a minimum balance of at least $1,000 to earn anything. At the same time, the account charges a monthly maintenance fee if you don’t keep at least $300 in the account. It’s not expensive and it’s easy to avoid, but plenty of savings accounts do not have this fee.

Since this account can only be opened at a Banco do Brasil Americas branch in Florida, it won’t be an option for many readers anyway. Even if you could open this savings account, you’d be better off choosing from this list of savings accounts, as they have lower fees, fewer restrictions and higher interest rates.

Banco do Brasil Americas CD rates

Banco do Brasil Americas CDs

Better rates than those at the large national banks, but still not that great.

Term

APY (CD < $100 million)

APY (CD > $100 million)

6 months

0.35%

0.60%

1 year

0.90%

1.25%

2 years

1.15%

1.45%

3 years

1.30%

1.50%

4 years

1.40%

1.60%

5 years

1.75%

1.95%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 90 days of interest for terms up to 12 months and 180 days of interest for terms greater than 12 months

Banco do Brasil Americas offers CD terms that range from 6 months up to 5 years. It’s a decent variety, but unfortunately the interest rates aren’t that impressive. Banco do Brasil Americas does not increase the rate unless you deposit more than $100 million, in which case it does give you a bump.

These CDs charge a sizable early withdrawal penalty. It’s worth 90 days of interest for CD terms up to 12 months and a whopping 180 days of interest for terms over 12 months. At the maturity date, these CDs automatically renew for the same term. You have a 10-day grace period after the maturity date to stop the auto-renewal.

These CDs can only be opened at a Banco do Brasil Americas branch. International applicants can also open these accounts. The only requirement is you have the funds to set up the account, as well as your ID.

LEARN MORE Secured

on Banco Do Brasil Americas’s secure website

Member FDIC

Banco do Brasil e-CDs

A few of the regular Banco do Brasil Americas CDs can be opened online.

Term

APY (CD < $100 million)

APY (CD > $100 million)

2 years

1.15%

1.45%

3 years

1.30%

1.50%

5 years

1.75%

1.95%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 90 days of interest for terms up to 12 months and 180 days of interest for terms greater than 12 months.

Three of the Banco do Brasil Americas CDs can be opened online: the 2 year term, 3 year term and 5 year term. The e-CDs currently have the minimum deposit requirements, earn the same interest rates and charge the same penalty for early withdrawals as their normal CDs.

You can only set up e-CDs with funds that aren’t currently part of a Banco do Brasil Americas deposit account. It’s a little bizarre because banks typically have this requirement when they offer a promotional CD, with a higher than usual interest rate. But the e-CDs still pay exactly the same rates as the normal CDs.

You can open a Banco do Brasil Americas e-CD using its online application. You will need to submit your Social Security number, driver’s license and a proof of U.S. address to open the account. International applicants without this information can open an e-CD online only if they are a BB S.A Client or CAPES/CNPq Prepaid Card Scholar.

LEARN MORE Secured

on Banco Do Brasil Americas’s secure website

Member FDIC

magnifying glass

How Banco do Brasil Americas’ CDs compare

Banco do Brasil Americas’ CDs are not horrible, but they don’t blow us away either. Its interest rates are better than the non-existent rates at the national banks but they don’t compare well versus the best CDs on the market. The bank’s early withdrawal penalties are also severe.

We find it a little strange that this bank has two categories of rates: Under $100 million and over $100 million, but nothing in between. Even if you do deposit $100 million, you still are nowhere near earning the best possible interest rate on your CD.

If you want to earn high interest rates, these CDs will pay you more and you don’t even need to deposit $100 million.

Banco do Brasil Americas’ money market account option

Banco do Brasil Money Market account

Not a bad money market account, especially for larger deposits.

APY

Minimum Balance Amount to earn APY

0.25%

$0.01

0.40%

$10,000

0.70%

$100,000

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $20 (avoided so long as balance stays above $1,000)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

It only takes a minimum deposit of $100 to open a Banco do Brasil Americas Money Market account. This account also earns interest even if you only have a penny in your account. However, with this account you should always try to keep at least $1,000 in your account because if the balance ever falls below $1,000, Banco do Brasil Americas charges a $20 monthly maintenance fee.

