Fiat24 Account Concept

What is a Fiat24 Account NFT?

In order to become a client of Fiat24, you must own a “Fiat24” NFT (ERC721 compatible token) in your Ethereum wallet. Each NFT has a unique number that represents your Fiat24 cash account number. The NFT is the access key to your Fiat24 account.
The NFT can be acquired for free in our store. To visit our store, just open the Fiat24 mobile app with an Ethereum wallet without any Fiat24 NFT, and the app will automatically redirect to our store.

Why can’t I find a shorter account number?

The account number is the id of the NFT, which is a one to eight-digit number, such as 253 or 315860. Usually the shorter the number, the more valuable it is. All numbers with more than five digits, with the exception of those starting with an eight or nine, are available for free in our store, and anyone can acquire them.
However, one- to four-digit account numbers are required to pay a fee.

Is there anything special about numbers starting with 8?

Accounts starting with an eight are business accounts for corporate clients. A business account can only be opened manually by client services.
If you are a corporate client, please contact our Client Service.

Why are account numbers starting with 9 not available?

Account numbers starting with a nine are reserved for internal uses.

Is it free to acquire a NFT?

Yes, all numbers with more than five digits are free, but you must own a small amount of Ether to pay the gas fee in order to acquire/mine the NFT.

I can’t find my Fiat24 NFT anymore, what can I do?

Contact our Client Service and we can arrange to reactivate the NFT and send it to your new Ethereum address, but we will need to verify your identity first.

Can I have 2 NFTs connected to one Ethereum address?

No, the system does not allow a Fiat24 NFT to be sent to an Ethereum address that has ever had another Fiat24 NFT before. However, an NFT can always be transferred back to the Ethereum address which had it before. So, the principle is, if an address has ever held one Fiat24 NFT, it can never have another Fiat24 NFT except for the original one.

Can I buy an NFT from a 3rd person or market such as OpenSea?

Yes. But you should only buy an NFT with a Tourist Status, which means the token has never been linked to a client profile before. If you acquire an NFT which has already been linked to a client, your deposit may hold the risk of being claimed by the former owner in the future.

Can I sell (or transfer) my NFT to another person?

Yes, but you should only sell (or transfer) an NFT with a Tourist Status, which means it has not yet been linked to you. If you sell a verified NFT to someone else, you may run the risk of being used for money laundering. All transactions made in that account will be associated with you.

Is the account number recycled after the account is closed?

After closing, the account number will be perpetually locked and will never be recycled for someone else’s use. The status of the NFT will be “closed” forever and cannot be changed anymore. Please know that we must hold your personal data for a specific period of time for regulatory requirements.

Registration

Can I open the account in the Fiat24 mobile app?

Only individual clients can open an account through the mobile app. Corporate clients (account numbers that start with the number eight) must be activated manually by our Client Service team.

How long will it take to open an account?

Less than one business day. Please note that our working hours are aligned with Central European Time (CET).

What type of ID is accepted to verify my account?

You must have a Biometric Passport (aka ePassport).
At the moment, we do NOT accept any national identity cards, residental permits or driver's licenses.

Why is my GPS location collected during the registration?

In order to fulfill the legal requirements of the Swiss Banking regulator FINMA, your GPS location needs to be captured during the account opening process.

Can my friend open an account for me?

No. We have facial recognition during the verification process to make sure you are the person holding the identity document.
To protect the account holder, we reject all applications from 3rd parties.

I am a Japanese citizen, but live in Germany. Can I register as a Fiat24 client?

Yes, you can. At the moment, we only accept domicile address in specific countries.

My application has been rejected, why?

As a licensed financial institution, we accept our clients in very prudential way. If we believe your domicile, risk profile, or background doesn’t match our business focus, we may not accept the business relationship with you. For more details, please read our Terms Of Use.

Can I register twice and have two accounts?

No. Each individual can have only one account in Fiat24. If you apply for a second time, we will reject your application if you still have a live account with us.

Manage Your Account

Who manages my account status?

