Can I make transactions without verifying my Cashila account?
Yes you can make limited transactions. Until you verify your account, incoming transactions - deposits to your Cashila account, are limited to bitcoins only (they are still automatically converted to euros). You can however make outgoing transactions of up to 1000 EUR/year - either to bitcoin wallet or to SEPA bank account.
We are implementing a revised Tier 1 verification for all new users and all existing anonymous users. Euro deposit is disabled for anonymous users.
Why should I verify my Cashila account?
So that you can enjoy the full functionality of Cashila. Also two reasons:
First, it allows you to make larger transfers and deposit euros. Once you become a verified Cashila user, you can make transactions up to 15,000 EUR or even 50,000 EUR per month.
Second, asking for verification is a part of our KYC (Know Your Customer) policy. This way we comply with the financial service regulations. The procedure is common practice for all regulated financial entities. Your information is always kept confidential and is only used for compliance purposes. This also helps us to serve you better.
How do I become a verified Cashila user?
Easily. In the Cashila dashboard select your name at the top right corner and choose Verification.
You should first verify your email address and then submit the required documentation (including copy of a valid ID document)
Part of the verification process is also a mandatory micro-deposit (between €1-2) which must come from your personal bank account. The deposit instructions will be generated by Cashila during the verification process. This deposited amount will be added to your Cashila balance.
What is the difference between tier 1 and tier 2?
Tier 1: you can make transactions up to 15,000 EUR/month. The highest single transactions is 15,000 EUR.
Tier 2: you can make transactions up to 50,000 EUR/month. The highest single transaction is 15,000 EUR.
A transaction is any type of money transfer that happens in your account: incoming or outgoing.
Example: if you transfer EUR 1,000 into your Cashila account and pay EUR 500 of bills, your transaction volume adds up to EUR 1,500.
What documents do I need to submit?
We are implementing a revised Tier 1 verification for all new users.
You need to submit a scanned image or a picture (colour picture taken with your phone should do the trick) of a paper document, issued within the last 3 months and addressed to your name and home address.
All documents provided must be in Latin/Roman alphabet.
Submit a scan or a picture of one valid government issued ID:
- international passport (double page),
- national ID card (both sides) or
- driver’s license (both sides).
You must also complete a mandatory micro-deposit (between €1-2) which must come from your personal bank account.
Submit one of the proofs of residency:
- bank statement,
- bill for utilities consumed at your home address,
- tax return,
- council tax or
- certificate of residence issued by a government or a local government authority.
You can also submit other documents to serve as proof of residence such as government-issued documents (which can not be personal documents listed for Tier 1 verification), judicial authority-issued documents, documents issued by a public agency/authority, utility service company, or similar regulated service providing companies.
Make sure your submitted documents are visible in full, high quality, and your ID documents valid, with the expiry date clearly visible.