Since this is a money market account, Banco do Brasil Americas limits how often you can access funds. You can only make six transfers or withdrawals out of the account per month. This includes debit purchases, checks, and online or phone transfers. If you make more than six transactions in a statement cycle, Banco do Brasil Americas will charge you a $20 per transaction penalty.

The good news is this account lets you make unlimited ATM withdrawals and these withdrawals do not count toward your monthly limit. You can make free withdrawals out of Banco do Brasil Americas’ ATMs as well as ATMs that are part of the Presto or Allpoint networks.

You can open the Banco do Brasil Americas Money Market account at one of the bank’s branches in Florida. Banco do Brasil Americas also offers an online version of this account, called the e-Money Market account, which is exactly the same, except you can open it through the bank’s website.

To open the e-Money Market account online, you will need your driver’s license, Social Security number, proof of a U.S. address and an existing bank account to fund the account. International customers without this information can also open this account if they are an existing Banco do Brasil S.A. customer or a CAPES/CNPq Prepaid Card Scholar.

LEARN MORE Secured

on Banco Do Brasil Americas’s secure website

Member FDIC

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How Banco do Brasil Americas’ money market account compares

Out of all the Banco do Brasil Americas deposit accounts, its money market account is the one we like best. It’s free so long as you have at least $1,000 in your account and Banco do Brasil Americas pays interest on all deposits. It also offers a decent rate, especially for balances over $100,000.

We also like that this account gives you unlimited, free ATM withdrawals. You can earn a solid interest rate while still having flexible access to your savings. Finally, you can open an account easily online with its e-Money Market account.

Still, this Money Market account does have some downsides. It charges a $20 monthly fee as soon as your balance falls below $1,000. There are also accounts that pay a much higher interest rate, even compared to Banco do Brasil Americas’ highest category. While its money market account is OK, these alternative money market options could be even better for your savings.

Banco do Brasil Americas’ IRA options

Banco do Brasil IRA CD rates

The same average rates from Banco do Brasil Americas’ CDs but set up through an IRA.

Term

APY (CD < $100 million)

APY (CD > $100 million)

1 year

0.90%

1.25%

2 years

1.15%

1.45%

3 years

1.30%

1.50%

4 years

1.40%

1.60%

5 years

1.75%

1.95%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 90 days of interest for terms up to 12 months and 180 days of interest for terms greater than 12 months

Banco do Brasil Americas’ CDs can be set up through an IRA. All the terms are available for the IRA CDs except for 6 months. The IRA CDs earn exactly the same interest rates and have the same early withdrawal penalty: 90 days of interest for terms up to 12 months and 180 days of interest for terms greater than 12 months.

You can only set up a Banco do Brasil Americas IRA CD if you are a domestic client with a Social Security number. International clients cannot set up an IRA since it’s an American retirement account. You can set up a Banco do Brasil Americas IRA by visiting one of its bank branches. According to a Customer Service Representative, you can also email digitalbranch@bbamericas.com and they will provide you with further instructions within 48 hours. You will need to provide your Social Security number, driver’s license, proof of a U.S. address and a way to fund the account.

LEARN MORE Secured

on Banco Do Brasil Americas’s secure website

Member FDIC

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How Banco do Brasil Americas’ IRA CDs compare

Banco do Brasil Americas’ IRA CDs are just as unexciting as its regular CDs. It makes sense since they are mostly the same deposit accounts.

Its interest rates are only OK. They also stay the same for deposits ranging from $1,000 all the way up to $100 million. If you deposit $100 million, you do get a rate bump, but chances are that won’t apply to too many readers. We don’t also don’t like the steep early withdrawal penalties on the IRA CDs.

If you want to earn the best interest rates on your retirement savings, these other IRA CDs could be a better option than Banco do Brasil Americas.

Overall review of Banco do Brasil Americas’ banking products

If all you need is a regular deposit account, Banco do Brasil Americas is probably not the place for you. Out of all of its accounts, the money market account looks best. It offers decent interest rates and free unlimited ATM withdrawals at Banco do Brail owned ATMs, a feature not seen on every money market account. But even that account doesn’t match up well against the top choices on the market.

