How to transfer your Abra wallet when you upgrade your phone

Updated February 2020

Upgrading smartphones is a part of modern life. To ensure that you’ll have full access to the funds in your Abra wallet after you’ve upgraded your phone follow the steps outlined below.

Extra security means a few extra steps

When you upgrade your phone, your Abra wallet information (including any funds stored there) will not automatically transfer over. This is a deliberate security decision, to ensure your wallet is not accessible on multiple devices. You need to transfer your wallet yourself. You do this by using your unique recovery phrase – a series of thirteen random English words — which is like the key to your wallet.

Abra is a non-custodial wallet. That means that we don’t hold onto your funds on your behalf. You are the only person with access to your funds. Generally, non-custodial wallets are considered more secure than hosted wallets, but it does mean that you have more responsibility for making sure you always have a way to access your money.

These extra steps are ensuring that you have the recovery phrase from the app on your old phone, and entering that phrase in the app on your new phone.

On your old phone

Open up your Abra app on your old phone
Go to the Menu in the top left corner
Scroll down and choose Wallet Security (“Backup” on older versions of the app)
Choose View recovery phrase
Write down your wallet recovery phrase, and store it in a safe place

If you already did this when you signed up for Abra, find where you keep your wallet recovery phrase.

On your new phone

Open up your Abra app on your shiny new phone
At this point, Abra doesn’t recognize you. It thinks you’re a new user. Not true! So you have to tell Abra you’ve been here before by clicking on the Restore Your Wallet link (see screenshot).
Verify your phone number when asked. Use the same phone number you used to create your Abra wallet.
Input your recovery phrase when asked.

Your wallet (and funds) are now moved to your new phone.

You can learn more about the recovery phrase, and how it keeps your funds safe, on our Security page. And as always, feel free to comment here or email us with any questions – we’re always happy to help!

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Abra

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, pymnts.com 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.

Please visit our FAQ to learn more.

Mary Thompson

1596 days ago

Can I have Abra on my computer as well as my phone? How do I do that?

Daniel McGlynn

1592 days ago

Mary,

For now, Abra works as an app on mobile devices. In part, this is because the device is used as part of the key system to connect a unique identity with an Abra account. This post might help explain the concept in a little bit more depth: https://www.abra.com/blog/noncustodialwallet/.

Hope that helps,
Daniel

Jaime

1892 days ago

Thank you so much for explaining it so easily.

I have another question for you. I currently send money to Chile to my kids using Xoom.com (way to expensive).
How do I do it using the Abra wallet?

Please let me know if my kids in Chile can withdraw any monies there wether in Chileanb Pesos or USD.

Thank you,

Liz O'Donnell

1891 days ago

Hi Jaime! Glad it helped.

In order to use Abra to send money to Chile, you would need a way to get money into Abra and your kids would need a way to get money out. I’m assuming you’re in the US?

To get money in – US:
– Bank account
– American Express
– Cash via an Abra Teller
– Bitcoin

To get money out – Chile
– Bitcoin
– Abra Teller

If your kids live near an Abra Teller, they can cash out in Chilean Pesos. You can use the app to find an Abra Teller – try the “Add Money” or “Withdraw” buttons, then the “Cash” option, and search for the city where you want to find Tellers. I see, for example, one Teller in Santiago who charges a 2% fee, with a $4,000 CLP minimum per transaction.

That said, we don’t have a high density of Abra Tellers in Chile, so the best option is probably bitcoin. If your kids aren’t familiar with bitcoin, there will be a learning curve, but you could essentially end up in a situation where you actually *profit* off money transfer. The reason is because in many markets outside of the US, the price of bitcoin is higher than it is in the US (for Chile, specifically, there doesn’t seem to be a big price difference, but I think there is a small one). Abra’s bitcoin price is set off of US prices, though, so your dollars would get converted to bitcoin at the (lower) US rate, but when your kids sell the bitcoin they receive, it would get converted at the (higher) peso rate.

Here’s what would happen, then:
– You add US Dollars to your Abra wallet via your bank account (takes ~1 business day)
– Your kids download the Abra app, and choose ‘bitcoin’ as their wallet currency
– You send money to your kids. You would send in dollars, and your kids would receive bitcoin (~instant)
– Your kids then sell the bitcoin locally (in the app, this is accomplished by Withdraw > Use Bitcoin, then entering the bitcoin address or scanning the QR code of the destination bitcoin wallet)

Selling bitcoin would involve signing up for a brokerage or an exchange, such as Surbtc, which would likely connect to local bank accounts, or selling bitcoin in cash via a service such as LocalBitcoins. There are some fees involved in each method, so it’s worth doing some research to find out.

This may or may not sound like a lot of steps to you, but once you do it once, it’s easy, and could save your family a lot of money a lot of money. Plus, bitcoin is becoming increasingly popular everywhere in the world, including Chile, so it’s also not a bad idea for your kids to learn about bitcoin and how it increases their financial options, in any case.

Hope this helps, and let us know if we can answer more questions for you!