Unless they extended it like they did last month (and who knows, they might), the deadline for getting a signup bonus with Revolution Money Exchange is tomorrow (5/15).
I signed up for it early last month and have had positive experiences so far. Here’s a quick overview of the program:
It’s essentially like opening up a bank account (so they’ll ask for personal information to guarantee your identity) without an initial deposit. But this is a special bank…it lets you easily transfer money from linked accounts (so you don’t have to keep any money with RME) to other peoples’ accounts.
It doesn’t use credit cards, so there are no transfer or withdrawal fees. There’s a small fee if you want to withdraw your money as a check–to cover cutting and mailing it.
It’s backed by First Bank & Trust, Brookings, SD, Member FDIC and part of the Fishback Financial Corporation. And the board includes former presidents/CEOs/chairmen of companies that include Mastercard and JP Morgan as well as a former Secretary of the Treasury.
Why RME might be useful to you:
- If you accept money via RME for sales or services rendered, you won’t have to pay the fee, like you would on Paypal.
- If you’re looking for a convenient way to send money to family members, children, etc.
So for example, I do freelance work. The majority of my employers use Paypal, but I’m trying to make RME available to them too (unfortunately, the ones that represent companies can’t open accounts…though individuals can). Because I have a Paypal account that can accept unlimited credit card payments, I lose money on every transaction. Hence, I either set my rates higher or see it as a cost of doing business. I’ve done a few exchanges with RME and so far it’s working well.
If it’s something you might find useful, why not sign up and give it a try?