Its checking accounts, CDs and IRA CDs are serviceable but far from excellent. Its savings account is not worth using at all because it pays less interest while having more withdrawal restrictions than the Banco do Brasil Americas’ money market account.

Having said all that, Banco do Brasil Americas could be worth using for international customers, especially those from Brazil. Many of the Banco do Brasil accounts can be opened without a Social Security number or permanent U.S. address. It also offers full customer service in Portuguese, something you won’t find at just any American bank. And if you plan on transferring money to Brazil, you can do this for free with a Banco do Brasil Americas checking account.

Someone with a strong connection to Brazil might want to work with Banco do Brasil Americas. Someone who only wants regular U.S. deposit account should look elsewhere.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

David Rodeck
David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Reviews

Barclays Personal Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. Based on your creditworthiness you may be matched with up to five different lenders.

Barclays
APR

5.74%
To
18.99%

Credit Req.

700

Minimum Credit Score

Terms

36 to 60

months

Origination Fee

None

SEE OFFERS Secured

on LendingTree’s secure website

Barclays is a global bank with customers in 40 countries. ... Read More

Barclays Personal Loan Details
TermsFees and Penalties
  • Term lengths: 36 to 60 months
  • APR range: 5.74% to 18.99%
  • Loan amounts: $5,000 to $35,000
  • Time to funding: A few business days
  • Credit check: Soft Pull
  • Origination fee: None
  • Prepayment fee: None
  • Late payment fee: None

Barclays product details

One of the most unique features of the Barclays personal loan is the complete lack of late fees — your balance will still accrue interest if your payment is late, which could increase your total loan payment, but you won’t incur a penalty.

When you check your personal loan rate, Barclays performs a soft pull that won’t affect your credit score. This allows you to comparison shop, without lowering your score. Do note, the bank will check your credit score to determine your creditworthiness after you submit an application.

Eligibility requirements

  • Minimum credit score: 700
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

Specific eligibility requirements for personal loans are not available on the Barclays website.

Applying for a personal loan from Barclays

The Barclays personal loan application is entirely online. To begin the process, click “Check your rate,” follow the prompts and choose the options that best meet your needs. You do not need an invitation code to apply, but if you have one, click “Use my invitation code” at the top of the page to receive your customized rate.

During the application process, you’ll be asked to provide your name, address, contact information, Social Security number, employment details, and personal financial information. Barclays will send you a message through its secure application center to request written documents needed to evaluate your application. These items can be uploaded through the bank’s secure application center.

Before you sign your loan application, you’re free to cancel it at any time. If you choose to accept your loan, Barclays will issue the money within a few business days. You’re able to have the funds deposited in a U.S. checking or savings account or direct the bank to pay off up to five of your credit card balances without touching the funds yourself.

Pros and Cons of a Barclays Personal Loan
ProsCons
  • No fees: Barclays personal loans come with zero fees. This includes origination fees, prepayment penalties and late fees, which can result in significant savings.
  • Soft pulls: Checking your rate will not impact your credit score, because Barclays uses a soft credit inquiry that is not reported to creditors or credit reporting agencies.
  • Flexible terms: Choose a repayment period that fits your budget, as Barclays offers terms of 36, 48 and 60 months.
  • Competitive baseline APR: Barclays offers a baseline APR of 5.74%, which is lower than most lenders. However, rates are based on creditworthiness and length of term requested, so depending on your unique situation, you could end up with the maximum 18.99% APR.
  • Loan amounts: Barclays only offers loans between $5,000 to $35,000. This can be problematic if you’re looking for a smaller amount.
  • Time to funding: After you’re approved for a Barclays loan, it takes at least few business days to get you the money. The bank notes that delays are possible based on the policies and procedures of your financial institution.

Who’s the best fit for a Barclays personal loan?

A Barclays personal loan might be a great fit if you’re opposed to paying fees of any kind. The lack of origination fees, prepayment penalties and even late fees can result in serious savings.

