How to set up a recurring Bitcoin purchase with PayID

1 min read by Ryan

published 2 years ago

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

Advantages

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BTC purchased via PayID can be withdrawn to an external wallet instantly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

Considerations

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 (1% 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

Debit/Credit Card

EFT

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Disclaimer: Amber App is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how information on our website, in emails we send or in our app, relates to your unique circumstances. Amber is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of our website, our emails or our app.