IvyPay will launch in Australia later this year, and will allow consumers to convert their cryptocurrency into Australian Dollars, depositing directly into their Australian bank accounts.
What is IvyPay?
How does it work?
- Firstly, you’ll need to tell us how much you want to pay, what crypto you want to use and where you want to send it. This could be to any Australian bill that allows you to pay via BPAY, a credit card or straight to your bank account. Currently you can pay using Bitcoin, Ethereum, Litecoin, XRP and Bitcoin Cash.
- We’ll then provide you a quote on how much AUD will be sent based on how much crypto you want to send. This will include our 2% fee on top. If you decide to pay with Ivy Koin, your fee will be reduced by 50% to 1%.
- After you have your quote, if you’re a first time user, you will need to verify your information through our partner GreenID. This should take no longer than 5 minutes, and most people get through without any manual intervention.
- Once verified, you’ll be shown a wallet address for your chosen currency. If you selected to pay your fees with Ivy, you will also receive a seperate address where you can send your Ivy as well.
- We then scan the blockchain for your transaction, and once received you will receive a confirmation. Then we send your funds!
What are your fees?
Where do you get your exchange rate from?
Our exchange rate is based on an average price of the major Australian exchanges, and is refreshed every 30 seconds.
Can I buy Ivy directly from you?
We do not sell Ivy or any cryptocurrency. We enable you to convert your cryptocurrency into Australian Dollars.
I want to halve my fees – where do I purchase Ivy to do this if I don’t have any?
There’s a great guide here, from Finder, that shows you the best exchanges to purchase and trade Ivy from.
What are the transaction limits?
There is a limit of $1,000 per individual transaction paid to a bill, and $50,000 when paid to your own bank account. These are due to Australian Financial Service Licence (AFSL) limits.
Are there daily limits?
No. While we have individual transaction limits, there are no daily limits on the amount of bills or transfers you can do on the same day.
Do I need to get verified?
Yes. To use IvyPay you will need to go through our KYC/AML verification process with our partners GreenID. Identity verification is a legal requirement of all digital exchange providers in Australia under the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017. It’s super quick though and for most people shouldn’t take longer than a few minutes. You will only need to do this for your first transaction.
What happens if I cancel a transaction?
Once you have sent the crypto you are not able to cancel a transaction as we will have already processed your payment. Up until you send the crypto though, you can cancel the transaction at any time without penalty.
What if I send the crypto to the wrong address?
Unfortunately due to the nature of cryptocurrency and the blockchain, this means you will have lost the currency. Always make sure to triple-check the address you’re sending cryptocurrency to before making the transaction.
How do I send IvyPay my cryptocurrency to convert?
Start a new transaction here. Once you’ve filled in how much you want to pay, and what you want to pay, we’ll show you the correct wallet addresses where you can send the funds to complete the transaction and pay your bill or turn your crypto into fiat.
What steps actually take place between me sending my crypto and the funds hitting my account or my bill getting paid?
Once we receive your crypto, we immediately sell it off on an exchange at market rate. At the same time, we initiate either a payment to the BPAY biller address you supplied us with or a bank transfer to your nominated account.
Who will the transaction come from in my bank account?
IvyPay transactions will appear to come from Hive Empire Trading Pty Ltd in your bank account.
Can I store my crypto with IvyPay?
Not right now. However this is something we are exploring for the future.
Who do I contact if I need help?
Send an email to firstname.lastname@example.org and we’ll get in touch with you as soon as possible.
What if my biller tells me I haven’t paid a bill when I did?
Send an email to email@example.com and we will investigate immediately.
Is IvyPay available outside of Australia?
We’re looking to expand globally as soon as possible. However right now it is only open to those with an Australian bank account.
How long does it take to receive funds in my bank account or for my bill to be paid?
We process the transaction as soon as we receive your crypto on same business day. After that, it will depend on your bank transfer times. For bills, this follows BPAY’s usual transaction times which can be 1-3 business days.
Will you be adding the ability to turn Ivy into fiat at some stage?
This is definitely something we are going to do. As the Ivy token is opened up on more exchanges, providing similar liquidity levels so we can guarantee a price we will look to add it to IvyPay. We limit IvyPay to the top 5 currencies at this stage to ensure liquidity in the market and to be able to lock down prices.
Who is behind IvyPay?
IvyPay is a joint venture between Ivy Koin LLC and Australian crypto company HiveEx. Ivy is owned by ASX listed company Change Financial, while HiveEx is funded by the same people who started Australia’s largest comparison site finder.com.au.
Link to Convert their cryptocurrency into Australian Dollars: IvyPay