Announcing cash deposits and withdrawals through MONEYGRAM!
An intro to our cash on/offramp provider
A new partnership!
We are super excited to announce yet another partnership, this time with MONEYGRAM! Our users will be able to deposit and withdraw CASH to and from Beans using the Moneygram onboarding service!
We are slowly building up a network of on/off-ramps that can deposit or withdraw into Beans. We’re proud to be one of the first non-custodial wallets to offer this feature, which will revolutionize the way people think about cross-border payments. With MoneyGram’s network of 300.000+ locations in over 200 countries, Beans users can now withdraw cash almost anywhere in the world, instantly and without any transaction fees*.
Cash deposits and withdrawals for Beans users!
Direct cash withdrawals in almost 200 countries are a massive step forward for all Beans users, and we expect this collaboration with Moneygram to really help make money better!
A use case; Maria wants to send money to her brother every month. To achieve this right now, she has to wait half an hour at a money transfer location, pay high transaction fees, and have uncertainty about when the money arrives.
With the Beans app, she tops up beans via her bank account, or in cash, and sends it to her brother, who can withdraw in cash whenever he wants. No need to drive to a location, wait in line, wait for the money to arrive or pay high fees!
Starting today, the users of Beans will be able to use the cash withdrawal service of Moneygram in every supported country, region, and location! This means almost instant withdrawal times with cross-currency and cross-border transactions. Cash deposits are still unavailable in some countries and regions at this time, but this will change in the near future.
Want even more good news? MoneyGram has waived all fees for the first year, so you can deposit cash without paying fees!
So, how does this work?
Let’s say you live in Argentina, and you want to have 200 USD deposited to Beans. In the app, you see how many pesos you need to pay, and receive a code. You walk to a Moneygram store, show them the code, hand over your Pesos, and the USD is added to your Beans wallet!
Now say you want to withdraw that 200 USD. In the app, you see how many Pesos you will get, and receive a code. You walk to the Moneygram store, show the code and your ID, and you will receive your Euros!
Simple, isn’t it?
This example has both the deposit and the withdrawal in cash. But you can also deposit via a bank account and send it to your family abroad, where they withdraw it in cash. With the cash deposit and withdrawal feature Beans and Moneygram will enable 1.7B people without a bank account to send free cross-border and cross-currency transactions!
We are thrilled to have MoneyGram as a cash on/offramp, and we are excited to see what this partnership will bring us both. This partnership will mean that anyone using Beans can use MoneyGram’s on/off-ramp without having to leave our app, and people worldwide can use a Beans account to send and receive money at zero fees while earning a healthy yield on their savings!
So what now?
As we speak, the MoneyGram integration is live! This means you are already able to deposit and withdraw to and from Beans using the on- and off-ramp that MoneyGram is providing. You can download the Beans app to start using the MoneyGram integration and send your first cross-border cross-currency transaction without the need for a bank account!
Check out the Moneygram website for more info about their services.