Frequently Asked Questions

Frequently
Asked questions

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General

What is Beans and what can I do with it?

Beans is an app designed for low-cost international money transfers in multiple currencies. Unlike a bank, it doesn't provide cards or traditional accounts. Users can send money to others by downloading the app and locating recipients through unique usernames. The platform allows for currency conversions between dollars, euros, and cryptocurrencies, with competitive exchange rates for local currency transfers. While there are no account opening or maintenance fees, deposits and withdrawals incur a 1-2% fee depending on the transaction type and country. Beans also supports cryptocurrency transfers via the Stellar network, offering flexibility for users who prefer digital assets.

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I just downloaded Beans app. Where do I start?

Great to have you on board! Here is a guide to help you get started: https://beansapp.tawk.help/article/discovering-beans-a-beginners-guide

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Is Beans safe?

Beans is a fully non-custodial platform, meaning that your funds are not controlled by a centralized entity like a bank. Users have complete custody of their assets through private keys, ensuring maximum security and privacy. In the event of losing account access, recovery can be securely done through a 2FA mechanism involving email and pin.

How much money can I send?

There are no limitations on the amount of money you can send through Beans. For larger amounts, we recommend breaking them into smaller transactions to benefit from better rates on the decentralized marketplace. Deposits and withdrawals may be subject to limitations as they involve third parties.

Are there any fees?

While we cannot eliminate the fees associated with deposits and withdrawals from third parties, Beans itself does not charge any fees or markups. This means that, even after factoring in these external fees, your friends will receive more money compared to other similar services.

Why does the exchange rate change?

The exchange rate changes due to the liquidity of the system for that currency pair and amount at a precise moment. It is not a simple multiplication of the exchange rate by the amount being converted. This variability means that sometimes converting smaller amounts may result in a better exchange rate. The total amount to be received is always shown before the operation.

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How can you offer such high yields?

We are using digital currencies and blockchain technology to take-away inefficiencies in cross-border payments and lending and borrowing. Ultra-Capital provides the yield on the offered assets.

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How does a bank deposit work?

A bank deposit into Beans involves two key steps. First, you create a deposit ticket in the Beans app, which generates a unique ID and requires you to specify the deposit amount. Second, you perform a bank transfer to the provided bank address for the exact amount stated in the ticket. It's crucial to include your unique ID, a combination of letters and numbers, in the transfer details when possible. This identifier links your deposit to your Beans account. Ensuring the transferred amount matches the ticket and including the unique ID are essential for the successful processing of your deposit.

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How do I deposit money into Beans from a specific country?

To deposit money into Beans, you will need to click on "Deposit" in the app, choose the "Bank Transfer" option, and follow the prompts to complete the deposit through our partners website. Make sure to have your DNI or passport handy, as well as be prepared for identity verification. Note that there can be fees associated with the deposit.

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How do MoneyGram deposits work?

MoneyGram deposits wirh Beans work in two steps:

1. Create a Deposit Ticket: - Use the Beans app to generate a ticket with a unique ID. - Specify the deposit amount and select the MoneyGram agency you'll use.

2. Cash Delivery: - Visit the chosen MoneyGram agency. - Pay the amount specified in your deposit ticket.The deposit is completed once you've paid the cash at the agency matching your deposit ticket details.

Is there a maximum MoneyGram limit?

Yes, MoneyGram has maximum limits on transfers. The exact limit can vary depending on factors like the sending/receiving countries, payment method, and your account status. For specific details, it's best to check MoneyGram's website or contact their customer service directly.

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I forgot to include the memo to my withdrawal

In this case you should contact the organization to which you sent the money, as they cannot link it to your account without the memo. They might be able to recover your transaction.

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How can I withdraw money from Beans?

You can withdraw money from Beans in 3 ways: bank transfer, in-person withdrawal via MoneyGram, or transfers via the Stellar network (the latter option is only recommended for advanced users).

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Where do I find my reference number for MoneyGram withdrawal?

Go to "Withdraw" on the main screen, then to "History" (bottom left, click on the withdrawal you made and you should be able to see the reference number there).

How do I withdraw through MoneyGram?

To withdraw through MoneyGram using Beans:1. Deposit funds into your Beans account.2. Set yourself as both sender and receiver.3. Visit a registered MoneyGram agent listed in the Beans app.4. Ask the agent to select "Send Money," "Send Money (to an account)," or "USDC Wallet" option.5. The agent should follow on-screen instructions to complete the transaction.Ensure the transaction is completed within 24 hours at your chosen location. If the agent has difficulties, they can contact MoneyGram for assistance. Remember, this process is treated as a regular transaction where you're both the sender and receiver.

