How long does it take to review my transfer?
It will take one business day to review your money transfer. In very rare circumstances this process will take longer than one business day.
How do I know my recipient received their funds?
Throughout the money transfer process, we will notify you via email when any status changes are made to your order — and this, of course, includes when your recipient receives their funds. We want to make sure you are aware of any changes to your order when they happen, as they happen.
Given this, here are some of the other order status notification emails that we will send out to alert you of important changes:
- Verify Bank Account: We will send you an email when you add a new bank account to your profile. We ask that you verify your account by entering the amount of two small micro deposits placed into your account by Octos, so that we know it’s you that set up the account.
- Order Sent for Review: If your transaction is flagged for review for security or compliance reasons, we will notify you right away. Your security is our no. 1 priority so; in this case, we ask that you give us a call to answer a couple of questions so that we can process the transaction. Please note, if this happens, there will be a delay in processing your order until we are able to release the transaction.
- Order Cancellation: There are several reasons a transaction may be cancelled. Some of these reasons include, a customer requested cancellation, incorrect account details or the time limit to pick up the funds has expired. If your order is cancelled for any reason, we will notify you right away.
- Transaction Paid: We will send you an email to let you know that your recipient has picked up his or her funds or once the transfer is ready for bank deposit.
What information do I need?
In order to send money you will need to know your recipient’s first and last name as shown on their government-issued ID, address and phone number. Additionally, you will need to decide how you would like your recipient to receive the money. If you decide to deposit money directly into your recipient’s account, you will need his or her bank account and routing number. However, if you choose to have your recipient pickup cash, you will need to select a local, preferred payout location.
How much money can I send?
You can send up to $2999.99 per money transfer, per day. However, please be advised that the max amount you can send in 30 days is $7,999.
If you would like to send more than this, we ask that you visit one of our agent locations to provide additional information including an ID and other necessary documentation that will help us ensure a safe and secure transfer per AML (Anti Money Laundering) guidelines.
* Please note, Oklahoma and Arizona residents are limited to send a max amount of $999.99 per user per calendar day.
Where can I send money to?
Our global network includes more than 321,000 agent locations in 146 countries worldwide. So the answer to this question is — you can send money to many, many different places! We process millions of money transfers each month both online and through our agent locations. For an extensive list of send and payout locations, please visit our full countries list.
How long does it take to send money?
The fastest way to send money is by debit or credit card. The processing time for debit and credit cards takes, on average, 15 minutes. If, however, you prefer to send money via your bank account, the processing time takes approximately four business days from when you are able to verify the micro deposits Octos will place in your account. This is because it takes time to verify with your bank account that the funds are in fact available.
When receiving money, a cash pick up or courier delivery will be that fastest method – although both options are dependent upon the payout agent or courier’s business hours. On average, cash pickups and courier deliveries are available within the same day.
Please note that, if a money transfer is flagged for review for security reasons, the processing time will take longer. Other things that may slow down processing times include:
- A security review. Since security is our no. 1 priority, we want to ensure all money transfers are legitimate.
- Financial institutions processing times. Timing may vary slightly depending on your bank.
Is Bitcoin Legal?
Bitcoin is of interest to law enforcement agencies, tax authorities, and legal regulators, all of which are trying to understand how the cryptocurrency fits into existing frameworks. The legality of your bitcoin activities will depend on who you are, where you live, and what you are doing with it.
Bitcoin has proven to be a contentious issue for regulators and law enforcers, both of which have targeted the digital currency in an attempt to control its use. We are still early on in the game, and many legal authorities are still struggling to understand the cryptocurrency, let alone make laws around it. Amid all this uncertainty, one question stands out: is bitcoin legal?
The answer is, yes, depending on what you’re doing with it.
How can I secure my wallet?
There are several ways to make your bitcoin wallet more secure:
One way to protect your wallet from prying eyes is to encrypt it with a strong password. This makes it difficult to access your wallet, but not impossible. If your computer is compromised by malware, thieves could log your keystrokes to find your password.
Back it up
If you have your private keys stored in one wallet, but you mislay that wallet or it gets corrupted, you will lose your keys. Backing up your wallet makes a copy of your private keys, but it’s important to back up your whole wallet. Some addresses are used to store change from transactions, and may not be shown to you by default. Back up the whole wallet in several different places, and keep them safe from prying eyes.
The number of services which support multi-signature transactions is increasing. Multi-signature addresses allow multiple parties to partially seed an address with a public key. When someone wants to spend some of the bitcoins, they need some of these people to sign their transaction in addition to themselves. The required number of signatures is agreed at the start when people create the address.
