Frequently asked questions

Discovering Bitcoin is the start of a journey. Let us join you as you embark into a new world of investment.

Getting Started

To create an account Amber requires your:

Full legal name,
Date of birth,
Email address,
Mobile phone number.

To be able to use Direct Debit as a funding method you will also be required to provide:

Residential Address,
Authorisation to have your account debited

At the moment Amber is only available in Australia. Don’t hesitate to let us know on Twitter or Facebook what other countries you would like to see Amber be made available in.

Transactions

Bitcoin is purchased at the market price, at the moment you make the purchase request. The ‘Bitcoin allocated, settlement pending’ status indicates that Amber is waiting for the funding transaction from your bank to settle.

The period a transaction will spend in this state is variable and is typically 3-5 days although some transactions have been known to take longer due to the open hours and settlement processes of your bank. If more than 7 days has elapsed, please don’t hesitate to contact support.

 

Purchase limits vary depending on whether you have verified your identity, and/or verified your bank account(s). Listed below is a brief summary of what limits are applied when using Direct Debit as a funding method:

 

Your identity as well as the bank account you would like to direct debit have not been verified:

1. Total account balance limit is $250

2. Bitcoin purchase limit is $50 per transaction

 

Your identity has been successfully verified but the bank account you would like to direct debit has not been verified:

1. Total account balance limit is $500

2. Bitcoin purchase limit is $100 per transaction

 

Your identity has not been verified but the bank account you would like to direct debit has been successfully verified:

1. Total account balance limit is $9,999

2. Bitcoin purchase limit is $250 per transaction

Both your identity and the bank account you would like to direct debit has been successfully verified:

1. No account balance limit

2. Bitcoin purchase limit is $250 per transaction ($2500 monthly purchase limit)

 

Please note: To withdraw AUD or send Bitcoin, you will need to have your identity verified, and bank account verified.

If purchasing via EFT, there are no purchase limits.

Please note: To withdraw AUD or send Bitcoin, you will need to have your identity verified and bank account verified.

 

There are no purchasing limits when using PayID. Purchasing via PayID works by first funding your Amber AUD account, then purchasing BTC, using your Amber AUD account as the payment source. Both of these steps occur almost instantaneously.

Exchange Fees:

Exchange fees are linked to your membership tier.
Amber Basic members: 2% of Bitcoin purchases or sales.
Amber Black members: 0% of Bitcoin purchases or sales.

Direct Debit Fees:
If direct debit is used to fund purchases or deposits, you will be charged a $0.25 provider fee per transaction. 

EFT Fees:

Funding purchases or deposits via EFT is free. You will not be charged any additional fees per transaction.

PayID Fees:

If PayID is used to fund deposits, you will be charged a $1.95 provider fee per transaction.

Withdrawal Fees:
AUD withdrawals are free.
Bitcoin withdrawals incur a flat 0.0003BTC (30,000 sats) transaction fee.

PayID funding is typically instant, however some banks, including CBA, may hold your first payment to a new payee for a couple of days.

If you didn’t include the unique transaction description for a EFT payment, our system will be unable to recognise the transaction and credit your account. Please contact us via support with receipt of the payment, and we will aim to resolve it.

 

For PayID, the funds should be returned instantly, in the case that you didn’t include the unique transaction description.

Please note that Paypal is a separate payment system to PayID.

PayID is a part of the New Payments Platform (NPP) and works alongside banks. If your bank supports PayID, then it will allow you to send payments to our PayID email address, and the payment will arrive instantly. (Click here to learn more about what PayID is, or search payID + your bank’s name in Google & it will give you instructions.)

Since we don’t support Paypal, we don’t have access to the funds you attempt to send via Paypal.

If you need further information, please contact support. 

