You’ve probably heard already about the video identification process we prompt you to pass. If you haven’t done it by now you may be wondering why do we require it from you and will that make any difference in using your iCard digital wallet.
In this article I will explain the difference between the iCard Starter and Standard plans, and will go through the identification process step by step. I will also briefly touch upon why we require such an identification process, and how safe is your data with us.
First things first – what is in for you?
Once you download your iCard digital wallet and go through registration you instantly become an owner of the iCard Starter plan. It is free and ready to be funded by a debit or credit card. With your starter plan you can have a taste of what the iCard digital wallet is all about. You’d be able to fund and spend a maximum amount of €250 and you’d be able to try all of the iCard features, except bank transfers and virtual cards.
The Standard plan on the other hand comes with an option to open multiple accounts in 7 different currencies and the ability to send and receive bank transfers both locally and internationally. Your funding limit is also significantly higher – up to € 50,000. In addition you’d have access to two free virtual cards for safe online shopping and an option to add more if you need. The best part is that the Standard plan is also free BUT you need to pass our video identification process to activate it.
Step by step
Video identification is fast and easy and you have the freedom to choose a time that is convenient for you! It should only take you about 5 minutes and you’d be all set… unless we need some additional documents from you but more on that in a minute.
Before you start.
- Have your phone with you – charged
- Check if your internet connection is stable
- Make sure you are in a quiet place with a good light source
- Make sure you are alone in the room and no one will disturb you during the conversation with our agent
- Have with you a valid government ID or passport from your country of nationality. Temporary residence permits will not be accepted as a main identification document.
You should receive a confirmation email, once our operators process your documents, usually on the same day. In some cases we may ask you to send us some additional document via email:
We may ask you for “proof of address” documents:
- If the ID you used during the video call does not have an address on it. This could be a bank statement or a utility bill (but not a phone bill) You will need to take a photo of it and send it over to us by email. Please make sure that all the texts are readable on the image and that you took a photo of the entire document.
We may ask you for a “residence permit”:
- If your country of origin is outside of the EEA
You are currently living in the UK but you were born in Ecuador. During the video chat with our agent you showed your Ecuadorian passport. You need to be an EEA resident to be able to use the iCard digital wallet. Therefore we will ask you to send us a valid residence permit for an EEA country. In case that there is no address displayed on your residence permit, we will ask you to also send us a “proof of address” document.
We may ask you for an “alternative ID” in case that:
- the ID you showed us is weared off and the information on it is not readable
- our agents noticed any discrepancies
- your ID will expire in less than 3 months.
- your ID is not a biometric ID card
Why we do it?
We know it may seem too personal and even scary to share your documents with a stranger over the phone. As a registered financial institution we, just as banks, are required by law to identify our customers and to make sure that they are not involved in any illegal activities. We follow very specific procedures for collecting and storing personal data.
Think of it in the same way as when you are going to the bank to open an account and a stranger in the office makes copies of all your documentation. It is the exact same thing we do only that we save you the annoying trip to the bank and waiting on the queue.
Should you trust us with your documents?
We are an EU Electronic Money Institution and an EU Payment Processor, licensed under the European e-Money Directive.
As such, we are legally responsible and liable for the security of your personal information. All your data is stored fully encrypted on our servers, in Special data centers in Class A jurisdictions in Europe. We also hold the highest industry security certification that is updated annually after successful external audits. To learn more about what else we do to protect you and your funds, read this.
All our personnel, authorized to work with personal data, undergoes an in-depth training on how to handle and protect sensitive information.
We are always committed to being fully compliant with the latest European directives.
Haven’t installed iCard yet? Get it today!