Frequently Asked Questions

What you need to know about Bitcoin and MyBitcoinSaver

When you deposit your money to us with your reference number on a Monday, we wait for the bank to clear it and then send it to Europe's biggest Bitcoin exchange where we buy Bitcoin that Friday. From there our crypto-distribution engine fires out Bitcoin to all our awesome users.

  • If you’re interested in Bitcoin but find the whole process overwhelming.
  • If you want to buy Bitcoin but don’t have the money for larger buys - especially with international transfer fees!
  • By saving Bitcoin weekly you are using a technique called Dollar Cost Averaging. DCA is seen by many of the top financial experts as the most effective way to accumulate a financial asset.
  • You save on transaction, currency conversion and exchange fees because we bulk-buy Bitcoin for you.
  • It is so easy! Just set your automatic payment and forget about it :)

When buying Bitcoin fees are unavoidable. The base fees involved when we buy Bitcoin include:

  • The international money transfer fee
  • The currency exchange fee to convert the NZD to USD
  • The Bitcoin exchange bank deposit fees
  • The trading fee when we buy Bitcoin
  • The Bitcoin network fee when we send Bitcoin to our master wallet
  • Another Bitcoin network fee when we send Bitcoin to our lovely users

As we bulk buy Bitcoin much of these fees are significantly reduced and amount to a total of ~ 1%. The ‘rate’ on the account page is inclusive of the market rate we bought Bitcoin at and these base fee’s added on. We are constantly trying to streamline this process to make the base fee as low as possible.

Our MBS fee of 3.5% is added onto the base fee before we send Bitcoin out to our users.

Currently, anyone who can transfer money into our New Zealand bank account. We’re working on launching worldwide, starting with the UK. If you are a UK resident interested in our service please submit your email address here and you’ll be among the first to know when we publicly launch.

If you are being asked for your AA number during our verification process and you don’t have one, or if you have run out of verification identity options (Driver's License, Passport etc) please get in touch with us at support@mybitcoinsaver.com. Include Manual Verification in the subject line and attach a copy of a utility bill or a bank statement that clearly shows your name and address on it and we will verify you manually.

A Bitcoin address is created when you create a Bitcoin wallet. We don't provide Bitcoin wallets however there are many wallet providers you can choose from. We recommend using the Copay Bitcoin wallet.

A wallet is where you store your Bitcoin. There are different types - you can store your Bitcoin online, on your computer, or even on paper. If you are first starting off with Bitcoin we recommend Copay which you can use on your smartphone or your computer (or both). If you already have some Bitcoin or want an additional level of security we recommend the Trezor hardware wallet.

Once you send your automatic payment on a Monday there is then a 2 day transaction check delay to stop any fraudulent payments so your money is safe. We then purchase Bitcoin for you, at the market rate on a Friday. The Bitcoin is then transferred to your wallet within half an hour of the purchase on the exchange.

Copay s a free, easy to use Bitcoin wallet. It protects you from losing coins in a backup mistake or computer failure, because your wallet can be recovered from a seed phrase that you can write on paper or learn by heart. We recommend it because if you lose the device your wallet is stored on, you can import your wallet on any new device using the seed phrase.

The Trezor wallet s a Bitcoin hardware wallet. A hardware wallet adds an additional level of security to your Bitcoin by having a piece of electronic hardware that provides a unique key you need to enter in each time you need to access your wallet. Like Copay a Trezor wallet has a secret phrase which can be used incase you lose your Trezor hardware wallet.

There is no connection between them, they are completely separate entities. Once you’ve received Bitcoin from MyBitcoinSaver, you can move it between your different wallets using your public addresses.

An address is an identifier of 27-34 alphanumeric characters that represents a destination for a Bitcoin payment. It is similar to email, in that you can send Bitcoin to a person or company using their address. You can have as many different addresses as you like (and it is recommended to regularly change addresses for security reasons), Copay does this for you every time you receive Bitcoin. However each previous address still points to your wallet.

If you’re using Copay, click on the “Receive” tab, and your address is beneath the QR code. Your QR code also signifies your address which you can use when inputting your address in our signup form.

Simply stop your Automatic Payment to us and we’ll notice that we’re no longer receiving payments with your reference number.

Simply change your Automatic Payment amount, ensuring you keep using the same reference number. Please note the payment must not exceed $200 per week.

You can make one off purchases but they must not exceed $200 per week and will be processed like our other payments - sent on Monday, processed on Wednesday and Bitcoin sent on Friday.

No, if you wish to purchase more Bitcoin, you can simply increase the amount of your automatic payment.

You may have noticed that we don't allow you to create a new reference by entering your public Bitcoin address again, as we only allow one reference per public address. If you've lost your reference number, you can go to your account page and it will be listed there.

No, currently we are just focussed on Bitcoin. In the future we will look to open up our service to other currencies.

If we have received your money it will display as ‘processing’ on Wednesday afternoon once we process all the money.

There may be a few reasons for this

  1. We may not have sent the Bitcoin yet, we generally do this by 4pm at the latest.
  2. You may have forgotten to add your reference number to your payment or had an incorrect reference number. We will try to contact you if this is the case but without a reference number this is difficult for us to do so please get in contact with us.
  3. The international money transfer to the exchange may have been delayed. This is out of our control and something that can periodically happen. If so we will announce it on our Twitter and the send will be done on Saturday.

It means that we have received your money and we are processing it for the Bitcoin send on Friday.

We have a $200 weekly limit. If you have sent a payment that is over $200 we will process $200 of it and contact you to refund the difference.

We only allow one transaction per person per week. If you have made two payments in one week we will be in touch to refund the second payment

We only allow one transaction per person per week. If you have made two payments in one week we will be in touch to refund the second payment

Every time you send Bitcoin on the network a small fee is charged. This is out of our control and inbuilt within the Bitcoin framework

You simply need to go to your account page settings and from there you can edit your Bitcoin address. You will need to confirm this change via the email you signed up with us

You simply need to go to your account page settings and from there you can edit your email address. You will need to confirm this change via the email you signed up with us. If you no longer have access to your original email address please get in contact with us

You simply need to go to your account page settings and from there you can edit your phone number

You simply need to go to your account page settings and from there you can edit your password

No, this is a security feature of most Bitcoin wallets. You will not need to change the address you signed up with as each previous address still points to your Bitcoin wallet

If you have a question that we haven't answered here, please contact us and we'll be happy to help.

Our Twitter page is the best way to get quick updates if there is any delay in the send