Bitcoin purchased via EFT and PayID can be sent immediately after the transaction has settled.
For Bitcoin purchased via Direct Debit or Credit/Debit cards, your account will be subject to a BTC send hold, according to the dispute window of the specific purchase method.
This dispute window is typically 30 days for direct debits, and 45 days for debit/credit cards, however this may vary depending on the specific payment provider.
Once the transactions of each payment method have surpassed the dispute window, BTC sends will be processed immediately, from that day forward.
Currently there is no way to send Bitcoin within the dispute window, so if you want to process a BTC send immediately after a purchase, we recommend using EFT or PayID, instead of direct debit, or debit/credit card.

Withdrawals

Some payment methods used by Amber have long dispute windows. To ensure the platform is protected from fraud we have a system that restricts Bitcoin withdrawals for different periods depending on the funding method.

Typically purchases via EFT and PayID can be sent immediately after the transaction has settled.

For Bitcoin purchased via Direct Debit we place a hold of 30 days and for Credit/Debit Cards and Apple/Google Pay we place a hold of 45 days.

To send Bitcoin, open your Bitcoin account by tapping the orange card on the dashboard. Then, tap ‘send’ up the top right. Once you send Bitcoin, the receiving wallet address you put in will be pre-filled as your current linked address for future Bitcoin sends.If you send Bitcoin to a different address, that one will become your default wallet address. Make sure to check the receiving wallet address before sending. 

Please note, you can only send Bitcoin for ‘Successful’ purchases, which will show up as green in your transaction history. If your purchase is still ‘Pending’ (Orange), you will need to wait for settlement which typically takes 2-4 days.

To withdraw AUD, open your AUD account by tapping the blue card on the dashboard. Then, tap ‘withdraw’ up the top right.

Please note, if your funds are sitting in BTC, you will need to sell your BTC before you can withdraw AUD to your linked bank account. You can sell by tapping the ‘Sell’ button on the dashboard.

Amber cold stores customer’s Bitcoin in multi-sig collaborative custody wallets. This procedure provides greater security of your Bitcoin. As such, all Bitcoin send requests are batched and sent once a day. Therefore, Bitcoin should land in your wallet within 1 business day of sending. If you haven’t received it within that time frame, please contact support to check the status of your send.

Identity verification is required for both AUD and Bitcoin withdrawals.

For Bitcoin purchased with direct debit (via your linked bank account), that bank account will need to be verified in order to withdraw.

For Bitcoin purchased via EFT (Electronic Funds Transfer), Bank Account Verification is not required to withdraw via Bitcoin, since EFT does not require bank verification. If you have funds in your Amber account via EFT and you would like to withdraw it to a newly linked bank account, you will need to complete verification for that bank account.

No, when you sell your BTC, it will deposit the AUD into your Amber AUD account.

To withdraw your AUD to your linked bank account, you will need to do that via the ‘withdraw’ feature. To do this, tap the blue card on the dashboard to open your AUD account, then tap ‘withdraw’ up the top right.

When you sell your BTC, it will deposit the AUD into your Amber AUD account. It does not automatically withdraw to your bank account.

To withdraw your AUD to your linked bank account, you will need to request  via the ‘withdraw’ feature.

To do this, tap the blue card on the dashboard to open your AUD account, then tap ‘withdraw’ up the top right.

Linked Accounts

Amber provides the ability to link up to 2 accounts. Each account must be verified separately. If you wish to change your linked account, you’ll first need to verify access to that account. Once completed, you’ll be able to add your new account and delete the old one.  If you run into problems with this process or entered wrong details to your bank account, please contact support.

When you send Bitcoin, it will automatically pre-fill your current linked address. You will also have the option to enter in a new BTC address, via pasting or via QR code. Once you send Bitcoin, that address will automatically become your new linked BTC address.

Reminder: We advise that you copy and paste the BTC address to avoid typographic errors and sending your funds to the wrong address

You will need to manually set up a new Amber account specifically for use only by your SMSF. It must be completely separate from any personal Amber accounts that you already have and it must use a different email address.  Contact [email protected]  for further information.

