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Revolution MoneyExchange's $25 New Account Promotion

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Update: The $25 bonus is no longer available.

This is not exactly a bank deal, but it's close. Revolution MoneyExchange is a new PayPal-like service which provides a free person-to-person payment system. It's free to send and receive money, and it's free to transfer money to your bank account. There's a $25 new-account bonus for just signing up before the end of February.

If you're sending money to another person, that person will either have to already have a MoneyExchange account or will have to register for one. So the success of this service depends on people signing up. With PayPal being so popular and with distrust over giving new websites personal info, I can see why they're having this promotion.

This promotion actually started at the end of January. I was slow to post on it since I wanted to make sure it was legitimate. The money in your MoneyExchange account is held for you at First Bank & Trust Brookings (Member FDIC). I did call the number at this bank and confirmed they are affiliated with MoneyExchange. Also, Revolution Money has been mentioned at MSNBC and InformationWeek and at several blogs and forums (MyMoneyBlog, FatWallet). Revolution MoneyExchange is part of Revolution Money which is a subsidiary of Revolution LLC, an investment company formed by Steve Case, co-founder and former CEO of AOL.

I just opened an account yesterday. The signup process is easy, and the $25 showed up in the account immediately. I then initiated a link to my bank account to transfer out the money.

The main downside is that the registration requires providing your social security number. This is no different than registering for any bank account. I've also read concerns about their privacy policy, but it doesn't seem to be much different than the privacy policies of PayPal and of the credit card companies. The $25 is probably not worth it if you don't plan on using MoneyExchange. For those who are looking for a PayPal alternative, this can be a good deal.

Thanks to the reader who mentioned this promotion in the Finding-the-best-rates post.


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Comments
14 Comments.
Comment #1 by Anonymous posted on
Anonymous
I could not find anything mentioned about receiving the sign up bonus.

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
I forgot to include the link. If you click on the "sign up here" button on their home page, you'll see the $25 promotion described in the upper right hand side. Here's the direct link.

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Comment #3 by Bill (anonymous) posted on
Bill
I just signed up and got the 25 bucks. As soon as you sign up, there is pending receive email from moneyexchange regarding the free $25.00

I guess they are giving the free $25 to create some kind of a buzz and the word of mouth will take over....

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Comment #4 by Anonymous posted on
Anonymous
If you refer a friend, you get an $10 bonus. Any idea if they still get the $25 if they sign up through the referral?

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Comment #5 by Anonymous posted on
Anonymous
Why would the $25 not be worth it if you don't plan on using MoneyExchange. It seems like it's just an easy $25 for us folks that like to receive these sort of bonuses for no other reason.

1
Comment #6 by Banking Guy (anonymous) posted on
Banking Guy
About the refer-a-friend feature, you still get $25, but nothing more. So there's no extra benefit for the person being referred.

About whether this is worthwhile, you're right, it is an easy $25 even for those who don't plan on using this in the future. However, those who are concerned about giving out their SSN or have privacy concerns may not think it's worthwhile. In my opinion, they seem very safe, so that's not an issue for me.

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Comment #7 by Anonymous posted on
Anonymous
Banking guy:
Does this group perform a "soft" or "hard" credit report inquiry as part of the account opening process? Thanks.

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Comment #8 by uRL (anonymous) posted on
uRL
You may add value to your Account a maximum of 30 times per calendar month. The maximum value load you may place on your Account is one thousand dollars ($1,000) per day and two thousand five hundred dollars ($2,500) per calendar month. The maximum Account balance you may have on your Account is two thousand five hundred dollars ($2,500). For security reasons, there may be additional limits on the number and amount of transfers you can make. We will not be liable for failing to enforce any of these limits.

$2500 maximum balance seems to be low, but for a no interest bearing account this would be good to pay other Revolution account holders.

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Comment #9 by Anonymous posted on
Anonymous
I tried to join and failed. I keep a fraud alert on my credit report to prevent identity theft, so if you have a fraud alert you will probably get an error

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Comment #10 by Anonymous posted on
Anonymous
Have to postal mail a paper form with social security number in order to opt out of privacy data sharing.

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Comment #11 by Anonymous posted on
Anonymous
If anyone is planning on signing up for a Revolution Money account, please let me know--I can send you a referral link. Just send me a quick line at neethu151@gmail.com. With a referral, thats a free $25 for you and $10 for me.

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Comment #12 by Anonymous posted on
Anonymous
To anonymous above: This is why Banking Guy has the link to open a Revolution MoneyExchange account on his website. He supplies us with very, very good information. If anyone wants to open this account, let’s support Banking Guy by using his link so he can get the $10.00 referral fee. I just did.

Banking Guy, thanks for giving us all of the information that you do. Your website is great!!!

For everyone who makes money off of the information given on this website, I’d like to point out that on the upper right hand corner, under the section of “Bank Deals Overview”, there’s a link that says “Tip Jar.” Let’s all send a little something Banking Guy’s way. I have and will do so again.

Disclaimer: I have never met Banking Guy, nor do I know any of his family or any of his friends. But I have benefited monetarily from his site so I am happy to support him.

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Comment #13 by Anonymous posted on
Anonymous
Either the $25.00 promotion is over or I am too dumb to receive it? I saw no mention of the $25.00 and I did not receive after completion of sign up?

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Comment #14 by pbcp1 (anonymous) posted on
pbcp1
Are you able to send and receive money anywhere in the world?If someone from Venezuela sent me bolivares would it come to me in US Dollars?

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