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The Basics (17)
How is IBank different from other online banks?
We're the only "online" bank that you don't have to be "online" to use. Sounds crazy right? Our research showed us that millions of unbanked consumers also do not have access to the Internet - a basic requirement with ALL the other online banks. Many consumers cannot afford, or simply choose not to pay the high fees associated with smartphone (phones with Internet access) plans. In fact, 48% of all mobile devices worldwide are the non-smart type. We developed the IBank Network to give those consumers and businesses more options. The IBank SmartCard is the alternative to the "smart phone" - and it never needs recharging.😉
Where can I use my IBank SmartCard?
Your IBank SmartCard is a member of the Mastercard® Network, which means you can spend the money in your IBank Account and receive Cash Back at any merchant - online or off - that accepts Mastercard®. However, if you wish to use any of IBank's other services, like Paying Bills or Sending Money Overseas, you must visit an Authorized IBank Merchant. If you have a smart mobile device or access to the Internet, you can access any of IBank's other services. Your IBank SmartCard will also give you access to over 100,000 Fee-Free ATM locations worldwide.
How long does it take to get my IBank SmartCard?
Unlike other banks where it can take up to 10 or more days for you to receive your Debit Card, you can pick up an IBank SmartCard at any Authorized IBank Merchant and open your account in a matter of minutes.
I was denied a bank account at several banks. Can I still open an IBank Account?
Yes, as long as we can verify your identity, almost everyone qualifies for an IBank Account.
How can I access my IBank Account if I don't have a Smartphone or Internet Connection?
All Online Banks and Payment Networks require an Internet Connection. After all, that's why they're called "online". IBank is different - we're the only Cloud Bank that can be accessed without a smart mobile device or Internet Connection using the IBank SmartCard.
My credit score is not great. Can I still get an IBank Card?
There are no credit requirements. The IBank card is a Debit Card which is tied to the funds on deposit in your IBank Account. Much like "Prepaid" Debit Cards - but without any of the fees. And Prepaid Debit Cards don't allow you to send money overseas.
Does the IBank Card Have Rewards?
Yes! You pay No Fees and get to keep your hard-earned money! Traditional bankcard Cash Back Rewards are an illusion. The money you receive in "rewards" is money the banks have collected from the merchant - who has simply passed those costs onto the consumer in the form of higher prices for their goods and services. The Credit/Debit card providers are just giving you back your own money. Wouldn't it be better to just keep it in the first place?
I don't have Internet at home, how do I apply for an IBank Account?
The best way to apply if you do not have access to the Internet is to visit a participating merchant for an application or simply call us and we will take your application over the telephone.
IBank doesn't charge any fees, how do you make money?
IBank is able to provide our services to consumers at no cost by charging merchants a very small fee to access our network. We also make a small profit through the currency exchange rates. By eliminating most of the fees charged by major banks and credit card companies, merchants can see a substantial savings overall and consumers pay no fees of any kind.
Are there restrictions on how much money I can deposit or withdraw?
There are no restrictions on deposits unless they are cash deposits; in which case they would be subject to local regulations. Withdrawals made at a merchant location are subject to the cash availability of that merchant. Transferring funds from your IBank Account to another bank is also subject to daily transfer limitations which are imposed by regulations that differ by jurisdiction. Generally, those limits are much higher than the average balances held by most consumers.
How do I set up Direct Deposit?
In order to set up a direct deposit you will need to give the Payor your IBank Account details. Call or visit us online to receive additional instructions on setting up Direct Deposit.
Is IBank anything like Bitcoin or similar cryptocurrencies?
Absolutely not! In order to understand why, it is important to understand the difference between "digital currency" and "cryptocurrency". Any financial transaction that is not a hand-to-hand transfer of cash - in other words, an electronic transfer - involves "digital" currency, which is a digital representation of physical currency. Cryptocurrencies are manufactured through a high-level mathematical process and they do not represent fiat currency or "real" money. The value in cryptocurrencies is based upon what someone "believes" they are worth. This is one of the reasons why the value of cryptocurrencies can swing wildly from day to day. Your IBank account is a digital representation of cash that is on deposit in our partner banks around the world and the value of that currency will never change.
How do I set up a vendor for recurring payments?