Security

Amber cold stores customer’s Bitcoin in multi-sig collaborative custody wallets. This procedure provides greater security for your Bitcoin.

As a registered digital currency exchange provider, we must perform identity verification on all users, regardless of the value of their transactions. This is an obligatory process in order to comply with Australian law.

Identity verification is a quick process, which can be completed via the ‘Profile’ section of the app.

Membership

Amber Black membership enrolment is handled on the Amber website. Head to amber.app/amber-black to sign up.

To cancel your Amber Black membership, you can login to your Account Portal page. Click here to login: https://amber.app/account-portal/#/login

Please note that memberships that have already been charged for are unfortunately non-refundable. You will however continue to have access to the membership benefits for the duration of the current membership period.

Unfortunately  Amber doesn’t offer refunds for cancelled memberships outside the 7-day trial period. Amber is able to cancel your membership completely free if you contact us within your trial period. Memberships that have already been charged for are unfortunately non-refundable. You will however continue to have access to the membership benefits for the duration of the current membership period.

Account Tier Status

Amber users are given access to an array of features and account limits that are grouped into tiers. These tiers are based on a blend of rules and requirements involving both usage of the app and customer verification.

New users start at Tier 0. As you complete account verification, KYC and use the app, your account tier status will be adjusted. As you change tiers, you will receive confirmation emails telling you what your new account tier status is.

Changing tiers is based on user activity and the verification requirements Amber needs to legally adhere to. As you complete account verification, KYC and use the app, your account tier status will be adjusted upward. If suspicious or fraudulent activity is detected, the tier status will be lowered.

Amber must adhere to a series of legal requirements in order to provide our service and as such, the initial tiers have mandatory identification and account verification requirements. Thereafter we manage limits and access to ensure fraudulent behaviour is minimised.

Mandatory verification requirements for each tier
Status Tier01234
Identity (KYC) 
Bank account (BAV)  

High limits, additional transaction features and payment sources are available on higher tiers.

Transaction features
Status Tier01234
Pull Payments
Credit Card
Direct Debit
Apple/Google Pay   
Push Payments
EFT (Electronic Funds Transfer)
PayID
Withdrawals
AUD Withdrawals  
BTC Withdrawals  

Balance limits vary, depending on the tier the user qualifies for.

Balance Limits
Status Tier01234
Pull Payment Limit ^$250$500$1,000$1,0001,000
Push Payment Limit *UnlimitedUnlimitedUnlimitedUnlimitedUnlimited

^ Pull payments refer to Credit Card, Apple Pay, Google Pay and Direct Debit payment sources

* Push payments refer to EFT (Electronic Funds Transfer) and PayID payment sources

Deposit limits vary, depending on the tier the user qualifies for.

Deposit Limits
Status Tier01234
Direct Debit$250$500$1,000$1,000$1,000
Credit Card$250$500$2,500$5,000Unlimited
Apple/Google Pay$0$0$0$2,500Unlimited
Push Payment Limits *UnlimitedUnlimitedUnlimitedUnlimitedUnlimited
BTC Exchange LimitsUnlimitedUnlimitedUnlimitedUnlimitedUnlimited

* Push payments refer to EFT (Electronic Funds Transfer) and PayID payment sources

Withdrawal limits vary, depending on the tier the user qualifies for.

Withdrawal Limits
Status Tier01234
AUD Withdrawal$0$0$9,999$9,999Unlimited
BTC Withdrawal$0$0$9,999 of BTCUnlimitedUnlimited

Payment and deposit options

EFT
PayID
Direct Debit
Credit/Debit card
Apple/Google Pay
BTC Purchases
AUD Deposits
Processing speed
1-4 business days
Instant
1-4 business days
Instant
Instant
Transaction fees
$0
$1.95
$0.25
1.2% - 1.8%
1.8%
Min. transaction limit
$20
$20
15,000 sats/$5
$20
$20
Max. transaction limit
No limit
No limit
$250
$10,000
$10,000

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