Abra lets you transfer money worldwide instantly and securely. Find out how Abra works today in our review.
What Is Abra?
Abra is a money transfer platform that lets you transfer money around the world using bitcoin. The company has a bitcoin-based digital wallet app. You install the app on your smartphone, then send or receive money from other users.
You can fund your Abra app using bitcoin, your bank account, American Express credit cards, or cash. If you’re funding your Abra account with cash, you’ll need to visit an Abra Teller in your area. transfer funds from mobile device to mobile device easily.
Abra supports 50+ currencies with no sending fees. You can also buy things online wherever Abra or bitcoin is accepted.
You can download Abra for free for Android or iOS. The app works particularly well in the United States and the Philippines, as Abra only supports bank transfers in these two countries. However, users around the world can fund their Abra accounts using cash or bitcoin transfers.
How Does Abra Work?
Abra works in a similar way to other bitcoin money transfer platforms. You use the app to send or receive payments. The app uses bitcoin to facilitate low-cost international transfers. Instead of paying high fees with PayPal or traditional banks, you can rely on the internet’s most popular currency.
To get started, you just install the Abra app onto your iOS or Android device. Then, fund your account using the different payment options. Abra lets you use one of 50+ currencies with no sending fees. You can use Abra anywhere in the world (however, not all countries support all Abra services). To check if your country is supported by Abra, visit Abra.com.
In general, Abra works best for users in the US and Philippines, which are the only two countries where users can fund their Abra accounts from their bank accounts. American Abra users can also fund with their American Express credit card. However, anyone from anywhere in the world can fund their account using physical cash.
Ultimately, Abra lets you send bitcoin to fiat currency, and fiat currency to bitcoin, all from one app. Do you prefer bitcoin – but your friend prefers USD? No problem. With Abra, you can send bitcoin to your friend, and they’ll receive it as dollars in their Abra wallet.
On the other hand, if you’re worried about bitcoin price volatility, you can hold a more stable currency in your Abra wallet. You can send funds in local currency and receive those funds in bitcoin.
Plus, Abra functions as an ordinary bitcoin wallet. Over 100,000 merchant worldwide accept bitcoin. You can use your Abra wallet to pay for goods and services at any of these merchants.
Abra advertises all of the following features:
- Mobile to Mobile: Download the app for iOS or Android, then easily transfer funds between mobile devices.
- 50+ Currencies: You can use Abra to send and receive money worldwide. You can use 50+ currencies.
- Anywhere in the World: You can use Abra to send money anywhere in the world, receive money, pay merchants, or buy bitcoin.
- Low Fees: Abra has no sending fees. They charge a fee of about 1% on exchange rates. We’ll talk more about Abra fees below.
- Buy, Sell, Send, or Hold Bitcoin: Thinking of buying bitcoin low and selling high? You can hold onto bitcoin in the Abra app. Or, if you want to transfer to a more stable fiat currency, you can sell bitcoin within the app as well.
- Multiple Funding Options: Anyone anywhere in the world can fund their accounts with physical cash. Users in the United States and the Philippines can fund their Abra accounts from their bank accounts, while American users can transfer funds from their American Express credit cards.
Abra doesn’t mention fees on the front page of its website. You have to click on the “fees” section to see how much you’ll pay for the service.
First, the app is totally free to download for iOS and Android. It’s also free to send money from your account to someone else. Here’s a list of Abra’s fees:
- Sending Money or Requesting Payment: Free
- Adding or Withdrawing Funds Via Bitcoin: Free
- Adding or Withdrawing Funds Via your Bank: Free
- Adding or Withdrawing Funds Via a Teller: “Small fee”
- Adding Funds Via American Express Cards: 4%
- Pay a Merchant: Free
- Exchange Rates: Abra claims to offer exchange rates that are “pretty much the best in the business.” They claim to charge a rate of about 1% higher than what you’ll find on xe.com or Google. Abra’s exchange rates are listed at all times through the app.
Although Abra never charges a fee for bank withdrawals, some banks in the Philippines may charge a small fee for incoming transfers. There are no fees for BDO, BPI, and UnionBank.
At the moment, Abra’s merchant payment service is only available in the Philippines.
Abra was founded by serial entrepreneur Bill Barhydt. The company is headquartered in Silicon Valley, but maintains an office in Manila.
Abra was founded in Saratoga, California in 2014 (they later moved to Mountain View). In 2016, the company launched Abra in the Philippines and the United States. In 2017, they added support for bitcoin, launched over 50 currencies, and launched Abra globally.
Abra appears to be owned by a company named Plutus Financial, Inc.
Abra is a payment platform built to facilitate easy international payments. Right now, the app is particularly useful for those who want to transfer funds between the United States and the Philippines, as the app supports bank account transfers in those two countries. All other countries, however, can still send and receive Abra payments through an Abra Teller.
Users in the United States can send money to the Philippines to avoid traditional remittance platforms (and their excessive fees). Meanwhile, users in the Philippines can spend money in their Abra at local merchants (local merchant payments are currently only available in the Philippines).
Overall, Abra promises low fees, easy transfers, and cheap exchange rates (typically 1% above the market exchange rate). There are surprisingly few fees for using the service – including no fees for bank account transfers.
You can learn more about Abra, or download the payment platform today, by visiting the company online at Abra.com.