Frequently Asked Questions
1. How can I earn cashback on Abound?
You can earn cashback on Abound through eligible activities, including transactions with participating partner brands, referral programs, and remittance cashback campaigns. All cashback earned is credited to your Abound Wallet and can be viewed in the Wallet section of the Abound app.
2. How can I use my cashback?
Cashback earned on non-remittance categories may be withdrawn to your linked bank account once the minimum wallet balance is met ($30 for Free users, $20 for Elite users) or used toward remittance transactions.
Once a user earns cashback through a remittance campaign, the entire cashback balance in the Abound Wallet (including cashback earned from non-remittance categories) can only be applied to future remittances and is no longer eligible for bank withdrawal.
3. Does cashback expire?
Yes. Cashback may expire if your account is inactive for a period of time, defined as not opening the app or earning cashback at least once every few months. Certain cashback campaigns may also have specific expiry dates, which will be communicated at the time of the offer. Abound may expire wallet balances with advance notice, in accordance with applicable terms and conditions.
4. Why do I need to add my bank information?
We need your bank information so that we can automatically give cash back to you whenever you shop with our partners.
5. Is my bank information safe?
Yes! Your bank login credentials are never stored on Abound servers. Also, we use Transport Layer Security (TLS) to ensure that your data is securely transmitted to Abound. Please feel free to reach out to us if you have any concerns or questions.
6. When can I withdraw my cash back?
You will be able to withdraw cash back to your linked bank account once you have reach a total of $30 in your wallet.
7. When will I get the cash back after my purchase?
Within 7 working days of a successful purchase we’ll post the cash back in ‘Pending’ state & after 30 days it’s deposited to your Abound account.
8. Why do I have to wait till $30 to withdraw?
Accumulating $30 in your account helps you avoid transfer fees when moving your cash to your bank account.
9. Where can I see cash back in my account?
To view your cash back, open the Abound app, go to the Home tab, and tap on Wallet.
1. How long does the refund take?
Normally, it takes approximately 5-8 business days (excluding weekends and bank holidays) for the refunded amount to appear in your bank account (excluding weekends and bank holidays) after we process the refund. It’s important to note that this timeline may vary depending on the refund processing time of your bank. Rest assured, we strive to ensure a prompt refund process and work diligently to minimize any delays.
2. How can I see payment and transfer history?
To access your remittance history, log in to the app using your credentials and navigate to the remittance tab. Once there, you will find an option to check your remittance history. By selecting this option, you’ll gain access to a comprehensive overview of your remittance transactions. This includes essential details such as transaction dates, recipient information, and the amounts sent.
3. Can I send money from someone else's ACH bank account/Joint Account?
Please note that joint account usage is permissible only if you are listed as one of the authorized account holders. Sending money from someone else’s account, where you are not an account holder, is not permitted.
4. What is the Monthly limit & daily limit for transfer?
Per transaction limit: $9,500
Daily limit: $50,000
Monthly limit: $200,000
Yearly limit: $1,000,000
For certain users the limits might change basis the user’s past transaction history and internal risk policy.
5. My transaction failed but I didn't receive my funds.
6. How can I cancel my transfer?
7. When will the funds reflect in the beneficiary account?
When you initiate a transaction using the Abound app, you can view the transaction speed time. If the amount was successfully debited from your source account, the transfer would normally take 10-12 business days (excluding weekends and bank holidays) to reach the beneficiary account. In some instances, it can extend up to 15 business days.
8. How can I edit beneficiary accounts and details?
You can delete the previously added beneficiary name and add the new corrected one by swiping left on the beneficiary in your beneficiary list.
9. What is the referral reward?
Both the referrer and the referred customer (referee) will receive $50 each when the referred customer successfully completes an eligible remittance transaction of $1,000 or more.
- Referrer: An existing customer who shares their referral link or code with someone else.
- Referee: A new customer who signs up using the referral link or code and completes the qualifying transaction.
10. When will the referral reward be credited?
The reward will be credited after the referred customer’s qualifying remittance transaction of $1,000 or more has been successfully processed and the funds have been settled in the beneficiary’s bank account.
11. Are there any conditions to qualify for the reward?
Yes. To qualify:
- The referee must be a new customer.
- The referee must use the referrer’s referral link or code.
- The referee must complete a remittance transaction of $1,000 or more.
- The transaction must be successfully settled in the beneficiary’s bank account.
12. Will both parties receive the reward automatically?
Yes. Once all referral program requirements are met, the reward will be automatically credited to both the referrer and the referee according to the program terms and conditions.
13. What happens if the referred customer does not complete a qualifying transaction?
If the referred customer does not complete an eligible remittance transaction of $1,000 or more, neither party will be eligible to receive the referral reward.
14. Can I refer multiple people?
1. When is beneficiary KYC required?
Beneficiary KYC is required for certain third-party remittance transactions where the sender chooses a higher exchange rate offer that requires recipient verification.