Considering loan amounts range from $5,000 to $35,000, this product will only work if you need to borrow a substantial amount of cash. Due to the seriously competitive baseline 5.74% APR, it’s also a better choice if you have a low credit score. Rates are based on creditworthiness and length of term requested, so if your credit isn’t the best, you could end up with the highest rate, which tops out at 18.99% APR.

Since Barclays’s personal loans offer a fully digital experience, this is also a better choice for the tech savvy crowd. While a customer service team is always a phone call away, you might become frustrated with the self-service features and the lack of face-to-face interaction if you prefer more a more personalized banking experience.

Before deciding on a personal loan, it’s smart to read Barclays reviews and comparison shop to see what other lenders have to offer. LendingTree has a personal loan tool that can be used to quickly and efficiently explore your options. Barclays loans have no origination fees, and below are a few alternatives that also offer this benefit.

Alternative personal loan options

LightStream

APR

3.99%
To
16.99%

Credit Req.

660

Minimum Credit Score

Terms

24 to 144

months

Origination Fee

No origination fee

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on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

LightStream, a division of SunTrust Bank, offers personal loans from $5,000 to $100,000. Rates are extremely competitive — the bank is willing to beat any qualifying lower rate offered by another lender by 0.10% — and vary by loan purpose. There are no fees attached to the loan, including prepayment penalties. This can be a good choice if you’re looking for a fee-free loan, but need a higher amount than Barclays offers.

SoFi

SoFi
APR

5.99%
To
16.99%

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.990% APR to 16.990% APR (with AutoPay). Variable rates from 5.74% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.72% APR assumes current 1-month LIBOR rate of 2.49% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

SoFi grants personal loans from $5,000 to $50,000. There are zero fees attached to the loans and SoFi’s unemployment protection benefit allows you to temporarily pause payments, while helping you find work if you lose your job. If you’re looking to borrow more than the maximum Barclays personal loan limit or want to spread your payments out across a longer term, a SoFi personal loan can be solid option.

Earnest

Earnest
APR

6.99%
To
18.24%

Credit Req.

680

Minimum Credit Score

Terms

36 to 60

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Instead of offering credit-based loans, Earnest has taken a very nontraditional approach using a merit-based system.... Read More

Earnest offers personal loans that range from $5,000 to $75,000 and you’re able to choose your desired monthly payment. You might also score a more competitive rate with Earnest, as the lender analyzes your entire financial profile to calculate your APR, instead of relying solely on your credit score. Earnest could be a good choice if you need more money than the maximum Barclays limit or you feel like your credit score doesn’t properly represent your financial standing.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Laura Woods
Laura Woods |

Laura Woods is a writer at MagnifyMoney. You can email Laura here

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Reviews

Review of OFX: A Money Transfer Provider

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

When you need to send a large amount of money internationally, OFX could be your most affordable option. The company offers web-based money transfer solutions for individuals and businesses alike. In our review, we found that this service has some features which put them ahead of the competition. However, it also lacks other features and capabilities that might be important to you.

Although OFX money transfers can sometimes take longer than some of the company’s speedier competitors, price is where it consistently shines — it charges no additional fees for transfers beyond the standard exchange rate markup, although it requires a minimum transfer for $1,000 to start with. That means people who have smaller amounts to transfer will need to look elsewhere.

OFX’s headquarters is based in San Francisco and the company has been in business since 1998. Currently, the company has offices located in six different countries. Yet it all started a little over two decades ago when it launched its first website from a garage in Sydney.

In the past 20 years, the company has grown to more than 200 employees. OFX has managed over 1 million money transfers for more than $119 billion, with the numbers still growing.

Here’s a full breakdown of OFX’s costs, fees and a look at how it compares with its competitors in the international money transfer space.

