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Is Obvious Money a bank?
No, Obvious Money is not a bank nor a licensed financial institution. Obvious is a software company, that provides financial services in partnership with Layer2 Financial Inc, which is a licensed BAAS provider.
Is Obvious Money a licensed financial institution?
No, Obvious Money is not a bank nor a licensed financial institution. Obvious is a software company, that provides financial services in partnership with Layer2 Financial Inc, which is a licensed BAAS provider.
How does Obvious Money work?
Obvious Money provides a banking account on top of blockchain rails. When you receive USD in your account, it gets automatically converted to USDC(digital dollars provided by Circle) and stored in your account. When you send funds over ACH or International Wire, USDC gets converted to USD instantly and is sent over traditional banking rails.
How does Obvious Money provide interest on my funds?
Obvious Money provides functionality for you to invest your money in AAVE, a DeFi protocol, that provides interest on lending. AAVE is a leading lending & borrowing DeFi protocol and has stood the test of time. The interest varies based on market conditions. Read more about AAVE
Can I do crypto transfers using Obvious Money?
Obvious Money uses a self-custody wallet to store your digital dollars securely. You can send and receive USDC to any other wallet address using Obvious Money. Please make sure to cross-verify the address and blockchain network that is being used to make the transfer.
What are digital dollars? Why use digital dollars?
Digital dollars are stable and reserves are held by regulated institutions like Circle. They are accessible anytime, anywhere, unrestricted by borders or operating hours. The cost of sending digital dollars globally is nearly negligible compared to traditional services. Digital dollars are nearly instant and can be sent within minutes to anyone across the globe. This provides a significant upgrade from traditional banking.
What is USDC? Who guarantees the value of USDC?
USDC is a digital dollar backed 100% by highly liquid cash and cash-equivalent assets and is always redeemable 1:1 for US dollars. The Circle Reserve Fund is an SEC-registered government money market fund that holds a portfolio of short-dated US Treasuries, overnight US Treasury repurchase agreements, and cash. For more information visit Circle Reserve Fund.
Who can open a USD bank account?
USD bank account via Obvious Money is available in 150+ countries. You can check the eligibility for your country by checking on the website. After your KYC gets approved, you can start using your account.
How can I open a USD bank account?
- Download the Obvious Money app from the App Store or Play Store
- Sign up for the app using your phone number
- Set up a Passkey for authentication.
- Set up a Passkey for authentication.Setup account recovery by signing in with your Google account. This will help you regain access if you lose your device or phone number.
- Verify your identity by providing basic details. This helps us assess potential risks, prevent fraud, and comply with legal and regulatory requirements
- Once you've completed these steps, click on "Open free US Bank Account" and proceed to KYC verification. This will unlock your free US bank account.
- .You'll receive a notification when your KYC is approved. Then, you can receive funds in your account.
What documents do I need to open a bank account on Obvious Money?
You need a passport or local national identity proof to complete KYC and open a bank account.
Can I connect my bank account to PayPal, Payoneer, or Stripe?
Yes, since this is a bank account you can connect it to various methods such as Paypal, Payoneer, or Stripe.
How do I receive USD from another US bank account?
You can receive USD via ACH, Wire, or SWIFT transfer. The amount and time to receive funds will vary depending on the method chosen.
How do I send USD to another US bank account?
You can send USD via ACH, Wire, or SWIFT transfer. The amount and time to send the funds will vary depending on the method chosen for transfer. Additionally, you can use Obvious Money p2p transfer to send funds using a phone number which is instant and free of cost.
How do I convert USD to my local currency?
You can send USD from your Obvious Money bank account using an International Wire transfer to your local bank account. Your local bank account shall convert it at the prevalent dollar rate. It usually takes up to 3 days and can vary depending on your region.
Is there a fee for using Obvious Money?
Obvious Money provides a free US bank account. The charges levied for deposit & transfer depends on the plan chosen. Please refer to pricing for details.
How much time does it take to transfer funds?
The time taken for transferring funds depends on the method chosen.
P2P transfer using Obvious money is free and takes only a few seconds.ACH transfers can take anywhere between 1 to 3 days.
International Wire/SWIFT transfers can take anywhere between 2 to 4 days.
Who holds my funds?
You. Only you have access to your funds. Obvious Money is a self-custody app that does not and cannot take control of your funds. You can choose to invest your funds, transfer them internationally, remit them in your local currency, or transfer them to another wallet address.
How safe are my funds?
Obvious money follows the highest standards of safety and security when it comes to your funds. Your funds are secured by Passkey and 2FA authentication. No one else will get access to the app unless you provide biometric authentication.
What happens to my funds if Obvious Money shuts down?
Obvious Money uses a self-custody wallet to store your digital dollars securely. If Obvious money were to cease to exist, you could still easily withdraw your digital dollars to another crypto wallet.
What is TOTP? What is Authenticator app?
TOTP stands for Time Based One Time Password. It is a standardized method for generating a regularly changing password. These one time passwords, typically 6/8 digit numbers, are generated algorithmically following the RFC 6238. Since they are generated algorithmically, they can be quickly and cheaply generated on a mobile device with no external dependencies. A TOTP Authenticator app implements this RFC to generate these OTP's on a mobile device. These apps bring together best-in-class security practices and a seamless user experience.
A Few of commonly used Authenticator apps are given below:
Google Authenticator available on Google Play Store and Apple App Store
Microsoft Authenticator available on the Google Play store and Apple App Store
Authy available on the Google Play store and Apple App Store
1Password available on the Google Play store and Apple App Store