Buy a Bit of Bitcoin with your Bank Account (and other updates)!

Buy bitcoin with Abra

Abra now has direct support for bitcoin!

While bitcoin has always powered all of Abra’s transactions underneath the surface, you can now buy, hold, send, and spend bitcoin as a currency directly within the Abra app globally. In the US and the Philippines, you can even buy bitcoin using your bank account with no fee. Given that our bitcoin price is always close to the current USD spot rate, we’re confident that Abra offers the least expensive ACH-based option for buying bitcoin today.

So if you’ve been thinking about buying a bit of bitcoin, there’s no better way than Abra. Abra supports most major banks in the US and the Philippines. Limits apply to bank-based transactions, so check the applicable limits for your country and funding source.* Here are step by step instructions on how to buy bitcoin using your bank account.

With the bitcoin in your Abra wallet, you can shop at any merchant that accepts bitcoin, send or receive from any other external bitcoin wallet, or send funds to any Abra user worldwide.

Send in Bitcoin, receive in Dollars

Also available today:

  • We now support over 50 currencies. People in almost any country in the world can download Abra and have their wallet denominated in bitcoin, euros, US dollars, Philippine pesos, or any one of our 50+ supported currencies listed within the app. As we build out our Teller network (see below), consumers will be able to cash in and out in any of these currencies. In the meantime, the easiest way for users outside the US and the Philippines to add and withdraw money from the Abra wallet will be bitcoin. Visit our website for more information on the services available in each country.
  • You send dollars, they receive bitcoin. Say you’re in the US and want to pay someone overseas? Load funds from your US (or Philippines) bank account and you can send to another Abra user who’d like to receive in bitcoin. You can even send directly to any bitcoin address.
  • You send bitcoin, they receive dollars. Do you hold bitcoin and need to pay someone in the US who doesn’t use bitcoin at all? Simply send your bitcoin to your Abra wallet, then use Abra to make the payment. The recipient will receive the payment as US dollars and can then withdraw the funds to their bank account.

When you sign up for Abra, make sure your wallet is denominated in the currency you prefer to hold. You’ll be defaulted to your home country’s currency (e.g. if you live in the US, your wallet will be denominated in $USD by default). So for example, if you’re receiving bitcoin directly into your Abra wallet rather than adding money from your bank account, be sure to change your wallet currency to ɃBTC before importing your bitcoin in order to avoid exchange fees. You can do this from the Menu within the Abra app.

As previously announced, we’re now also gradually rolling out our global Teller program. The world still operates on cash, and you can’t have a truly global payment solution without a cash-based option. We have thousands of Abra Tellers in the Philippines who are already helping Filipino consumers cash in and out and now we’re growing our Teller program worldwide to help consumers everywhere do the same. For now, the vast majority of our Tellers are in the Philippines but as Teller applications get approved, they will be added to the Teller map within the Abra app. Learn more about Abra Tellers.

We’re committed to our long term vision of simple & secure global peer-to-peer payments. This latest update is the next step in bringing this vision closer to reality.

(PSA: As with any bitcoin wallet, it’s important to back up your wallet in case you ever lose your phone. Abra is a non-custodial bitcoin wallet and we do not have access to your funds. New to bitcoin? Bitcoin.org has some great basic tips on what you need to know, including more info on security.)

* Updated with link to FAQ which provides full and current list of transaction limits.

14 thoughts on “Buy a Bit of Bitcoin with your Bank Account (and other updates)!

  1. finally available here 🙂
    I hope there will be some technical posts in the near future, we should know how our money is secured and transferred

  2. Is the Abra wallet compatible with Trezor? (So that it is not a hot wallet) That way we can keep our private key off the smartphone, and use the Trezor to sign transactions (by simply plugging our Trezor necklace into our smartphone).

    1. Hi Justin, thanks for your interest! The Abra wallet does not work with any hardware wallets today but this is something we’ll be exploring in the future.

      1. I am also definitely interested in connecting through Abra to Trezor via an iPhone. Abra is just what I need to keep my investments up to date. Thanks!

  3. Having issues connecting to a B of A account. This is a combined brokerage and banking account. The system logs in (and yes, I checked the login credentials about a dozen times) and it fails to find the accounts and gives a message of “Setup incomplete” Anyone have any solutions to this

    1. Hi David, please use the “contact us” link in the main menu of the app to file a ticket with customer support and they will reach out to investigate this issue.

  4. Three questions please:
    What happens in the event of a ‘hard fork’ in Bitcoin where we could potentially end up with 2 versions of bitcoin?
    I currently have my wallet set to BTC as my home currency – does that imply i own bitcoin i.e. as prices for bitcoin rise and fall, my wallet balance stays the same?
    So if I change my wallet currency to say US dollars, do you sell my bitcoin and now hold US dollars?

    1. > What happens in the event of a ‘hard fork’ in Bitcoin where we could potentially end up with 2 versions of bitcoin?

      We are monitoring developments but are not committing to any particular strategy until we have more clarity on what the likely outcome of the situation will be. Rest assured that giving our customers the best possible tools to protect their funds is our number one priority.

      > I currently have my wallet set to BTC as my home currency – does that imply i own bitcoin i.e. as prices for bitcoin rise and fall, my wallet balance stays the same?

      If your wallet currency is BTC then it will be like any other bitcoin wallet – the amount of BTC in your wallet will not change.

      > So if I change my wallet currency to say US dollars, do you sell my bitcoin and now hold US dollars?

      If you change your wallet currency to USD, then you will effectively hedge the BTC in your wallet to the currency price of USD so that your wallet value will be locked in to USD. You can read more about this here: https://abra.zendesk.com/hc/en-us/articles/115003984608-Can-you-share-more-about-Abra-s-Smart-Contracts-and-Hedging-

  5. Hi Liz, I was just wondering if any of you are on Quora. I do notice that there are some questions that come up from time to time about remittances and sometimes even specific to Abra. Just a heads up that it might be a good platform to spread the word as there seems to be some interest. Here are some of the topics I have stumbled upon.

    https://www.quora.com/Is-P2PCash-or-Abra-service-any-close-to-disrupt-international-remittances-industry

    https://www.quora.com/Why-do-all-Bitcoin-payment-companies-such-as-Abra-and-P2Pcash-start-operating-in-the-Philippines

    https://www.quora.com/What-is-exactly-Abras-business-model

    1. Hi Vic, Abra supports holding bitcoin and over 50 fiat currencies in the app, including bitcoin. You can use your bank account, cash, or bitcoin to add money to and withdraw money from your wallet. You cannot transfer USDT into your Abra wallet, the wallet does not support the Omni protocol used by USDT and you will lose your USDT. You must first convert your USDT to bitcoin, then transfer the bitcoin into your Abra wallet. Hope this helps!

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