Q: What is a Currency Account?
A: A currency account is a digital account that functions like a traditional bank account but exists entirely online. It allows you to receive, hold, and transfer funds electronically without a physical branch. Please note: RedotPay is a fintech service provider and not a bank. Currency Account services are provided by appropriately licensed financial institutions and RedotPay only facilitates your use of such Currency Account services.
Q: What is the difference between a Currency Account and a regular bank account?
A:
No physical branch – Currency accounts are accessible and managed entirely online via app or web.
Faster setup – Typically opened in minutes with minimal documentation.
Lower fees – Virtual banks often have lower maintenance fees compared to traditional banks.
Global transactions – Currency accounts are compatible with multiple currencies.
Q: What do I need to apply for a Currency Account?
A: To apply for a currency account, you must meet the following requirements to ensure account security and compliance:
Complete KYC Verification (Identity Authentication)
Submit a valid government-issued ID (e.g., passport, national ID, or driver’s license).
Facial recognition verification (real-time selfie matching may be required in some cases).
For more information on how to verify your identity, please refer to the following article: How to complete identity verification for my account.
Minimum Asset Requirement
Your total assets must be equal to or greater than 500 USD.
Complete and Pass a Risk Assessment Questionnaire
The questionnaire covers funding sources, intended use, occupation, etc.
If additional documents are requested (e.g., proof of income, bank statements), please submit them to [email protected] and clearly state your UID (User ID) in the email subject line. Upon submission of the email, the review is estimated to be completed within 3 working days.
Q: Which countries/regions can open a Currency Account?
A: Eligibility depends on your country/region and the provider’s requirements. Generally, you need to:
Reside in a supported region (our Currency Account is currently only supported in the UK and Europe).
Q: What information is required to open a Currency Account?
A: When opening a currency account, you need to provide the following information:
First Name
Last Name
Country
Province/State
City
Address
Postcode
To expedite the account opening process, kindly ensure that the information provided is both complete and accurate.
Q: Which currencies are compatible with the Currency Account?
A: Currently, our Currency Accounts support the following currencies:
EUR (Euro)
GBP (British Pound)
We're working to add more currencies in the future. Stay tuned for updates!
Q: Are my funds safe in a Currency Account?
A: Yes, our partnering service providers are licensed and regulated, and your funds are secure.
Note: Enhance security by verifying robust encryption and fraud prevention features like Two-Factor Authentication (2FA) and biometric login.
Q: How long does it take for funds to arrive after a transaction is completed?
A: Funds typically arrive in real-time.
Q: Are there transaction limits?
A: The transfers are listed below:
EUR accounts only accept EUR payments from Europe.
GBP accounts accept GBP payments from the UK only.
Please ensure your payment currency and region are supported for seamless fund reception.
Q: Which other cryptocurrencies are supported for exchange?
A: Supported conversions:
EUR → USDT
EUR → USDC
GBP → USDT
GBP → USDC
Q: What should I do if I forgot my login details?
Simply click or tap "Forgot Password" on the app or website's login page. Please note that identity verification via email/SMS may be required for security.
Q: How do I close my Currency Account?
A: Please make sure your balance is $0 before proceeding with your account closure. You can reach out to customer support or follow the closure steps in your account settings.