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Abra Now Supports Faster Wire Transfers for U.S. Customers

Note: As of May 31, 2022, Abra Perx has been paused. Abra Perx rewards mentioned in the article below are no longer active. New ways of using CPRX are planned for the future. We will publish updated details at a later date.

Funding your Abra account just got a little easier! Today, we’re rolling out a new and improved process for completing wire transfers from your bank to the Abra app so you can quickly, safely, and securely begin buying your favorite crypto.

Now, when customers initiate a bank wire transfer in the app, they’ll be able to see the funds in their Abra account in 48 hours or less.

A Better Wire Transfer Experience

The update to our wire transfer process was created to help improve the customer experience and reduce wait times and errors during the bank wire transfer process.

Previously, customers who wanted to use the bank wire transfer option were issued a “Q Code” or “Final credit to the account” code. Users were prompted to use this code in the wire transfer process and once users initiated the process, it took 48 hours or more to complete.

The new wire transfer process will remove the “Q Code” or “Final Credit to the account” code. Instead, users will see clearer bank wire transfer instructions and a unique account number that will help make the transfer process much faster and less error-prone.

Your unique account number can only be used for wire transfers from a bank to your Abra account. This unique account number can’t be used for direct deposits or PayPal.

This change in the bank wire transfer process and the addition of the unique bank account number is only for domestic (US) customers. 

Try Abra’s New Wire Transfer Experience

With a faster wire transfer, you don’t have to wait long to begin buying your favorite cryptocurrencies!

Update the Abra app to the latest version (Android, iOS). Follow the in-app instructions to start a wire transfer and see how the new and improved experience works. While you’re in the app, don’t forget to check out Abra Perx and start generating CPRX tokens.

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About Abra

Established in 2014, Abra is on a mission to create a simple and honest platform that enables millions of cryptocurrency holders to maximize the potential of their assets. Abra enables both individuals and businesses to safely and securely buy, trade, and borrow against cryptocurrencies – all in one place. Abra’s vision is an open, global financial system that is easily accessible to everyone.

Why Abra

Based in the United States, Abra is available in over 150 countries and makes it easy to convert between crypto and a wide variety of local fiat currencies. With over 2MM customers, $7B in transactions processed, and $1.5B in assets under management, Abra continues to grow rapidly. Abra is widely loved and trusted – in April 2022, reviewed and rated Abra amongst the top 5 most popular crypto wallets in the market. Abra is backed by top-tier investors such as American Express Ventures and First Round Capital.

How Abra Protects Your Funds

Abra places clients’ financial objectives and security first. Abra practices a culture of risk management across all levels and functions within the organization.

Abra employs a state-of-the-art enterprise risk management framework that comprises a comprehensive set of policies, procedures, and practices detailing all applicable risk-related objectives and constraints for the entirety of the business. Abra has instituted a complete set of requisite systems and controls that continuously enforce these policies, procedures, and practices to manage all operations, including credit and lending. Abra’s independent Risk Committee comprises experienced compliance, risk, securities, and fraud operations professionals with backgrounds in industries ranging from traditional and digital assets banking, payments, remittance, to fintech.

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