Decentralized Finance or DeFi is taking over the world so what the hell is it?
The increasing popularity of cryptocurrencies have led to a global open finance movement in the form of the decentralized finance (DeFi) framework.
So at first glance one starts thinking this is all about Crypto Currencies. However, that would be fully underestimating what is at hand.
DeFi is all about moving away from the stodgy old banking model into a world of lower costs, mobility, freedom, options and privacy.
Wire Transfers still cost $40 to move 100 bucks from a bank Miami to a bank in Madrid. Stack on the monthly fees required to maintain the account with a regular bank and all of sudden your bank is robbing you blind!
So for $40 at least the whole process happens in an hour right? We all know that is the farthest from reality. It takes days and days.
So enough about the past and the madness of it all let’s cover some of the tools/services out there that you can take advantage of right not and not have to wait years for the future to get here.
All the facilities and services listed are considered ROCK solid. They are the best of breed in their respective fields.
All of the services included in this article involve signing up online and don’t require any onsite visits.
Naturally, you will need proper identification like Drivers License in most cases and Passport in others.
DeFi in Checking, Savings, International Transfers and Crypto
Checkout this great source of common bank fees from the major banks put out by Chime Bank to give you an idea of what you can avoid by going with a Chime or Ally Bank
Chime is an online only bank in the US
The best thing about Chime is that there are NO monthly fees.
- No Monthly fees and low fees for just about everything
- ATM withdrawals are free at the network ATMs just like any other banks.
- Obviously you can do direct deposit
- Both Apple and Android Apps
- You can deposit checks via the app
- Direct deposits arrive 2 days before most other banks so no waiting for your funds
- You can use your ATM card anywhere in the world just like any other Debit Card
All in all, you should have an Account at Chime bank since there is no cost and considering banks are now using Cancel Culture excuses you should have an account just in case.
I have had an account now with Chime now for over 3 yrs and have never paid a fee!
Click the image above and get $75 free money just for signing up and setting direct deposit within 45 days of enrolling. Always check the website to make sure the offer it still valid.
Ally is also an online only bank in the US.
The best thing about Ally is that there ALSO are NO monthly fees.
Ally does a bit more than Chime in that they do mortgages and have Money Market Accounts but one might consider keeping things simple and just get a checking account and perhaps a savings.
- No Monthly fees and low fees for just about everything
- ATM withdrawals are free at the network ATMs just like any other banks.
- Obviously you can do direct deposit
- Both Apple and Android Apps
- You can deposit checks via the app
- Direct deposits arrive 2 days before most other banks so no waiting for your funds
- You can use your ATM card anywhere in the world just like any other Debit Card
- You can even move money with Amazon’s Alexa (I find that idea a bit too far but hey it’s there)
All in all, you should have an Account at Ally bank since there is no cost and considering banks are now using Cancel Culture excuses you should have an account just in case.
I have had an account now with Ally now for over 7 yrs and have never paid a fee!
Wise, formerly TransferWise is NOT a bank but acts like one in many respects.
Wise is one of the best in class ways to transfer funds from one currency to another. It’s also just fine to send funds to someone in the same currency as the speed at which Wise operates is second to none and you AVOID the Wire Transfer fees from stodgy banks from $40 and up for International transfers and $25 and up for local US transfers.
Exchange Rates at Wise are amazing. You’d think that they would have nasty middleman margins on exchange rates but the rates are essentially inter-bank rates i.e. the rates banks charge each other.
Wise keeps your money in established financial institutions like JP Morgan Chase and Barclays. Where your money is depends on which country your Wise account address is in.
So your money is kept safe (if you store any money with Wise which certainly do not need to or have to)
There are no fees to store money with Wise.
You can get a Wise ATM card that is again accepted just other ATM cards
- No Monthly fees and low fees for just about everything
- ATM withdrawals are free at the network ATMs just like any other banks.
- Obviously you can do direct deposit
- Both Apple and Android Apps
- You can use your ATM card anywhere in the world just like any other Debit Card
All in all, you should have an Account at Wise since there is no cost and considering banks charge outrageous fees for Transferring money around the world you can have it ready when you need it.
I have had an account now with Wise now for over 2 yrs and have never paid a fee!
The heartbeat of the DeFi revolution is in Crypto and the leader is Coinbase.
Coinbase and Coinbase Pro are the easiest places to buy and sell cryptocurrency.
There are no fees to store money with Coinbase.
The Coinbase Card
You can get a Coinbase ATM card that is again accepted just other ATM cards
- No Monthly fees and low fees for just about everything
- ATM withdrawals are free at the network ATMs just like any other banks.
- Obviously you can do direct deposit
- Both Apple and Android Apps
- You can use your ATM card anywhere in the world just like any other Debit Card
I have had an account now with Coinbase now for over 3 yrs and have never paid a fee!
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