Abra, a bitcoin wallet and payments service provider, has announced a new feature enabling users to fund their wallets using American Express (Amex) cards. This integration allows cardholders to instantly add funds and purchase bitcoin within the app.
According to the official announcement, the feature is initially rolling out to a small group of users and will be available to the entire user base in the coming days. Users must already possess an Amex card; they cannot apply for one through Abra.
Fees and Limits
Abra recently updated its fee schedule. The company advertises “no transfer fees” for sending money using bank accounts, wallet balances, or bitcoin wallets. However, adding funds via an Amex credit card incurs a 4% fee. Cash deposits or withdrawals via Abra Tellers come with a service fee starting at 1.5%, set by the teller and visible in the app before the transaction.
Transaction limits have also been updated: Amex credit card deposits have a daily limit of $200 and a monthly limit of $1,000. Bank deposits and withdrawals are capped at $500 daily, $1,000 weekly, and $2,000 monthly. Abra warns that “bank regulations may supersede Abra’s limits.” Bitcoin deposits and withdrawals have no limits.
Eligible cards include consumer cards issued by American Express or third-party licensed issuers, as well as reloadable prepaid cards like Bluebird and American Express Serve.
Global Teller Network in 170+ Cities
Launched in 2015 and available worldwide earlier this year, the Abra smartphone app is a bitcoin wallet that displays balances in a user's preferred fiat currency (supporting over 50 currencies). Users retain sole access to their private keys, even when balances are denominated in dollars or yen. Through smart contracts, Abra wallets can send or receive bitcoin to/from other users and the human teller network, enabling cash-in and cash-out in the recipient's chosen currency.
In April, Abra enabled bitcoin purchases via over 60 U.S. banks and credit unions for users in the U.S. and Philippines. In May, the teller network expanded to cover more than 170 cities in over 50 countries, including over 1,500 Tellers in the Philippines alone.
By integrating American Express, Abra provides a low-barrier entry point for traditional credit card users to enter the cryptocurrency space, further advancing the accessibility of bitcoin payments.