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Currency account FAQ

Updated yesterday

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:

  1. Complete KYC Verification (Identity Authentication)

    1. Submit a valid government-issued ID (e.g., passport, national ID, or driver’s license).

    2. Facial recognition verification (real-time selfie matching may be required in some cases).

    3. For more information on how to verify your identity, please refer to the following article: How to complete identity verification for my account.

  2. Minimum Asset Requirement

    1. Your total assets must be equal to or greater than 500 USD.

  3. Complete and Pass a Risk Assessment Questionnaire

    1. The questionnaire covers funding sources, intended use, occupation, etc.

    2. 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 one working day (T+1).

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.

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