OFX key features

  • Low exchange rates: OFX claims to have better rates and fees than many banks. Per the company, you can save up to an average of 50% on global money transfer rates when compared with using a bank. Banks make money off international money transfers by charging a markup (aka a margin) on foreign exchange rates. The reason OFX fees are lower is because they say they charge margins which are “substantially less” for money exchanges than the rates many banks charge their customers. OFX exchange rate markups are often less than 1%, they claim.
  • $0 transfer fees: Once upon a time, it did charge a flat-rate fee for money transfers. However, now OFX doesn’t charge any additional transfer fees for international money transfers. (The company does point out that your recipient’s bank might deduct a fee for the incoming transfer, but it doesn’t receive any part of those funds.)
  • No hidden fees: OFX doesn’t charge setup fees, monthly account fees or any other hidden fees.
  • Compare fees before transfer: OFX lets you check the rate you will be charged for an international money transfer in advance. However, you’ll have to create an OFX account first. This process is a bit cumbersome compared with the easy-to-access fee estimators available from some other money transfer service providers. However, it also gives you a way to compare the rate it will charge you with the rate your bank would charge you for the same transaction, so you can make sure you’re getting the better deal. This is a nice touch (though you should still estimate fees from other online money transfer providers to make sure you’re getting the best deal available). To estimate fees you’ll have to create an account, log in or use the “Get Extra” widget to see how much you could save when you transfer money with OFX instead of your bank.
  • There’s an app for that: You can transfer money, track your transfers and get current exchange rates with the OFX app, available for Apple and Android devices.
  • Membership program: If you own a business, you may be able to enjoy preferred exchange rates from OFX. Preferred rates could make sending or receiving money cheaper by helping you save more on exchange rate margins. The OFX Member Benefits Program lets you share your preferred rate with your own customers, members or employees by granting them access to your OFX network as well.
  • Referral program: The OFX Referral Program allows you an opportunity to earn a revenue share when your customers or referrals use OFX for international money transfers. You can also add the company’s free rate and currency calculators to your website, giving your users access to the most recent currency information.

Sending a money transfer with OFX

Review of OFX: A Money Transfer Provider
Transfers generally take 1-4 business days. Times may vary based upon the country to where you are transferring funds.

You should allow:
  • 1-2 business days for OFX to receive your funds plus

  • 1-4 business days for the funds to reach your recipient



*OFX provides a currency converter tool inside your account, online or using the app, which can also provide approximate delivery times.
Where can you send money?
OFX can transfer your money to over 190 countries in 55 different currencies. See a list of locations here.

How much can you send? Transfer amounts start at $1,000(minimum).

*Maximum transfer amounts are determined based on your money transfer provider and type of currency. USD can generally be transferred without restrictions.

How to transfer money

Here’s a look at the process you’ll experience if you transfer funds internationally with OFX.

Step 1:
You can sign up for a personal account or business account online or via the OFX app. For a personal account, you will need to provide the following information:

  1. Your location
  2. Your email address
  3. Your currency pair (aka where you’ll be transferring money from and to)
  4. Your estimated transfer amount
  5. Your personal information (name, address, phone number, date of birth, nationality and occupation)
  6. Your driver’s license state and number (optional)

Step 2:
Create a password and set up a security question.

Step 3:
Verify your account by uploading one of the following:

  1. Copy of your driver’s license or passport (color)
  2. Proof of address (bank statement, utility bill or letter from a government agency)

Step 4:
Add the U.S. bank account you’ll be using to send funds.

Step 5:
Add new recipient details, including the person’s name and banking information.

Step 6:
Calculate transfer rate (if desired).

Step 7:
Transfer funds by setting up a direct debit or wiring the funds to OFX.

Step 8:
Funds are converted and delivered to your recipient.

Fees and fine print

Fees and penalties
Transfer rates
When you transfer money with OFX, the company takes a “small percentage” of the money you’re sending to cover costs.

Here’s how it works. Fees are based upon the market rate (also called interbank rate), which is a wholesale rate available to large financial institutions. Customers of OFX are charged a markup on the market rate, and that is how OFX makes money. You can check exchange rates here.


Transfer fees None
None

Compared with other money transfer options, OFX is often one of the most affordable ways to send money internationally. However, this isn’t the case 100% of the time. If you want to get the best value on your money transfer, it’s wise to compare costs among several money transfer providers.

Is OFX a good money transfer service to use?

