Beans Essentials: a Beginner's Guide

Welcome to Beans, your go-to platform for seamless international money transfers at incredibly low rates. Ideal for those sending money across borders to family or friends. Please note that we currently do not offer debit or credit cards.

This guide is designed to provide general information on how the application works and provides links to resources for more detailed explanations of each aspect when necessary.

We're not a bank, so we're much faster and cheaper.

Our goal is to simplify your international money transfers. Unlike banks, we're not burdened by complexities, which means we're faster and more cost-effective.

Your Beans account is uniquely identified by your chosen username, similar to an email address. No need for CBU or IBAN – just a distinctive username created during the account setup. Wondering where to find it? Simply check under your profile picture in the 'Settings' screen.

It is crucial to remember that your username is not used to deposit money into Beans from your bank or app.

"Registered and username ready - now what?"

To begin, you can easily open balances in a range of national currencies and cryptocurrencies. Our supported national currencies encompass the Argentine peso, Peruvian sol, Brazilian real, Euro, US dollar, and Nigerian naira. Additionally, you have the option to manage various cryptocurrencies such as bitcoin (BTC), ether (ETH), and lumen (XLM).

"What types of balance are there?"

Within the app, you'll encounter two distinct types of balances: Spendable and Savings. Your Spendable Balance represents funds readily available for immediate use across various currencies, with no returns generated.

Conversely, a Savings Balance designates funds earmarked for future needs. These funds may exist in diverse currencies and have the potential to generate yields📈, the exact amount of which is contingent upon the specific asset.

To initiate a deposit into Beans, your first step involves creating a balance in the currency of your choice. You can learn how to open a balance by following the tutorials on this page.

DEPOSITS

"How do you top up money to a Spendable Balance?"

Great news! Your Spendable Balance has been successfully set up. Now, when it comes to loading funds into Beans, you have four options at your disposal. It's worth noting that each option comes with distinct fees and processing times, and the specifics depend on the choice you make.

Below, you'll find the four available methods, but do keep in mind that their availability might differ based on the country you're in. Here they are:

- Bank or Digital Transfer: load money into Beans by bank or digital transfer from your local account (pesos, soles, euros, reais, dollars, depending on your location). This method is practical and commonly used.

- Cash Dropoff at a MoneyGram Agency: if you prefer cash, load funds by visiting a MoneyGram agency and complete the transaction in person. They will convert the local money to dollars before sending it to Beans using their exchange rate.

- Credit Card: make deposits using the good old credit card.

- Cryptographic transfer (for experts): You will be provided with a public key from the Stellar blockchain to receive USDC exclusively through that network.

Remember that the availability of each method may vary depending on the country you are in and can be consulted here.

For steps on how to deposit using any of these methods, please see our deposit tutorials.

CURRENCY CONVERSION

"How do I change money from one currency to another?"

To convert between currencies, do the following:

1. Go to the main screen.

2. Select the balance you wish to convert.

3. Tap the "Convert" option.

4. Indicate the amount and choose the target currency and balance.

5. Confirm the operation.

You are done! Now you can convert your balances between currencies without commissions.

"How do I move money from a Spendable Balance to a Savings Balance (or the other way around)?"

If, for example, you have a certain amount of USD in a Spendableble Balance and you want to convert it to a Savings Balance, do the following:

1. Go to the main screen.

2. Select the balance you want to convert (Spendable USD, in this example).

3. Tap the "Convert" option.

4. Indicate the amount and choose the currency and the destination balance (Savings USD, in this example).

5. Confirm the operation.

You are done! Your money is now yielding a Savings Balance. To do the opposite, just reverse the balances.

SENDING

Following a top-up using any of the four methods mentioned earlier, you gain the ability to make instant and cost-free transfers from your Beans account to another person's Beans account, even if they reside in different countries. It's important to note that both parties must have the app downloaded.

"Can I transfer funds between my international bank accounts with Beans?"

Certainly! With Beans, you can seamlessly move your money between international bank accounts, provided you have an account in the destination country. For instance, an Argentinean in Spain can top up euros in the application, convert them to pesos, and withdraw them to his Argentinean bank account.

If you don't have a bank account in the destination country, your last resort for moving funds is to make a cash withdrawal at a local MoneyGram agency, but keep in mind that physical presence is required.

"How do I send or receive money?"

Sending or receiving money through Beans is a straightforward process. Ensure you have the correct username of the recipient, as transactions on Beans are irreversible. To send money, access the main menu, choose "Send," locate the recipient by their unique username, enter the amount to transfer, and you're done!

WITHDRAWALS

"I want to withdraw money, how do I do?"

The moment you've been waiting for is here – it's time to withdraw that long-awaited remittance! Now, when it comes to withdrawing money from Beans, you have three options.

Here are the three available methods, but do note that their availability may vary depending on the country you are in:

- Transfer to a Bank or Digital Account: you can withdraw money from Beans to your bank account or digital platform. This method is convenient and widely used.

- Cash Withdrawal at a MoneyGram Agency: If you prefer to handle cash, you can withdraw funds by visiting a MoneyGram agency and completing the transaction in person.

- Cryptographic Transfer: For expert users only. You will need to provide a Stellar address to which the assets will be transferred.

Remember that the availability of each method may vary depending on the country you are in and can be consulted here.

For steps on how to withdraw using any of these methods, please see our withdrawal tutorials.