Let's answer some of your questions
You can hold, receive, send, and spend money using a DroppPay multi-currency account. You can hold multiple currencies, and convert between them at the real exchange rate whenever you need. You can get account details for some currencies to receive money from around the world. You can send money from your account to a bank account whenever you like — we'll charge a fixed fee when you do this, and a conversion fee when you send to a different currency. And, you can spend the currencies in your account around the world.
Your DroppPay account is an electronic money account. It’s different from a bank account because: Your money is safeguarded and not covered by the Financial Services Compensation Scheme (FSCS) or another protection scheme that you would get with a bank account. You can’t get an overdraft or loan. You won’t earn interest.
You can add and hold money to your account in multiple currencies. You can convert money between any of the currencies in your account — always with the real exchange rate. We’ll charge a low conversion fee to do this.
Our website and apps are specifically designed to ensure we are protecting your account from unauthorized login attempts. We implement strict verification processes to ensure that we fully identify all of our customers. This makes sure we protect genuine people and deter criminals. We have teams dedicated to the monitoring of customer accounts and transactions for signs of unusual activity.
We are required by law to verify all of our customers. The type of verification we will need can be different depending on the amount that you are sending, and which country you are sending from. This is because each country you can send from will have different laws that DroppPay needs to abide by. Usually, we will only be required to check your name, address, and date of birth. However, in some circumstances, we may also require further information in order to comply with our regulatory obligations. We will contact you if we require anything from you, so please ensure you check your emails regularly after you’ve created your transfer.
In more than 90% of cases, transfers sent using DroppPay are ready in minutes. This means that funds have been sent to our local partner and are ready for collection by your recipient, or to be credited into their bank account or mobile wallet. This time frame will vary based on the country you are sending to and the pay-out method you have chosen, but the expected delivery time will always be displayed to you before you make a payment. Although we aim to complete transfers within the estimated time frame given, actual delivery time can be influenced by a range of factors including mandatory verification checks on you or your recipient, third party opening and operating hours, or the accuracy of recipient information provided at the time of transfer.
In an escrow transaction, a trusted third party serves as an intermediary and holds funds securely until the terms of the transaction are met and both transacting parties are satisfied before the funds are released to the seller/service provider.
DroppPay escrow is needed to provide payment security for the transacting parties and ensure that both parties are protected at all stages of a transaction.
DroppPay Escrow is ideal for securing your time-sensitive trade deals, ranging from automobile purchases to domain transfer or even that gadget you saw online...It’s really up to you!
For each transaction created on DroppPay Escrow, a dedicated unique escrow account is generated. The provisioned trust account is tied to the transacting parties and the transaction, and the funds are held securely in this account until the transaction is completed, after which the account is closed.