Is there a maximum MoneyGram limit?

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How do international transfers work? For example sending money from Spain to Argentina.

International transfers between Australia and Argentina can be done through services like MoneyGram. In Australia, you can deposit money via MoneyGram or credit card, then transfer it to the recipient's app. The recipient in Argentina can then withdraw the money to a bank account or through MoneyGram. It's important to enter the recipient's unique username correctly as transactions are not reversible. Tutorials on how to use the app can be found here: https://beansapp.tawk.help/es/

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Is it possible to reverse my transfer?

We regret to inform you that transactions made through our platform are not reversible. To better understand this process, we invite you to consult the following explanatory guide: https://beansapp.tawk.help/article/why-cant-i-cancel-a-transfer. If you have made a transfer to another Beans user, we can manage communication with them to request the return of the money to the original account. Please keep in mind it is not garanteed that the user will send back the money.

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Why are the bank transfers not always immediate?

Bank transfers are not always immediate due to various factors in the banking system. While many people expect instant transactions, the reality is more complex. Transfers are only immediate if both the sender's and receiver's banks participate in the SEPA Instant system, a European Union initiative for instant payments. If either bank doesn't use this system, transfers can take up to four business days to process. Even digital banks like Wise and Revolut, known for their modern approach, don't always provide consistent instant transfers. This delay is a common feature of the current banking infrastructure and varies depending on the institutions involved in the transaction.

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How do I send money from a specific country?

To send money from Spain:1. Download the Beans app.2. Deposit euros into your Beans account.3. Your recipient in another country should also download Beans and set up an account in their local currency.4. Send money to their Beans username.5. They can then withdraw the funds to their bank account in their local currency. Beans offers peer-to-peer transfers with competitive exchange rates and no added fees. However, there may be small fees for depositing and withdrawing. It's recommended to start with a small amount to familiarize yourself with the process.For more details or to compare rates, you can use the calculator on the Beans website.

Does MoneyGram apply extra fees on your transfers?

Yes, MoneyGram applies extra fees when transferring money through the Beans app. Because MoneyGram is a third party, we can’t eliminate their fees.

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These are the fees regulated by MoneyGram:

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Between 1 USDC and 99 USDC, the fee in USD is $2.

Example: If you transfer 50 USDC, the fee is $2.

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Between 100 USDC and 999 USDC, the fee in USD is $2 + 1% of the transaction.

Example: If you transfer 120 USDC, the fee is $2 + (1% of 120 = 1.20) $1.20 = $2.20

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Between 1000 USDC or higher, the fee in USD is $10 + 0.5% of the transaction.

Example: If you transfer 2500 USDC, the fee is $10 + (0.5% of 2500 = 12.50) $12.50 = $22.50.

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How does account recovery work?

Your Beans account is securely tied to your email, phone, and pin code. By verifying this information, our servers can restore your account in case of any issues. For more information on account recovery, please visit our detailed article on: Medium.com/account-recovery

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I have issues with the app

Try restarting the app first and try again. This will tell us if the issue was a one-time problem. If the issue occurs again, please contact our supportdesk. Preferably with a screenshot and a detailed description of the problem.

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My ID validation failed, what do I do?

Sorry to hear that! In certain cases you need to reach out to Anclap/MyKobo/Banxa/Kado (depending on which country you are). They are in charge of that process.

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Do I have an IBAN using Beans?

Beans does not provide you with a personal IBAN. Your account is identified by a unique username, which is used for transfers within the Beans system only. To deposit funds from a bank into your Beans account, you'll need to use the IBAN of Beans' local partner, Mykobo. You send money to Mykobo's IBAN, and they then credit your Beans account with the transferred amount, minus a small 0.5% fee. This process allows you to fund your Beans account without having your own IBAN in the system.

Do I have a CBU using Beans?

With Beans, you don't have a traditional CBU (Clave Bancaria Uniforme). Instead, your Beans account is identified by a unique username, which functions similarly to a CBU alias within the Beans system. This username is used for internal transfers between Beans users but cannot be used for external transfers from Argentinian banks or apps like Mercado Pago. To deposit funds into your Beans account from an Argentinian source, you'll need to use the CBU of Beans' local partner, Anclap. They receive the money on your behalf and then credit it to your Beans account, minus a small fee.

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Frequently Asked Questions

FrequentlyAsked questions

Frequently
Asked questions