Alternative banking services

FreedomCoop provides an alternative banking ecosystem for members of the cooperative. The two main features are: an online FairCoin wallet and a virtual bank account, thanks to our cooperative alternative banking partner. This is an important milestone for the financial freedom of the participants in FreedomCoop, because this account toolkit can be used by a collective without any formal legal structure, or by individuals, despite any personal legal issues they may have in the country where they live.

1 – FairCoin online wallet

FreedomCoop offers all the members a FairCoin online address that can be used to receive and make payments (for example, buying at FairMarket and UseFaircoin) or to store FairCoin securely without needing a computer or a smartphone. This FairCoin online wallet can be charged at and progressively the FairCoop ecosystem will offer more ways to interact with it. Collective projects can give a FairCoin wallet to any of their members and use it for distributing their incomes between them. The FairCoin wallet is integrated with the OCP. More info about FairCoin here: FairCoin.

2 – Virtual bank account

a) What is a virtual bank account (VBA) and how does it work?

A VBA is an account based on a shared IBAN number.  The payments received are managed by the “subject” title which will be provided when you join. All members of FreedomCoop share the same IBAN. You access your VBA using your unique user and password, and can make payments such as SEPA transfers, or send money to other users of the same service instantly. The legal ownership belongs to the banking cooperative who have a partnership with FreedomCoop. This allows you to use these accounts without the risk of your account being frozen due to your personal situation in your country.

b) How to apply

First, you need to be a member of FreedomCoop. You can apply here for the FreedomCoop membership. After that, you can apply for a VBA, at no additional cost, using the OCP management panel.

3 – Requirements. You must meet at least one of these requirements:

  • Be an active self-employed member.
  • Commit to making a deposit of €300 for 6 months.
  • Change at least 10% of the deposits or transfers to FairCoin. Minimum transfer is 200 FairCoin per month.

c) Examples of how the VBA can be used: This alternative banking tool can be used to:

  • Receive payments from the current system (bank transfers, credit/debit cards, etc.) and transfer them directly to your FairCoin address.
  • Autonomously manage economic projects using your bank account, for example, to pay providers and be paid by clients, thus creating an international/European/local relationship beyond the control of the financial system.
  • Organize specific crowdfunding campaigns for any group outside state control.

d)  What you can and can’t do with your VBA

  • You can convert to FairCoin without fees. This can be done in the [FairCoin online wallet]
  • or sent to any of the other.
  • You can transfer to another bank account.
  • You can send money to a virtual debit card (via a third party service provider).
  • You can convert to cash in 10,000 ATMs (only in Spain and Poland, at the moment).
  • You can convert to BitCoin.
  • You can instantly pay any other FreedomCoop member.
  • You can only use the account to receive bill payments if the bill payer correctly puts your username in the concept of the transfer (you should check this at your own risk).
  • You can only get cash from a physical location if the FairCoop Local Node in your area offers this service.
  • You can’t link a credit/debit card to the bank account.