All accounts have various statuses: Tourist, Live, Hard Blocked, Soft Blocked, and Closed. The meanings of those statuses are stated here:

  • Tourist: Newly acquired account number, has never associated with any identity. Tourist NFTs are free to transfer between users.
  • Live: Registered as Fiat24 client, and the client’s identity has been verified. The account can be used without any limitations.
  • Hard Blocked: Client can still log into the service, but the account is blocked for any incoming or outgoing payments.
  • Soft Blocked: No outgoing payment is possible, but the client can still receive payments.
  • Closed: Client has closed the business relationship with Fiat24. The account number is locked forever, never to be recycled.
The account status can only be set/changed by Fiat24 Operation. In case of any concerns, please contact Client Services.
To check your account status, go to the mobile app and click Profile; the status is stated there. Advanced users can also watch the image of the NFT directly in their Ethereum wallet. The avatar of the NFT shows the status of your account. However, please note that some wallets don’t refresh the avatar of the NFT very often, which means that your status would not be updated to the latest status.

Can I change my nickname?

Yes. Your nickname is written into your Fiat24 NFT, and it can only be set by yourself. Because it is an Ethereum transaction, you need to pay a small amount of Ether gas to complete the transaction.

I have lost my wallet, what next?

Contact our Client Support immediately. After verifying your identity, we will lock your account, which means your account is frozen for any transaction.
We will reset your account by transfering the NFT and your money into your new Ethereum wallet. In such case, we may charge you a small processing fee.

Receiving Money

Why I can’t receive the money?

If your account is in the status of Tourist, you have a volume quota of 1000 CHF equivalent value per 30 days. After using up this quota, you will need to wait a few days until your quota is reset again.
Another situation is if the money is wired to an Ethereum address without the NFT. You can still receive money, but you have a limit cap on each currency account. More specifically, this amount is: 250 USD, 250 CHF, 250 GBP, and 250 EUR.

Why I can’t receive the money, even after I have been verified?

Check your account status. If the status is hard blocked, the account cannot receive any incoming payment. In such cases, please contact our Client Service for more details.

Why didn’t I get the total amount?

If you have a Business Account with an account number starting with an eight, each payment you received will have 0.55% deducted from the total for commission. If your account is individual account, no fee will be charged for payments.

Sending Money

Is it free to send money?

Yes, it is always free to send money in Fiat24. However, a small amount of Ether (so-called gas) need to be paid for the transaction.
We estimate the gas will be reduced dramatically in 2022 when Ethereum 2.0 goes live.

Am I sending money to a person or a company?

If the receiving account number starts with one to seven, such as 5892329 or 38991, the recipient is a person. If the account number starts with an eight, such as 89002, the recipient is a merchant or a corporation.

Why can’t I send the money anymore?

If your Fiat24 account is blocked, you can’t send money for a while. To check your status, go to the mobile app and click Profile; the status is stated on the sidebar.
Advanced users can also observe the avatar of the Fiat24 NFT directly in the Ethereum wallet, which indicates the status of the account. However, be careful as some wallets don’t refresh the NFT status frequently, which means a status may be outdated.

Who can block my account?

Our operation team controls your account status. We block your account only in very limited situations, mostly due to issues in compliance or in suspected money laundering cases.
If you find your account is blocked, we recommend you contact our Client Support for instructions.

How do I check the status of a transaction?

All Fiat24 transactions are done in the Ethereum blockchain. Advanced clients can check the status in any blockchain explorer such as Etherscan.

Why has my transaction status been pending for so long?

All Fiat24 transactions are done in the Ethereum blockchain and the Ethereum network executes the transaction based on how busy the network is. In some cases, your transaction can be postponed due to a network traffic jam in Ethereum.

Cash Withdrawal

How many withdrawal accounts can be associated with my profile?

You can associate one target bank account for each currency in Fiat24. In other words, you could associate a maximum of 4 bank accounts (USD, EUR, CHF, and GBP).

Can I withdraw money to a bank account that is not under my name?

No.

Why is my bank not in the dropdown list?

The banks on the list are popular local banks. However, not all banks in your country are supported. We maintain that list and will expand it regularly.

