Fi.Money Review: My Experience of 47 Days

Fintech startups are on a boom right now. Recently, I got introduced to a startup called Fi Money which offered a 0% markup fee on international spending, an awesome reward system, and whatnot

I decided to give it a try. It’s been 45 days passed since a user. I’m presenting my views on it.

Let’s get started:

Fi Money Review

Fi Money (Affiliate Link) is a new age bank that is primarily associated with the federal bank which means your main account will be hosted on the Federal bank which is one of the known names In the market.

Sequoia India & Ribbit Capital invested over $13 million in their business which makes them big business in my eyes.

Pros and Cons of Fi

  • Offers 0% markup fee on international transactions (my fav part)
  • Free money transfer through Federal bank branches.
  • Free debit card (fee applies if you lose it twice)
  • Free IMPS,  NEFT, RTGS transactions


  • Only Application is available (you can log in to your account on the Federal bank site but they’re not that good)
  • They mostly charge money for paper base work such as balance or interest certificates, signed statements, etc (Fee structure here)

Rewards System

They offer tons of rewards points for doing certain tasks like adding 20k in your ac, spending using Fi at 5 stores, etc. I’ve collected around 3000 points now.

However, they are only available in the form of coupons or credits for other merchants. I’ve only used Amazon, Flipkart from their voucher list.

They should consider adding more vendors into their reward store.

0% International Markup Fee

In the last post, I talk about how you can save money while receiving funds from abroad using Wise. Now, Fi can save you money while sending money abroad.

Their 0% markup fee applies only when you add money to your account from an international source using NEFT or wire transfer.

I was so excited about this particular feature that I also posted a thread around it.

Fi Rules

I’ve not a big fanboy of FD or any kind of smart deposit. As a result, I haven’t much explored this feature but it can be the future for someone who sucks at saving money.

You can create rules like;

  • Every time spend on, put 100 rupees aside.
  • On Friday, put 300 in bank or whatever

You can add this money inside a smart deposit where you can earn interest on it.


Fi provides a zero balance account that doesn’t have many liabilities. Also, they don’t charge for their basic features. One should consider using their services for free transactions.

However, I don’t recommend using their services as your primary bank. I recommend keeping add money as you go strategy.

I keep about 3-4k inside which I use for regular transactions here and there. Whenever I’ve to do a big transaction I add money into it.

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