Recurring purchases are the easy way to Dollar Cost Average (DCA) into Bitcoin. PayID is an instant, and easy way of funding your AUD account to set up a recurring purchase.
PayID can be a cost-effective method of regularly purchasing BTC, by simply setting up a recurring deposit (Every 1-2 months), whilst also having a recurring, BTC purchase from your Amber AUD account (Daily, or weekly).
Is this payment method right for you?
Transaction fee: Flat $1.95 per transaction
- Transactions process instantly
- Flat funding fee makes it great for large recurring purchases
- BTC purchased via PayID can be withdrawn to an external wallet instantly
- No purchase limits
- Your bank will need to support PayID
- Recurring purchases via PayID is a two-step process. This includes funding your Amber account and then setting up the recurring purchase
- If you over-fund your account, you can withdraw back to your linked bank account for free
Recurring purchase setup instructions
Step 1 – Funding AUD Account ($1.95 flat funding fee)
- Open your AUD account by tapping the blue ‘AUD Account’ card on the dashboard
- Tap ‘Deposit’
- Select ‘PayID’
- In your personal banking app, set up a recurring payment using PayID. Ensure the payment goes to the specified payID email ([email protected]). Also, ensure it includes your unique transaction description. If you exclude the unique transaction description, your payment will not be allocated
- Once you have sent the payment, the funds will be in your AUD account, and available to set up your recurring purchase
Step 2 – Purchasing BTC from AUD Account (2% exchange fee)
- Now that you’ve funded your AUD account, tap ‘buy’ on the dashboard
- Select ‘AUD Account’ as the purchase method
- Select ‘Recurring’
- Input purchase amount, and frequency
- Review the recurring purchase and swipe to confirm
The recurring funding payment from your bank using PayID is necessary to prevent your recurring purchase from stopping once the AUD account funds are exhausted.
Check out our other payment methods for dollar-cost averaging