DolarApp is a mobile application that allows users to buy, hold, and send digital dollars at the interbank rate. The app is designed to provide easy access to a digital dollar account, allowing users to protect themselves from volatility and forget about peso devaluation. DolarApp is available for download on both the App Store and Google Play, making it accessible to anyone with a smartphone.
Through DolarApp, users can open a free account in seconds and without hidden fees. They can add USDc at the best rate with a payment in Pesos or Dollars, earning 3% rewards on their USDc balance. Additionally, users can order a DolarCard and get up to 4% back on their purchases. The app is also equipped with a feature that allows users to check current and historical prices real-time in the app.
DolarApp is not a bank and is not affiliated with any bank. Brokerage accounts and cash management programs are provided through SynapseBrokerage LLC, an SEC-registered broker-dealer and member of FINRA and SIPC. The app is designed to provide users with the benefits of a digital dollar account without the need for a traditional bank account. With DolarApp, users can enjoy the convenience of a digital dollar account without the hassle of traditional banking.
What is DolarApp?
DolarApp is a digital dollar wallet designed for people in Latin America who want to access a stable economy and financial liberty. The platform allows users to create an account in less than 2 minutes, giving them easy access to a digital dollar account that can be used to buy digital dollars at the best rates without any costs.
DolarApp is not a bank, but it provides brokerage accounts and cash management programs through Synapse Brokerage LLC, which is an SEC-registered broker-dealer and member of FINRA and SIPC. This ensures that users' funds are safe and secure.
One of the key benefits of DolarApp is that it allows users to live in pesos or dollars, all from one account. This borderless account enables users to transfer pesos or dollars, and the DolarCard allows users to spend in any currency. Additionally, users can send and receive payments from the US, making it easier to do business with American companies.
DolarApp was founded in 2021 by three ex-Revolut employees; Zach Garman, Álvaro Correa and Fernando Terrés. In September of 2022, DolarApp raised USD $5M from Y Combinator and Kaszek Ventures.
Its mission is to ensure that every person in Latin America who was excluded from a stable economy has financial liberty. By providing easy access to a digital dollar account, DolarApp is helping to solve the problem that many Latin American citizens face when trying to access banking in US dollars.
Features
DolarApp is a digital dollar account that offers various features to its users. Here are some of the features that make DolarApp stand out:
Security
DolarApp takes security seriously and uses various measures to ensure that users' accounts are safe. One of the security features is two-factor authentication, which adds an extra layer of protection to the account. Users can also freeze and unfreeze their cards at will, which helps to prevent unauthorized transactions. Additionally, DolarApp uses 3DS to protect payments made with the card.
User Interface
DolarApp has a user-friendly interface that allows users to easily navigate the app. Users can open an account in less than two minutes, and can buy digital dollars at the best rates without any costs. The app also offers real-time updates on exchange rates, making it easier for users to keep track of their balance.
Payment Options
DolarApp offers various payment options to its users. Users can transfer funds from their bank accounts to their DolarApp account, and can also make payments using their DolarApp Mastercard. The card can be used to make purchases anywhere Mastercard is accepted, and users can benefit from up to 4% cashback. Additionally, DolarApp offers live support to its users, which helps to resolve any issues they may encounter.
How to Use DolarApp
Registration
To use DolarApp, the first step is to register for an account. Users can easily create an account in just two minutes by downloading the DolarApp mobile app or visiting the website. Once the registration process is complete, users can start using the app to buy digital dollars at the interbank rate and hold them in their DolarApp account.
Verification
After registration, users will need to verify their account to unlock all the features of the app. The verification process is simple and can be completed in a few steps. Users will be asked to provide their personal information, such as their name, date of birth, and address. They will also need to upload a government-issued ID and a selfie for identity verification purposes.
Sending and Receiving Money
DolarApp allows users to send and receive money quickly and securely. To send money, users can simply enter the recipient's email address or phone number and the amount they want to send. The recipient will receive an email or text message with instructions on how to claim the money. Users can also receive money by providing their DolarApp account number and routing number to the sender.
Users can also use the DolarApp Mastercard to make purchases or withdraw cash from ATMs worldwide. The card can be used wherever Mastercard is accepted, and users can benefit from the best exchange rates and up to 4% cashback. To use the card, users need to add funds to their DolarApp account and activate the card in the app.
In conclusion, DolarApp is a convenient and secure way to buy and hold digital dollars, send and receive money, and use a Mastercard for purchases and withdrawals. With easy registration, simple verification, and user-friendly features, DolarApp is a great choice for anyone looking for a reliable digital wallet.
Fees and Charges
DolarApp offers a variety of services, some of which are free and some of which have associated costs. Here are the services that do have a cost for you:
- Receive your physical DolarCard. It has a shipping cost of $4.99 USD.
- Send and receive payments from the United States using your USA account details with DolarApp. The cost is $3 USD per transaction.
It's important to note that there are no fees for opening an account, maintaining a balance, or receiving payments from other DolarApp users. Additionally, there are no fees for using your DolarCard to make purchases or withdraw cash from ATMs.
When it comes to exchanging currencies, DolarApp offers competitive exchange rates with no hidden fees. However, it's important to note that exchange rates can fluctuate and may be subject to market conditions.
If you have any questions about fees or charges, DolarApp's customer support team is available to assist you.
Customer Support
DolarApp offers best-in-class support to its customers. The support team is available 24/7 through the in-app chat feature. Users can chat with the support team to get help with any issues or queries they may have. The support team is knowledgeable and helpful, and they can assist with anything from account setup to troubleshooting issues.
In addition to the in-app chat feature, DolarApp also provides an extensive help center on their website. The help center includes a comprehensive list of frequently asked questions, organized into categories for easy navigation. Users can browse the help center to find answers to common questions and issues. If they can't find what they're looking for, they can contact the support team through the chat feature.
DolarApp's support team is also active on social media, particularly Twitter. Users can tweet at the support team with any issues or questions they may have, and they will receive a prompt response. The support team is friendly, professional, and responsive, making it easy for users to get the help they need.
Conclusion
DolarApp is a digital dollar account designed for the millions of people in Latin America who want to be banked in dollars. With DolarApp, users can easily open an account in less than 2 minutes, from their phone and without any costs. They can also buy digital dollars at the best rates without any costs, with bank transfer from their bank.
DolarApp also offers investment options in digital dollars, earning a 3% annual return. Users can pay with an international Mastercard with up to 4% cashback. The company has a mission to ensure that every person in Latin America who was excluded from a stable economy, has financial liberty. Through technology, they give easy access from your phone to a digital dollar account with many benefits.
With DolarApp, users can live in pesos or dollars, all from one account. The company offers a DolarApp Mastercard that can be used wherever they want, without any hidden fees. The users can benefit from the best exchange rates and up to 4% cashback. The company offers real support by real people, with best in class support the way the users like it. They can chat with the support team whenever they need assistance.
The company has received funding from several investors, including Kaszek, Y Combinator, and others. The DolarApp founders were part of the YC Summer 21 batch, but didn't do Demo Day and remained mostly heads down since then, working on the product. With the support of these investors, DolarApp is well-positioned to continue to grow and help millions of people in Latin America achieve financial freedom.