Your vendor must be an IBank Member in order to set up a Bill Pay Account. We are negotiating with many of the larger local vendors in expectation of having most of the vendors that our members will be paying, such as utilities and government services. If you have a favorite vendor that you would like to add to Bill Pay and that vendor is not an IBank Member, encourage the vendor to join the IBank Network. If the vendor joins the IBank Network using your account as a referral code, we will deposit a $10 Thank You reward into your IBank Account. Bill Pay is simple; add the vendor's IBank Account Number, enter the amount to send and the frequency and we'll do the rest. Keep in mind that Bill Pay is subject to the available funds in your IBank Account.
Can I set up a Bill Pay vendor without using Auto-Pay?
Yes; enter the payee's information and select "manual" for "Pay Frequency". You will be responsible for initiating the payment.
How do I know that my bill has been paid?
Transfers from one member's account to another member's account are immediate. You will receive a confirmation code which is your assurance that the payee has received your funds.
Are my bills included in my monthly sending limit?
No. Only remittances are considered in the calculation of those limits.
Sending & Receiving (8)
How do I send funds to another member without a smart mobile device or Internet Access?
Your IBank SmartCard is all you will ever need to access your IBank Account. Every authorized IBank Merchant is equipped with technology to allow you to access your account and conduct basic services like Deposits and Withdrawals; Sending Funds to and Receiving Funds from another member; Transferring from your Current to Savings Account and generally just to check your balances. However, there are features that are only accessible from a smart mobile device or Internet connected PC - such as the Merchant Locator. But you can always call us 24/7 to answer any of these questions.
Are there restrictions on how much money I can send or receive?
Each country has different regulations and limitations and we follow those regulations implicitly. You can check by logging into "My IBank" or at any authorized merchant who will advise you of the sending and receiving limitations.
What countries can I send money to?
We are expanding our network to new countries as rapidly as possible. Check back with us frequently to find out which countries have been added or subscribe to our Newsletter and receive updates on our progress.
How do I know that the money I send has been received?
Transfers from member to member are instant. Just as with a traditional bank, when account holders of the same bank transfer funds to each other, the debit of the sender and credit to the recipient is instant. What is different about IBank is that the sender can be in one country and the recipient in another - and the transfer can also involve a currency exchange.
What if the merchant does not have enough funds on hand to disburse my remittance?
Research shows that 85% of remittances are immediately spent for goods and services. In a case where you must have all of the remittance in cash it may be necessary to visit several merchants or pre-arrange to have cash ready at a specific merchant near you. However, remember that the funds are always available in your IBank Account.
Someone is sending me money but there are no merchants close to me. What are my options?
If you do not already have a local bank account we can arrange to have cash waiting for you at our local partner bank. If you do have a local bank account the funds will be immediately transferred from our bank to yours - which may even be the same bank. In addition, our network of over 100,000 ATM worldwide will give you access to your funds.
I have a family emergency and need to send funds that will exceed my sending limit; what do I do?
Simply give us a call. We understand that sometimes circumstances like this will arise. As long as you make us aware of the situation we can temporarily override the limits. Be advised that we only allow one override annually and the transfer cannot exceed the equivalent of $10,000 USD.
Can a non-member wire funds into my IBank Account?
Yes. Call or visit us online to receive instructions on how to receive bank wires from non-members.
Your IBank SmartCard (6)
How can I get a SmartCard?
There are several ways. Call us or visit us online and complete the application over the telephone and we'll send your card in the mail. The best way is to visit an Authorized IBank Merchant who will give you an unactivated IBank SmartCard. Then call or visit us online to complete the application and activate the card.
Can I give my IBank SmartCard to another person to use?
Yes; just remember that you will need to give that person the PIN Code. If you are concerned about future unauthorized use of your SmartCard you can always change the PIN Code.
Can I get more than one IBank SmartCard?
Yes. You will be allowed two SmartCards per IBank Account. Additional cards will be provided upon request, however there is a $10 fee for each additional card over the first two.
I lost my IBank SmartCard. How can I get a replacement?
Visit an authorized IBank Merchant and ask for a replacement SmartCard. Call or visit us online and provide us with the card's serial number and we will activate that card to your IBank Account. The lost card serial number will immediately be deactivated from our system so if you should find the card at some point please destroy it.
My SmartCard stopped working. What do I do?
See "How can I get a replacement" above.
Can I use my IBank SmartCard to get cash at an ATM machine?