Overall, OFX can often offer a more affordable way to send money internationally. You just have to be comfortable with the wait and minimum transfer requirements.

Pros
Cons
  • Low exchange rates mean OFX is often a cheaper way to send money.
  • Zero transfer fees keep the service affordable and simple to understand from a cost perspective.
  • 24/7 customer service support

  • No same-day delivery, (except from Australia to the U.S.)
  • Minimum transfer requirement of $1,000
  • Bank-to-bank transfers only with no cash payment or cash pick up options
  • No domestic transfers within the United States


Alternative money transfer options

MoneyGram and Western Union are international money transfer companies providing similar services to OFX.

MoneyGram

  • Where can you send money? MoneyGram has a large network. You can send money to more than 200 countries and territories around the world online or in person at one of MoneyGram’s 350,000 (approximate) global agent locations. Unlike OFX, you can also transfer money within the United States.
  • How long does a transfer take? Once you send a transaction successfully, your recipient can usually pick up cash within minutes. Just keep in mind that transfer time also depends upon operating hours and regulatory requirements.
  • How much can you send? $6,000 per online transfer is typically the cap on MoneyGram transfers, but it also depends upon the country where your recipient lives. Also, there’s a $6,000 cap per every 30 calendar days for online transfers. If you need to send more, you can. You’ll just need to a MoneyGram agent location to send additional transfers.
  • Fee to send money: MoneyGram’s costs can be a little on the high side. When compared with other competitors, MoneyGram fees are often higher plus they may include additional transfer fees. The cost to send money via MoneyGram varies quite a bit based upon where you’re sending money, how much you’re sending and how you’re paying. On the plus side, MoneyGram has a tool which can easily allow you to estimate fees online, without the hassle of being required to create an account first.

One area where MoneyGram shines is its potential speed of delivery. If timing is your primary concern when you are sending money, MoneyGram may be a good option to consider.

Western Union

  • Where can you send money? Western Union lets you send money to more than 200 countries and territories. The company also has a sizable network of over 500,000 agent locations, this can make finding a place to send or receive money in person a lot more convenient.
  • How long does a transfer take? Western Union allows you to send money in minutes in 130 currencies. Many transactions take place within minutes. Just keep in mind that factors like the service you select, your destination country, any regulatory issues, etc. could slow things down.
  • How much can you send? The amount of money you’re allowed to transfer will vary. Limits are based upon your transaction history with Western Union, the country where you are sending money, your location and the type of transfer service you choose. Based upon these factors, limits may range from $300 per money transfer up to $10,000 per transaction.
  • Fee to send money: Western Union is known for having a large network, not for being the most affordable way to send money internationally. Compared with competitors, exchange rate fees may be higher and you may be charged transfer fees on top of that. You can estimate the cost of sending money using Western Union’s online fee calculator. It’s a helpful and convenient feature, partly because you aren’t required to set up an account to access it. Also, even though Western Union may be more expensive in many cases, you shouldn’t just assume that is always the case. If you’re sending an online money transfer, it’s worth your time to see if Western Union can beat the cost your receiving elsewhere.

Western Union stands out among competitors for its conveniently large network and speed. With more than 500,000 agent locations, finding a convenient spot to send or receive money may be easier than with other service providers.

Should you choose OFX?

OFX frequently beats competitor pricing for international online money transfers. Yet there are so many moving parts when it comes to money transfers that you shouldn’t take for granted that it is the cheapest option. If you want to save the most money possible on your international money transfers, you have to be willing to do a little homework (perhaps every time you prepare to transfer funds) and compare costs between several money transfer networks.

Of course, even if it is the least expensive option for your specific situation, the cheapest option may not be the right choice for you. OFX tends to be a bit on the slow side with regard to getting money into your recipient’s hands. Also, OFX doesn’t give you the option to pay with cash nor does it give recipients a cash pickup option. If you don’t have the capability to transfer funds directly into your recipient’s bank account, you’ll need to find a different company to handle your money transfer.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Michelle Black
Michelle Black |

Michelle Black is a writer at MagnifyMoney. You can email Michelle here

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