FAQ

Here are some common questions about Koosmik

GENERAL

What is Koosmik and how does it work?

Koosmik is a secure digital payment solution available on mobile and on desktop allowing you to send and request money or pay for your purchases at selected retailers.

Simply sign up and add your bank card then you can credit your Koosmik wallet with funds to start making payments securely and simply.

Are my transactions free?

Transactions between individuals are entirely free. Payments to a merchant incur a transaction fee on the merchant's side.

Can I transfer money to someone who does not have an account with Koosmik?

Yes, If you make a payment request to someone who does not have a Koosmik account, they will receive an e-mail inviting them to join Koosmik. Once they have registered, they will be able to view their pending payment requests.

You can also invite friends to join Koosmik using the "Refer a Friend" feature to earn extra Koosmiles.

Does my Koosmik wallet need to be credited to make transfers?

No, If you wish to make a transfer and you have insufficient funds, you will be asked if you wish to credit the outstanding amount using your card. If you accept, the process will be instantaneous and you will be able to make your transfer request successfully.

Is there a limit to the amount I can credit my Koosmik wallet?

You may credit or be credited up to 2500 euros,once you have reached this limit you will be prompted to complete your profile and verify your identity. This is known as KYC.

Is there a limit to the amount I can transfer?

You may transfer or withdraw up to 1000 euros, once you have reached this limit you will be prompted to complete your profile and verify your identity. This is known as KYC.

Can I use Koosmik abroad?

Koosmik is available to download on the App store or the Google play store in Luxembourg, France, Italy and Latvia.

You may also use Koosmik for money transferring purposes whilst you are abroad anywhere in the world.

I have other bank accounts and credit cards registered in other countries, can I also add these to Koosmik?

You can add to your Koosmik wallet any European card or bank account as long as the currency is in EURO and you have a corresponding IBAN and BIC/SWIFT code.

Therefore you may add several cards or bank accounts from different European countries.

Koosmik currently does not support other currencies.

e-BANKING

How do I add one or several bank accounts?

You will need to add at least one bank account to Koosmik in order to withdraw funds from your Koosmik wallet. To do this click on the menu tab in the upper right corner. Select "Settings", then the "Bank Accounts" block, you will then need to add your IBAN as well as your BIC/SWIFT code and account holder information.

You can also add several bank cards to your account in the "Settings".

Please note: The name must match the name of the accountholder for this account.

What is an IBAN?

IBAN is your International Bank Account Number. If you do not know this number you can find it on your bank statements.

What is a BIC/SWIFT code?

A BIC stands for Bank Identifier Code, sometimes referred to as a SWIFT code. You will find this code on your bank statements.

How do I withdraw funds from my Koosmik wallet?

Before you attempt to withdraw funds from your Koosmik wallet, please make sure you have added a valid bank account. To withdraw funds, click on the menu tab at the top right of the "Accounts" page and select "Withdraw Funds" in the list. On the next page, you will be asked to enter the amount you wish to withdraw as well as the account you wish to credit.

Please note: A withdrawal towards your bank account can take up to three working days to reach your account as it must first be approved by your bank. Find out more

How long does a withdrawal take to appear in my bank account?

A withdrawal from your Koosmik wallet can take up to three working days to show up in your bank account as it must first be approved by your bank. This delay can vary with national and bank holidays.

 

I made a withdrawal but still cannot see my funds in my bank account, where are they?

If you made your withdrawal less than three days ago, this is normal, any transfer towards a bank account can take up to three working days to be approved by your bank, furthermore bank holidays and national holidays can cause further delays.

If it has been more than 3 working days since you made the transfer, verify that the bank account you have registered contains the correct information; the name on the account must match the name of the accountholder. If after 5 working days your funds still have not appeared in your account please contact us for further assistance.

Why have my pending transactions disappeared?

Pending transactions are programmed to be cleared after 7 days if no action has been taken.

Settings

How do I change my password?

You can change your password in your "Profile Settings", you can access this by clicking on the menu tab in the upper right hand corner of the "Accounts" page, select "Settings" and then "Passwords".

 

What is the two factor authentication?

This is a recommended additional security measure. When two factor authentication is activated you will receive a confirmation code by text message which you will have to enter in order to sign in to your account.

For more information, please see our Security page.

What is the purpose of a secondary e-mail?

In you the settings you have the option to add one or several secondary e-mail adresses.

Once the additional e-mail adresses have been verified, you may receive transfers sent to these adresses, you can also chose which e-mail you wish to have your notifications sent to.

However you will not be able to sign in to your account using these secondary e-mail adresses.

Can I change my primary e-mail address?