Can I withdraw USD and transfer it into my EUR account?

Yes, you can. But the receiving bank will usually charge an implicit forex fee.

How long will the cash withdrawal take?

It depends on your receiving bank. For Swiss or EU banks, it will be credited within 24 hours. However, cross-continental wire transfers could take up to 72 hours.

What happens when a cash withdrawal fails?

In some cases, your cash withdrawal request may fail due to various reasons. For instance, this could happen if the bank account you have provided is not correct. In such situations, the money will come back to us. Then we will credit it back to your Fiat24 account again from a special account 9103 Sundry. We may charge you a processing fee for such.

Cash Topup

Is cash top-up free?

Yes, we have no charge for it. However, your bank may charge you a fee, especially for an international payment.

Where can I find the payment instruction?

Please refer the information in the “Receive -> Bank Wire” tab. Don’t miss the payment purpose field (in some eBanking, the field is also called “memo”).

Why we do not offer USD top-up by wire transfer?

At present, due to our policy, we do not provide USD cash deposit services for the time being

How long will the cash top-up take?

It fully depends on your initiating bank. For Euro SEPA payment, it takes less than one day. But for SWIFT payments, one to three business days are required.

Can I wire money from an account that is not under my name?

No, if the money is not from you and amount above 1000 USD equivalent, we may block the money or send it back.

Can I wire USD into a EUR account?

Yes, you can. However, the receiving bank will usually charge an implied forex fee.

What happens if the cash top-up fails?

It could be possible that your money has arrived at our bank, but your account has not been credited. Various possibilities might also include, for instance, writing the wrong payment purpose (or memo), or your payment failed our compliance check. In such cases, please contact Client Service as soon as possible.

F24 Tokens

What is F24?

F24 is a reward tool that connects the interests of various participants in the Fiat24 ecosystem. We effectively align the interests of Fiat24 users with company shareholders, employees, and community participants.

In terms of technical implementation, F24 is a ERC20 token based on Ethereum technology.

How is F24 circulated?

The maximum supply of F24 is set at 100,000,000 units.
It will be distributed as planned as follows: 50% is allocated to the Fiat24 early adopters and community; 30% is allocated to the company’s treasury, which will be used to raise fund or sponsor the next incentive plans; and another 20% is allocated to the founding team, company staffs and active promoters in the ecosystem.

Can F24 tokens circulate without restrictions?

All F24 tokens allocated to the users have no transfer restrictions. However, all F24 belonging to the team and treasury will be vesting over 4 years, with 6 months cliff.

How do Fiat24 users get F24?

We give 15% of the total supply to Fiat24 users during the reward period. Fiat24 users can check their reward quotas and claim them inside the Fiat24 client. Because it is an Ethereum transaction, you need to pay a small amount of Ether gas to complete the transaction.

When does the reward period end?

The reward period will end at 00h00 CET on Thursday June.30.2022 .
All Fiat24 users who used our services before that deadline can claim rewards.

How are the user rewards calculated?

Each account holder can get 500 F24, after the user mines a new Fiat24 NFT.

How can I find my balance of F24?

User can easily find the F24 balance in the Fiat24 mobile DApp.

Do we sell any F24 to users?

We encourage early adopters to actively use our services and allocate F24 tokens as reward points for free. We never sell any F24 tokens.

Why do I need F24 to use Fiat24 services?

There is no any precondition for our users to have F24.
However, the number of F24 owned by the user determines the quota that user can use some value-added services.
For detail pricing terms, please refer our Pricing section.

What is the future plan for F24?

We introduce a mechanism to cover our future governance model and financial incentives, and aim to share a vision of alignment between various stakeholders within the Fiat24 ecosystem, and the F24 token as a core securing element of this mechanism.
One key design goal of an effective governance model should be to balance various stakeholders’ emphasis on behavioral incentives and their welfare, while prioritizing more recent focus on governance minimization and automation.
The goal of the F24, through its incentives and policies, is to create an inherent governance & incentive system where the Fiat24’s growth, sustainability and safety take priority over individual stakeholder objectives.