Zolve Review | The College Investor

Immigrants who come to America may find it difficult to integrate finances into the U.S. system, one that is based on a credit score and Social Security number. These are just a few of the roadblocks that fintech company Zolve is looking to help with. 

The company is creating a pathway to ease into the U.S. banking system with less stress. Specifically, the platform is working to create a smooth transition between India and the U.S. 

Let’s explore how Zolve provides a streamlined pathway. Plus, whether or not the platform is a good fit for your situation. 

Zolve is a fintech company that offers cross-border financial solutions for global citizens. If you need to build a financial foundation in multiple countries, the platform can ease the transition. 

At the moment, Zolve is currently serving the U.S. and India. But the company has plans to expand into other markets.

What Does It Offer?

Zolve is a relatively unique opportunity for global citizens looking to build a financial footprint in India and the U.S. Here’s what you can find through the company. 

You Need To Apply For An Azpire Credit Card

Through Zolve, you can apply for the Azpire credit card with either a Social Security Number, Individual Taxpayer Identification Number (ITIN), or passport. You can get approved without a credit check. 

Unlike a traditional unsecured credit card, the spending limit is initially tied to your Zolve bank account balance. Although the website claims there is no security deposit required, your bank account balance is tied to the card. After opening an Azpire card, you can add money to your bank account. 

Here’s how it works:

• As you use the Azpire card, Zolve will report your credit usage to the three major credit bureaus. 
• Since you cannot spend more than your bank account balance, you don’t have to worry about taking on high interest debt. 
• But in contrast to a debit card, you’ll build credit as you spend. 

If you use the card responsibly, you might see your account upgraded to an unsecured credit card. According to Zolve, you can get a credit limit of up to $10,000 in as little as four months. Keep in mind that the upgraded credit card involves interest charges and other fees. 

Along the way, you can tap into cashback opportunities. With the card, you can earn up to 10% cashback at over 9,000 retailers.

Get A Bank Account Before You Reach The U.S.

When arriving in the U.S., you will need more than opportunities to build credit. Additionally, a traditional checking account will come in handy. Zolve allows you to apply for a U.S. bank account before leaving your home country. 

There are no minimum balance requirements or upfront account fees. Plus, you won’t need a Social Security Number to get started. After opening the account, you can land in the U.S. with a bank account that eliminates the need to transport large amounts of cash. 

Through this bank account, you can connect to other payment options like Apple Pay, Google Pay, and Venmo. If you plan to receive direct deposits, this account can accept the funds seamlessly. Plus, you’ll find payment alerts and autopay options to start building your financial foundation on the right foot. 

The Zolve Boost account is a step up from the basic bank account. You can score an annual boost rate of 2% to help you grow your savings.

International Transfers

Sending funds back and forth between India and the U.S. can get expensive quickly. If you have bank accounts in both countries, it’s important to find a way to minimize costs. With the help of Wise, Zolve offers a relatively low-cost way to send funds and receive funds. 

When sending funds, you’ll see a full breakdown of any costs. At the moment, Zolve does offer a relatively low cost transfer opportunity. But it’s helpful to check out all of your options to find the most affordable choice.

Are There Any Fees?

The Zolve Azpire credit card doesn’t have an annual fee attached. 

But the Zolve credit card comes with an $11.99 monthly fee, or $119.99 when you pay by the year. It’s possible to avoid the fee if you spend $18,000 or more on the card each year.

The costs to transfer between the U.S. and India vary. But at the moment, Zolve does offer an affordable choice. If opting for a wire transfer, it costs $15 to receive funds in your U.S. account. But you also have the option to transfer through Wise, which can be more affordable. 

How Do I Contact Zolve?

Zolve offers chat support around the clock. You can also email hello@zolve.com for support. However, there is no phone number listed for the company. 

Overall, customers tend to be happy with their Zolve experience. The company has earned 4.1 out of 5 stars on Trustpilot, 4.2 out of 5 stars on the Google Play Store, and 4.4 out of 5 stars on the Apple App Store.  

How Does Zolve Compare?

Zolve is a relatively unique option. The focus on helping people build a financial footprint in both India and the U.S. is a key feature for many of its users. 

In terms of student loans, Zolve can help you search for lenders. However, it doesn’t directly offer student loans to customers. If you’re an international student, these are two student loan lenders that will work with you—Prodigy Finance,  Ascent, and MPower Financing. 

How Do I Open An Account?

The process starts by heading to the Zolve website. From there, you’ll select Get Started. Be prepared to provide an email address and add a password. Additionally, you’ll need to upload your passport and visa as identification documents. 

The entire process should take a few minutes. You can streamline the process by having your identity documents ready. 

Is It Safe And Secure?

Zolve accounts are secured with FDIC insurance of up to $250,000. Additionally, the platform uses 256-bit encryption to protect your information. 

When using the credit card, the Mastercard includes zero liability protection for fraud. If you are unsure about a card’s security, you can freeze it at any time. 

Is It Worth It?

Zolve offers a worthwhile opportunity to a specific customer. If you are living in India or moving to the U.S., you can start building your U.S. financial foundation. The platform makes the transition more streamlined as you take this major step.