🏦 Depositing money into the app

Once your account is set up you can deposit money by clicking the Deposit button in your dashboard.

Alluo has partnered with local money transfer agents around the world to be able to cater for a wide range of customers. You can find the list of countries and regions supported and which partner you will deal with here.

When you select deposit, you can choose how much you would like to deposit and you will see an indicative rate of USDC stablecoin you will receive. See below if you want to find out more about this.

🚧 Making deposits requires signing up with our partner. This normally takes < 2 minutes and you will need to provide your email and a new verification code. Whilst fast, we know this isn’t ideal, so are working through options to improve this.

Once set up you can choose how much to deposit and how to deposit your funds (instant bank transfer, card payment or details to send a transfer directly from your bank). You’ll be shown the partner security screen and from there you can confirm your order.

⚠️ Please be aware once you have committed to a β€œtransfer form your bank (where you choose to make the payment from your banking app) you cannot then switch to another payment method without completing this initial transaction or waiting a few days for it to time out.

⚠️ To deposit with our partners you may be asked undergo a KYC process to verify your identity. This is a legal requirement so they can be certain of the source of funds and once you are given the all clear, you will be able to continue to make your deposit.

From the moment you complete the order (and have passed KYC if relevant), deposits are usually finished in a few minutes. Once confirmed you will receive email updates from our parter and you can track the progress of your order in the app.

Delays are infrequent, but we recognise can be very frustrating especially where money is involved. Most delays are down to simple checks between your financial institution or our partner processing your deposit. Rest assured, if there is a delay your money will show, it might just take a few hours longer than you might be used to in your local geography.

❓ What actually happens when I deposit?

At Alluo we convert your deposit into a dollar backed stablecoin USDC. There is a conversion rate to transfer Β£GBP or €EUR to USDC as there would be to transfer these currencies to $USD. We will always convert at the best rate we can and pass this on to our customers. Our partners will charge a small fee for this service (about 1.5%) although this fee depends on your payment currency and the method of payment you use.

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