Yes; we have a worldwide network of over 100,000 Fee-Free ATMs. We are also negotiating with a private ATM vendor that will give us access to over 230,000 ATM in 10 countries. We expect to offer this service in early 2021. However, keep in mind that the private ATM provider will charge fees to access your IBank Account. Those fees are not charged by IBank and you can still get cash at authorized merchants with no fees.
Mobile & Internet (5)
I have a smart mobile phone. How do I set up an IBank Account?
Download the IBank App at the Google Play Store or Apple iPhone Store. Register for an IBank Account using the IBank Mobile App. Once your account has been approved, visit an IBank Merchant to make your initial deposit into your new account. If you already have a local bank account you can also transfer from that account to your new IBank Account. The merchant will also give you a new IBank SmartCard which you can validate on your mobile phone.
Now that I have the IBank Mobile App, how do I pay a merchant for my purchases?
Some merchants will display a QR Code which you can scan to provide all of the merchant's IBank Account information. Simply add the amount of the purchase, confirm the transaction and that's it! If the merchant does not display a QR code he will provide you with an alternate code which can be entered into your mobile phone to validate the purchase. Of course, you can always use your IBank SmartCard instead of your mobile phone.
How do I send money to another member using my mobile phone?
Sending money is the same as making a purchase. Enter the identifying information of the recipient, then enter the amount of funds to transfer and the currency of your recipient. If your recipient is accepting the same currency the Send and Receive amounts will be the same. If your recipient is accepting a different currency, our system will show you the current Exchange Rate and indicate the amount being deducted from your IBank Account and the amount being deposited in your Recipient's IBank Account.
Can I make online purchases with my IBank Account?
Your IBank Card is a member of the Mastercard® Network and can be used at any of the millions of merchants, online or offline, that accept Mastercard®
Can I access my IBank Account from my PC?
Yes; our online banking portal is like most traditional bank's online services. You have the ability to view your transactions; transfer funds to your IBank Savings and send funds to other IBank Members. You can also conduct those same activities using your smart mobile phone and the IBank Mobile App.
Safety & Security (4)
I've been reading about all these digital currency thefts. How do I know my money is safe?
The money you place in your IBank Account is held in major world banks. Our network is protected by military-grade encryption and the design makes it impossible for your digital funds to be lost or stolen from our network unless you give someone your login credentials. Furthermore, IBank digital currency tokens can only be transferred to other IBank Account holders so no one outside of the IBank Network can receive funds. As we mention in "The Basics" category, "digital currency" and "cryptocurrenies" are very different. All cash - or "fiat" currency held by banks and other institutions is considered "digital" currency. Which is simply the digital representation of the "cash" held by that institution - the same way IBank works. Cryptocurrencies do not represent real money - they are unique currencies that are manufactured through a complex mathematical process, and their "value" is based only upon what two people agree it is. There is no government or central bank guarantee on their redemption value.
What if I forget my PIN code?
Just like every other bank, if you forget your PIN code we have procedures to recover and change your code, which will require that you re-authenticate your identity.
What if I lose my SmartCard - if someone finds it can they access my account?
Short answer: NO. Unlike other bank cards, there is no identifying information on the card itself, not even your name. You must have the PIN Code in order to use the card. With typical bank cards, anyone using your card can make purchases online by simply having the card number, expiration date and CCV code. Even in cases when the card is not physically in someone's possession, having this information is enough to create a fraudulent transaction. This is why we do not put any information, other than the card's serial number, on the face of your IBank SmartCard.
What if one of IBank's partner banks closes or is dissolved; will I lose my money?
We only partner with the top world banks making it extremely unlikely that they will experience financial difficulties. Should that occur, the Central Bank of the host country would step in to insure that bank's solvency. However, we are negotiating with several global insurance companies to provide backup insurance for our Members. We expect to have that implemented by late 2021.
Is IBank a real bank?
We're not a "bank" in the strict definition of the term. IBank is a Financial Technology company that provides specialized technology to augment the services of the traditional banks that partner with us.
How long has IBank been in business?
IBank is only four years old, however, our founders have held management level positions in banking, finance and computer technologies, each one for 25 years or more.
Can I visit the IBank offices?
Absolutely! We love meeting our customers; all we ask is that you make an appointment. We have offices in New York, Dublin, Seoul and Bangalore.