Is Pahela a bank?
Not really. We're an online banking platform, though some prefer the buzzword 'neobank'. "Pahela" & "Pahela Money" partners up with regulated banks across the borders to offer banking services. Through this banking partnership, we provide our Savings Account, Virtual Cards & Mastercard debit card.
Here's what we do:
Everything regular banks provide, we improve on. Politely junking their legacy-era infrastructure along the way. In fact, we elevate banking to a whole new level!
Emboldened by cutting-edge tech that taps into data science research, our interactive user interface design lets you experience banking like never before. No physical branches. No tiresome paperwork.
Is my money safe with Pahela?
All funds deposited through Pahela are secure and safe as it lies with our partner banks in the USA, India & Bangladesh Your money is also insured up to ₹5 lakh in India by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the Reserve Bank of India; FDIC insured up to $250,000 through partner banks in the USA.
To top it off, we follow the requirements of Payment Card Industry Data Security Standard (PCI DSS). Essentially, it's the 'gold standard' compliance scheme to secure credit and debit card transactions.
Why is Pahela Money only offering Virtual Cards?
Currently, we have partnerships in place to offer the virtual cards only.
We do intend to open Pahela Money up for anyone for more services like remittance, savings account, debit card, cross border account, business account who might benefit from it eventually. Fingers crossed!
Why a waitlist?
These are early days for us at Pahela. We're still experimenting and refining our features, before a full-fledged launch of our app. The waitlist helps to space things out – and give each user the best possible experience. Our team is hustling across timezones to make sure we don't keep you waiting for too long.
We're honoured that you joined our waitlist. Thank you!
Why are Pahela users placed on a waitlist after registration?
Tired of hearing 'Good Things Come To Those Who Wait', huh?
The waitlist makes sure that we can stagger our sign-ups.
Our post-launch goal? Give each user the best possible experience.
Real talk. We're honoured that you joined our waitlist.
I have signed up on the waitlist, when will I get access to the app?
We're thrilled to hear that you've signed up for our waitlist. We're rolling out our app in phases.
Doing so helps us gather feedback from early users and refine our features.
Right now, we're reaching out to other waitlist users progressively with personal invite codes – look for yours soon.
Why do you need my information?
Fair question. Here's the short answer:
We want to enable a safe place for our users, their family and friends. And our partner banks are regulated in their respective country.
To honour this, we require minimum KYC like who you are, birthdate, educational information, current stay and job or business so that we can ID our customers any given time.
Also, our sign-up process is completely digital & that requires mandatory documents.
We are building a global digital only bank and come help us to build that!
That said, we're experimenting with ways to make sure that eventually everyone can try Pahela!
What is a virtual card?
A virtual card is similar to a physical cad without the physical card.
You're presented with 16 digits number, expiry date and 3 digits pin.
You will be offered verified USA address as well for online purchase.
How do I top up my Virtual Card?
Bangladeshi residents can top up their virtual cards through Muthopay, bKash, Bank Accounts, Local Cards or even Cash.
Indian users can top up through our secured UPI payment page.
US based Bangladeshi and Indian users can send us money by wire transfer or card payment.
We are working on to bringing more ways for our customers.
What are the costs?
The card cost BDT 1200 or Rs 1000 or USD $5.
This is a one time fees and there are no other charges.
How many cards can I order?
At present you can have 1 original virtual card and upto 3 more additional virtual cards.
Additional cards are subject to extra costs.
Which currency you support now?
Currently we support USD.
We are working on to adding BDT, INR, POUND AND EURO.
Surprise, we are adding Bitcoin in coming months!