2. How much time does the beneficiary have to complete KYC?
The beneficiary must complete KYC within 3 days from the date the transfer is initiated.
3. What happens if beneficiary KYC is not completed within 3 days?
If the beneficiary does not complete KYC within 3 days, the transaction will still be processed, but at the standard exchange rate instead of the higher promotional rate.
4. Will the transaction fail if beneficiary KYC is not completed?
No. The transaction will not fail solely because KYC was not completed. It will be processed using the standard exchange rate.
5. How does the beneficiary complete KYC?
Once the sender initiates the transfer, a KYC link is generated in the app and must be shared with the beneficiary.
To complete KYC, the beneficiary must:
- Open the KYC link while in India.
- Complete the KYC themselves (it cannot be completed by someone else, as a liveness check is required).
- Verify their identity through DigiLocker.
- Provide their PAN during the KYC process.
- Ensure their PAN is linked with Aadhaar, and that the name on their PAN, Aadhaar, and bank account matches.
6. What happens if DigiLocker verification or KYC fails?
If the beneficiary is unable to complete DigiLocker verification or the KYC process fails, please contact us at support@joinabound.com for assistance.
7. Can the sender complete KYC on behalf of the beneficiary?
No. The beneficiary must complete their own KYC. They must also be physically present in India while completing the verification.
8. What happens after KYC is completed?
If the beneficiary successfully completes KYC within the required timeframe, the transaction will be processed at the higher exchange rate.
If KYC is not completed successfully or is not completed within 3 days, the transaction will still be processed, but at the standard exchange rate.
The good news is that beneficiary KYC is a one-time process. Once a beneficiary has successfully completed KYC, future eligible transfers to the same beneficiary can continue to receive the higher exchange rate without repeating the KYC process.
9. Why is my KYC status showing pending?
You’ll be prompted to upload your documents during the verification process, and KYC is usually completed quickly. If your KYC is pending or rejected, it’s typically due to incorrect, incomplete, or expired documents. In such cases, please contact support@joinabound.com, we’ll help you by:
- Sharing the reason for rejection
- Providing a link to re-upload your documents
In rare cases where you’re unable to upload documents, an Abound representative will guide you through the next steps.
10. Why is my KYC stuck in a “verification pending” state?
If you’re located in New York, KYC is currently not supported, which may cause your verification to remain in a pending state. We apologize for the inconvenience, but we’re unable to proceed due to location-based restrictions at this time. We’ll notify users if support is expanded in the future.
1. What is USDC?
USDC (USD Coin) is a “Digital Dollar” designed to maintain a value of 1 USDC = 1 USD.
Abound uses USDC only as a transfer rail through licensed partners to facilitate eligible transfers. You do not need to buy, hold, or manage USDC yourself.
2. Why is Abound showing USDC in my transfer?
For eligible transfers, Abound uses USDC through licensed partners to facilitate the movement of funds. You continue to send USD, and your recipient continues to receive INR directly into their bank account.
3. Does my recipient need to provide consent?
Yes. For eligible transfers, the recipient authorizes Abound and its licensed partners to buy, sell, and temporarily hold USDC on their behalf solely for the purpose of facilitating the remittance. The recipient never needs to directly manage or access USDC.
4. Do I or my recipient receive USDC?
No. You send USD, and your recipient receives INR directly into their bank account. USDC is used only behind the scenes to facilitate the transfer.
5. Is my money safe?
Yes. Your funds are securely managed by Abound and its licensed partners throughout the transfer process. You never need to buy, hold, or manage digital assets yourself.
6. Are there any tax implications in India?
For eligible transfers, our India off-ramp partner deducts 1% Tax Deducted at Source (TDS), where required under applicable Indian regulations, and deposits it with the Indian tax authorities against the recipient’s PAN.
7. Can the deducted TDS be claimed back?
In many cases, yes. The recipient may be able to claim credit for the deposited TDS while filing their Indian Income Tax Return, subject to applicable tax laws and their individual tax situation.
8. How can my recipient claim the TDS?
The recipient should:
- Ensure their PAN details are correct.
- Verify the deposited TDS in their Form 26AS / Annual Information Statement (AIS).
- Claim the TDS credit while filing their Indian Income Tax Return, if eligible.
If needed, they should consult a qualified tax advisor.
9. Will every transfer have TDS deducted?
No. TDS is deducted only for eligible transfers that are routed through the USDC transfer rail behind the scenes, as required under applicable Indian regulations. If your transfer does not use this route, no TDS will be deducted.
10. Why does my recipient need to complete KYC?
Recipient KYC is required for eligible transfers to comply with regulatory requirements and to help protect against fraud. It is generally a one-time verification.
11. Who can I contact if I have questions?
Please contact Abound Support through the support options available in the app.