Since multiple signatures are needed before funds can be spent, the additional signatures could come from, say, a business partner, your significant other, or even from a second device which you own, to add a second factor to spending your coins.
Take it offline
￼If you are too nervous to store your bitcoin keys digitally, for fear that they may be stolen by hackers, there is another option: ‘cold storage’. Cold storage wallets store private bitcoin keys offline, so that they can’t be stolen by someone else on the Internet.
It’s a good idea to use cold storage for the bulk of your bitcoin fortune, and transfer just a little to separate bitcoin addresses in a ‘hot’ wallet with an Internet connection, making it easy to spend. That way, even if your mobile phone is lost, or the hot wallet on your notebook PC is erased during a hard drive crash, only a small amount of bitcoin cash is at risk.
Many software bitcoin wallets feature a cold storage option. Or, you could go completely analogue, and simply use paper wallets for offline storage.
Are bitcoin wallets anonymous?
On the one hand, bitcoin is entirely anonymous. On the other, it is completely transparent and trackable. Due to this fact, bitcoin is often cited as being pseudonymous.
Are bitcoin wallets safe?
It depends how you manage them. The private keys stored in your wallet are the only way to access the transaction data stored in a bitcoin address. If you lose them, you lose your bitcoins. So, they are only safe in so far as no one else can access them, and they don’t get lost.
Bitcoin paper, coin and USB wallets?
Well, to be absolutely accurate, you don’t technically store bitcoins anywhere. What you store are the secure digital keys used to access your public bitcoin addresses and sign transactions. This information is stored in a bitcoin wallet.
Bitcoin wallets come in a variety of forms. There are five main types of wallet: desktop, mobile, web, paper and hardware. Here’s how they work.
If you have already installed the original bitcoin client (Bitcoin Core), then you are running a wallet, but may not even know it. In addition to relaying transactions on the network, this software also enables you to create a bitcoin address for sending and receiving the virtual currency, and to store the private key for it.
There are other desktop wallets too, all with different features. MultiBit runs on Windows, Mac OSX, and Linux. Hive is an OS X-based wallet with some unique features, including an app store that connects directly to bitcoin services.
Some desktop wallets are tailored for enhanced security: Armory falls into this category.
Others focus on anonymity: DarkWallet – uses a lightweight browser plug-in to provide services including coin ‘mixing’ in which users’ coins are exchanged for others’, to prevent people tracking them.
Desktop-based wallets are all very well, but they aren’t very useful if you are out on the street, trying to pay for something in a physical store. This is where a mobile wallet comes in handy. Running as an app on your smartphone, the wallet can store the private keys for your bitcoin addresses, and enable you to pay for things directly with your phone.
In some cases, a bitcoin wallet will even take advantage of a smartphone’s near-field communication (NFC) feature, enabling you to tap the phone against a reader and pay with bitcoins without having to enter any information at all.
One common feature of mobile wallets is that they are not full bitcoin clients. A full bitcoin client has to download the entire bitcoin blockchain, which is always growing and is multiple gigabytes in size. That could get you into a heap of trouble with your mobile service provider, who will be only too happy to send you a hefty bill for downloading it over a cellular link. Many phones wouldn’t be able to hold the blockchain in their memory, in any case.
Instead, these mobile clients are often designed with simplified payment verification (SPV) in mind. They download a very small subset of the blockchain, and rely on other, trusted nodes in the bitcoin network to ensure that they have the right information.
Examples of mobile wallets include the Android-based Bitcoin wallet, Mycelium, Xapo and Blockchain (which keeps your bitcoin keys encrypted on your phone, and backed up on a web-based server).
How to Store Your Bitcoins
Bitcoin wallets store the private keys that you need to access a bitcoin address and spend your funds. They come in different forms, designed for different types of device. You can even use paper storage to avoid having them on a computer at all. Of course, it is very important to secure and back up your bitcoin wallet.
Bitcoins are a modern equivalent of cash and, every day, another merchant starts accepting them as payment. We know how they are generated and how a bitcoin transaction works, but how are they stored? We store fiat cash in a physical wallet, and bitcoin works in a similar way, except it’s normally digital.
How does mining take place?
People are sending bitcoins to each other over the bitcoin network all the time, but unless someone keeps a record of all these transactions, no-one would be able to keep track of who had paid what. The bitcoin network deals with this by collecting all of the transactions made during a set period into a list, called a block. It’s the miners’ job to confirm those transactions, and write them into a general ledger.
What is a Bitcoin ?
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.