Normally no. You may add a secondary e-mail address to your account however you may not change your primary e-mail.

Certain exceptions can be made in unusual circumstances, if you have further queries about this please contact us.

Features

What are Koosmiles?

Koosmiles refer to the loyalty scheme that rewards your activity and your engagement. You will encouraged to complete missions for extra Koosmiles, the most lucrative mission is the "Friend Referral" feature. These Koosmiles can then be converted into cash.

How can I convert my Koosmiles?

You can only convert your Koosmiles if you have spent the equivalent in Euro using Koosmik pay.

For example: 100 Koosmiles are worth 0.5 EUR.

If you wish to convert 2000 Koosmiles (10 EUR) you must spend 10 EUR or more using Koosmik Pay.

Note: There will soon be an online catalogue of products that you will be able to purchase using your Koosmiles

Where can I use Koosmik Pay?

Koosmik Pay is currently only available to merchants within private companies. However we plan to offer our services to high street merchants in the coming months.

If you are a merchant interested in offering Koosmik Pay, please refer the Koosmik Pro page.

Note: There will soon be an online catalogue of products which you will be able to purchase using your Koosmiles.

I referred a friend but have not yet received my Koosmiles, why?

Make sure your friend has fully completed their profile, this includes their personal information, at least one card and at least one bank account.

Security

Is my Data safe?

To protect your personal data, we have put in place a number of security features.

  • Your personal and financial information is irreversibly encrypted.
  • Your data is protected and stored on secure encrypted servers using a military grade encryption algorithm (AES).
  • We have been approved by the National Commission of Data Protection, which is an independent authority in charge of regulating the processing of personal data. It verifies the legality of the processing of personal data and ensures the respect of personal freedoms and fundamental rights with regards to data protection and privacy.

For more information, please refer to our Security page.

Why am I being asked for my ID?

Once you have reached a certain transaction limit or if you wish to activate an exclusive feature you will need to complete your profile and verify your identity. This is known as the KYC. This procedure is to protect you from from fraud and money laundering.

Why must I wait 24h to withdraw my funds?

To prevent fraud, we ask that you wait 24h after having credited your account before withdrawing your funds. This allows our teams to take the necessary precautions to avoid card and identity theft.

To be exempt from this, we advise you to verify your account by completing your KYC.

What is KYC?

KYC means "Know Your Customer" and is a set of legal obligations which are necessary to fight against fraud, money laundering and the financing of terrorism. When you first register, you complete the "Light" validation which limits you to transferring or crediting a maximum of 2500 € into your mobile wallet and a total of 1000 € outgoing per year (includes sending money, withdrawing and paying in shops). Once this limit has been reached or you wish to activate an exclusive feature, you will be asked to increase you athentication level and confirm your identity by uploading your ID.

Your information will then be checked by our white label banking provider, please keep in mind this may take a few days. Once you have been verified you will be able to make unlimitted transfers and withdrawals.

The information required for the KYC

Individual Light authentication :

  • e-mail
  • First name/ last name
  • Country of residence
  • Date of birth
  • Nationality

Individual Regular authentication:

  • Address
  • Occupation
  • Income range
  • Identity proof, ID card or Passport

Business KYC light:

  • Business Name
  • Generic business email
  • First name of the legal representative
  • Last name of the legal representative
  • Birthday of the legal representative
  • Nationality of the legal representative
  • Country of residence of the legal representative

Business KYC Regular:

  • Headquarters address
  • Legal representative email
  • Legal representative address
  • Identify proof
  • Articles of association
  • Proof of registration
  • Shareholder declaration

Koosmik Pro

Is there a set-up fee?

No, you are completely free to start using Koosmik Pro for your business at any time. All you need for the set-up is as a mobile device to download the application onto.

Please keep in mind that when dealing with larger sums of money you will be required to undergo additional legal security measures. For more information please see the section on KYC.

What are the transaction fees?

Each transaction will incur a fee of 1% which covers the costs for our banking provider.

Is the payment instant?

Yes, your Koosmik Pro wallet will be credited instantly when your customers pay you through Koosmik.

Can I stop using it at any time?

Yes, there Is no cancellation fee and no notice period. You are allowed to stop and start using Koosmik pro at any time.

Can I use Koosmik Pro on several devices?

Yes, you can log-in to Koosmik Pro on several devices and will be able receive payments and manage your account from these devices.

Although, beware of whom you share your Koosmik pro login as they will have full access to your account including the ability to withdraw into bank accounts.

Find more about security.

Can I export my transaction history?

Yes, from your desktop you can download a PDF export of your monthly account movements, you will find this a the top right of you "Account" page.

 

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