Helen Champion is an associate editor at Finder. She has worked in communications for over 15 years and currently writes on a range of topics including insurance, money transfers and cryptocurrency in the hope of simplifying matters to help people make better financial decisions. During her career, she has produced hundreds of current affairs and breaking news reports for one of the leading television news networks in the UK. She has also managed several high profile public relations campaigns, both in the UK and overseas. When she's not tapping away at the keyboard, you'll find her in the dojo practising Karate or making mischief with her sons.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Vimba claims that because it buys Bitcoin in bulk, its fees are lower than usual for the customer – around 1% of the amount purchased.
The standard transaction fee on top of this is 3.5%.
So, if you deposit £100 per week, you’d pay around £4.50 per week in fees.
Vimba’s website says that other fees may include an international money transfer fee, a Bitcoin exchange fee, a Bitcoin trading fee and a Bitcoin network fee among others, but there are no details on the exact charges, so you should make sure you understand exactly how much you’ll be charged before you proceed with any transaction.
Maximum across four weeks
You can only deposit up to £2,000 of Bitcoin, Ether or XEM every four weeks, and you can make deposits weekly, fortnightly or monthly.
How fast will my funds be available?
At least 4 days
From start to end, the process of receiving your cryptocurrency subscription takes at least four days.
Vimba receives your automatic payment on Monday (but deposits can be made any time before Friday), then holds all funds for two days to filter out any fraudulent payments.
Once cleared by Vimba’s bank, your money is then sent to the exchange on Thursday.
Vimba then buys Bitcoin on your behalf on Friday. Once the crypto purchase has been made, you should receive your share in your wallet within half an hour.
Is Vimba safe to use?
Year founded. Vimba has been around in New Zealand since 2014, before the surge of the cryptocurrency market in late 2017; although, it extended its services to residents in the UK in late 2018.
Verification process. To comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements, Vimba requires all new users to provide copies of government-issued identification and proof of address.
Its careful way of trading. Users deposit small amounts only and make transactions once a week.
Account security. Vimba claims to have solid security architecture and provides tips to help users keep their account and funds safe. It recommends users have a strong password on their registered email account since you will need to click an activation link sent to your email to confirm any changes to your account. While it doesn’t currently use 2-factor authentication (2FA), Vimba says it is looking at implementing this to add extra security.
Vimba was founded in 2014 by two Kiwi Bitcoin enthusiasts. It’s designed to offer a simple solution for people to regularly buy and save Bitcoin and Ether.
Customers set up automatic payments to make deposits of GBP into their accounts, and Vimba buys Bitcoin (BTC), Ether (ETH) or XEM on their customers’ behalf.
As of March 28 2019, Vimba’s “Instant Buy” feature for quick crypto purchases has been extended to residents in the UK (previously only available to residents in New Zealand). The company launched its “Instant Sell” feature in New Zealand in August 2018. The process takes a few hours but can take up to 24 hours to sell any amount of Bitcoin saved through Vimba. It is currently only available for Bitcoin and only available for New Zealand residents.
Vimba caters to residents of New Zealand and the UK, and supports GBP and NZD payments. USD is also an accepted fiat currency.
Vimba currently accepts a driver’s licence or passport. If you run into difficulties, you can email firstname.lastname@example.org with a photo of yourself holding up your ID and a piece of paper with the word “Vimba” written on it. You’ll need to add manual verification as the email subject.
The platform only supports residents in New Zealand and the UK. If you’re looking to withdraw funds to an account based elsewhere, contact Vimba before signing up.
No, only verified users will be able to access and use the platform.
The Instant Sell feature, which is available for New Zealand residents is not available to anyone in the UK. However, as of March 28 2019, the Instant Buy feature allows residents in the UK to purchase any amount of Bitcoin or Ether instantly.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
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