Frequently Asked Questions

  1. What is Spark? 
  2. What does Spark do?
  3. How does your business platform work? 
  4. How much does it cost to use Spark?
  5.  Where can I send money to? 
  6. How much does it cost to make a transfer? 
  7. How long will it take to transfer the money? 
  8. How much personal information will I need to provide? 
  9. Who is Spark? 
  10. Why are your fees cheaper than traditional money transfer services? 
  11. What is Bitcoin?
  12. What AML and KYC measures do you have in place? 
  13. What is a 'verified account' and why do I need one?
  14. How can I get started with Spark? 
  15. What currencies do you support? 
1. What is Spark? 

Spark is a remittance platform for money transfer operators. Spark is owned by Bitspark, a Hong Kong-based company that provides a money transfer platform for licensed money transfer remittance businesses.

2. What does Spark do? 

Many Monetary Transfer Operators (MTOs) currently use inefficient and expensive money transfer networks to send money overseas. They also use unreliable and poorly maintained software for the recording of customer details and transactions for compliance purposes.We provide an easy to use web-based platform for sending and receiving remittance payments, conducting customer due diligence, storing historical data and detailed analytics to boost your businesses performance.

3. How does your business platform work? 

The Business platform is a cloud-based platform that enables money transfer businesses to send, manage and receive remittance payments, manage customer due diligence and receive detailed business analytics.Our agents simply login to their account, fill in the required compliance details, top up their account balance and they can begin remittance payments for their customers. All payments are done via the account on our website so there is no software to install and it can work on any computer, tablet or device you wish to use.Furthermore, our platform can be used in conjunction with your existing money transfer services, so you can test it out without needing to change your existing services.

4. How much does it cost to use Spark? 

Its free to set up! We just take a commission on each transaction and our commission is far less than the competitors. In most cases our agents make 2.5x more money every transaction. Our agents are free to set a flat fee commission or an FX spread on the exchange rate.

5. Where can I send money to? 

Currently, we provide the service to send direct to: Philippines, Indonesia, Vietnam and Nigeria. We can send to cash pickup stores, pawnshops, all banks and more. We are always expanding our network, with new countries and deposit/withdrawal methods being added frequently.

6. How much does it cost to make a transfer? 

As an agent, you are free to set your commission. Spark provides a highly competitive exchange rate for all our destination countries.

7. How long will it take to transfer the money? 

It depends on the method you choose for each destination. Some payments to cash pickup locations can be done in a few hours, payments to some banks may take a day. Feel free to discuss this with Spark’s customer service team.

8. How much personal information will I need to provide? 

Spark is a platform for licensed money remittance businesses. Therefore we need to comply with relevant AML (Anti Money Laundering) and KYC (Know Your Customer) laws and this means we will request certain personal and business information as necessary to establish your account with us.We take customer privacy seriously, and invite you to look at our privacy policy.

9. Who is Spark?

Spark is a remittance platform for money transfer operators. Bitspark Limited is the company behind Spark, and is registered in Hong Kong and is part of the Cyberport Incubation program, a Hong Kong government backed program for innovative new technology companies. We have been operating since November 2014, and since then we have won numerous International awards (Sibos Finalist 2015, Accenture Fintech Innovation lab graduate 2015, UKTI 2015 Fintech award winners and many more) and been featured in many of the world's largest media outlets and industry publications (SCMP, New York Times, Goldman Sachs Fintech report 2014, KPMG Hong Kong Fintech report 2015 etc). Bitspark adheres to the highest industry standards in IT security and privacy according to HK law. We also believe in transparency and accountability which is why we strongly encourage you to search for us within the Hong Kong Government’s business search portal. 

10. Why are your fees cheaper than traditional money transfer services?

Our money transfer platform utilises cutting-edge financial technology called ‘Bitcoin’ (and other cryptocurrencies) to transfer payments between intermediaries without the need for the existing banking network and systems. This technology is cheaper than conventional transfer systems which allows us to provide competitive pricing to our agents.

11. What is Bitcoin? 

Bitcoin is what is known as a digital currency. It is a secure peer-to-peer payment system that enables anyone, anywhere in the world to send money instantly for practically free. Bitcoin has a mathematically limited supply and is not governed by any company, organisation or government. Bitcoin is freely traded 24/7 around the world for local currencies and features openly auditable transaction data (the ‘Blockchain’). Transactions are secured by the world’s largest computing network in complete privacy with no identifying information required for making payments. Bitcoin was launched in 2009 by an anonymous researcher named Satoshi Nakamoto to create a trustless system of payments that has opened up a whole new world of opportunities for people all over the world.However you do not need any knowledge about Bitcoin to use Bitspark as it’s all taken care of in the background, our agents just deal in familiar national currencies cash in, cash out. Easy.

12. What AML and KYC measures do you have in place?

All Spark users who deposit fiat currencies must verify their account with Spark by providing standard identity and transactional information. Spark adheres to industry standard Anti-Money Laundering and Know Your Customer procedures, as defined in accordance with Hong Kong law. For a full list of these procedures, please visit the Government website. Spark has an internal and external AML/KYC policy framework including: User background checks, transaction monitoring and reporting, risk assessment criteria and more.

13. What is a 'verified account' and why do I need one?

In compliance with international Anti-Money Laundering and Know Your Customer procedures, Spark will need to verify the identity of users of our service. This means that we will require certain information like: full name, business incorporation details, ID card, registered address, money transmitter licence etc. This information is easily accessible via the Spark Profile page where you can update your information as necessary and submit for approval by Spark.

14. How can I get started with Spark? 

Contact us at  www.bitspark.io  via the website or at info@bitspark.io  and we will be happy to discuss your needs and proceed with account setup.

15. What currencies do you support?

We currently support HKD, VND, IDR, PHP and Bitcoin. Your account verification level will determine the ability to deposit or withdraw in these currencies to local bank accounts.

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