Frequently Asked Questions

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How does account recovery work?

When you create your Beans account your private key is bound to your email, phone, and pin code. When you prove ownership over this information the servers are able to restore your account!

We have a detailed article about how account recovery works, which can be found here: Medium.com/account-recovery

Why are there deposit/withdrawal fees?

Deposits and withdrawals in the app are offered by third parties. We can’t take these fees away. However, inside Beans, there are no fees and no markups. This means even with the deposit and withdrawal fees, your friends generally end up with more money than other similar services.

Is Beans safe?

Beans is fully non-custodial. The funds are not held or managed by a centralized entity, such as a bank or financial institution. Instead, users have sole custody and manage their assets directly through the use of private keys. We, nor anyone else can access your money. If you lose access to your account you can securely recover with a 2FA recovery mechanism (e-mail + pin).

What currencies do you support?

We support bank deposits/withdrawals in EUR/ARS/BRL/USD/PEN and XLM. We also support no-fee cash deposits in various countries and cash-outs in almost any country through Moneygram.

Finally. In the app, you can convert into USD, BTC, ETH or XLM at zero fees and without markups. The USD exchange rate is at the informal rate (dollar blue).

How much money can I send?

There are no limits in Beans. You can send any amount, small or big. With bigger amounts, we do advise sending multiple smaller amounts to get the best rates. We don’t do the conversions ourselves, they are executed on a decentralized marketplace. Deposits and withdrawals are submitted to limits as they go through third parties.

Can I deposit and withdraw using cash?

Yes! Our integration with MoneyGram allows you to withdraw your money from Beans using one of their 300.000+ stores in over 200 countries! Deposits are available in a limited amount of countries as well.

Check out this post if you want to know more.

How are you able to offer free transactions?

We make use of the Stellar blockchain, where transaction fees are so low that we decided to sponsor them. This will allow you to send free cross-border and cross-currency transactions!

Why are international money transfers with Beans so cheap?

Beans is a peer-to-peer money sending solution. The use of blockchain technology allows for faster, more efficient, and secure transactions by eliminating intermediaries and reducing associated costs. By leveraging the advantages of blockchain, Beans App eliminates fees that are typically associated with traditional banking systems. This results in lower costs for international money transfers.

Are you a bank?

No, we are not a bank. Beans is a non-custodial wallet that makes it super simple to do free international payments using blockchain technology. You will earn yield by our seemless integration with DeFi and CeFi partners.

Is Beans non-custodial?

Yes, in Beans you have full control and ownership over your assets and you are in full control over your own keys. We have abstracted away all the complexity, giving you a bank experience with blockchain technology. Our goal is that even our moms can use beans. This approach enhances security, privacy, and decentralization, allowing users to have complete control over their funds during international money transfers.

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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