So I'm now an Abra Teller
So this morning I woke up to an email saying that I’ve been approved to be an Abra Teller.
I’ve been following the app closely for a good year, as there definitely needs to be an ecosystem to serve the unbanked in a user friendly way (Bitcoin is quite complicated for the average person now). Abra solves this by intelligently using bitcoin behind the scenes but letting the user can opt to keep their balances in a currency of their choice.
Nowadays in order to create a bank account in some countries you need to provide mountains of documentation and invest a lot of time doing so. Even then, it’s not guaranteed (see this article about Hong Kong).
Now with the Abra app, you can transfer value across the planet just like sending a text message or email.
Or you can transfer the money as bitcoins to another wallet app if you’re not comfortable with the counterparty risks associated with Abra. I recommend mobi wallet, which also offers a debit card and also lets you store your balance in many currencies (including gold and silver). For those comfortable with bitcoin, I recommend Xapo which lets you keep your balance in bitcoin.
So why would you use this?
I envisage that typical users would be:
- Travelers and backpackers (You have leftover currency that you want to convert to your own home currency, or currency for your next destination). If you are heading to Malaysia, there is currently an Abra Teller in Kuala Lumpur.
- Digital Nomads (especially if you’ve packed up and have a condo deposit that you wish to bank)
An Explanation of the process
Lets say you want to deposit 1000 pesos or baht.
- You would open up the Abra app
- You would choose “Add Money” from the prompt
- You would then use the Abra app to locate tellers where you can see their fees and how to contact them. You can then contact them this way.
- Once you’ve arranged a time and place to meet, you bring your cash and then have your personal code scanned.
- The teller chooses deposit, enters in the amount and then takes the cash then credits your account with the deposit once the cash is received.
- You would open up the Abra app
- You would choose “Withdraw money” from the app
- You would then use the Abra app to locate tellers where you can see their fees and how to contact them. You can ten contact them this way.
- Once you’ve arranged a time and place to meet, you ensure that you have sufficient funds available. You just scan your personal code
- The teller enters in the amount you wish to Withdraw
- You confirm the amount
- The teller gives you cash for that amount
Other ways of funding or withdrawing from your Abra Account
If you are in the Phillipines or United States, you can fund or withraw from your Abra account using cash through the banking system.
For other countries, you may also fund your Abra account using bitcoin through any bitcoin exchanges. This is a more complex option for the average user.
Want to credit your Abra account or withdraw from your Abra account?
If you’re in Chiang Mai, please Get in touch on Telegram or send a LINE message to nolim1t and arrange an appointment.
An Early Adopter special - if you deposit money into with me I will provide a refund for all the fees I’ve received from Abra up to April 20th. If you withdraw money from Abra, I will refund half the fees collected up to April 20th.
Other currencies than Thai Baht
Usually by deposit only. I accept pristine quality USD or EUR banknotes as well - no fee up to April 20th, but I’ll add an additional 1% handling fee after. For other currencies, I can take MYR/LAK/VND/MMK/KHR for an additional 3% (no discount for these sorry). Exchange rates will be XE.com rates.