Bank of the Commons doesn’t provide a personal International Bank Account Number (IBAN), but a virtual bank account built from a Bank of the Commons owned (shared) IBAN account. Through this virtual account, you can interact both with the banking system and the multicurrency wallet.
Here are some thoughts:
- To make it clear that we are changemakers, not just protesters.
- To show we have concrete actions to perform, aimed at redressing international finances starting from our own monthly budgets: 5% today, 10% in 2 months, etc.
- To become more independent from the mainstream financial system which keeps us in poverty.
- To make money useful towards the building of a new kind of society instead of putting it in hands of harmful industries.
- To avoid a situation where a few people make huge profits out of my financial transactions.
- To participate in the process of money creation and in the decisions to do with how the bank’s money can be invested.
- The deposit shares are equivalent to what you have deposited in your own BotC multicurrency wallet and you manage directly from your multicurrency wallet. These are liquid or short term shares. This deposits are framed as shares mostly for
- The bonus share
Multicurrency wallet is a software that allows you to store and manage different currencies. Bank of the Commons’ multicurrency wallet will initially include euro, FairCoin and Bitcoin, with the vision to include multiple social currencies.
Investor or Co-founder Member*: 1000 (or more) eur = 1000 shares
- Participate in assemblies and decision-making processes
- Store – move FairCoin
- Hold savings in euros
- Send money via bank transfer
- Receive bank transfers
- Exchange from euro to physical cash if this service is available in your country
- Exchange from euro to FairCoin and vice versa
- Invest in cooperatives and receive profit if they share it
Individual Full Member: 100€ = 100 shares
- Participate in assemblies and decision-making processes
- Store – move FairCoin
- Hold savings in euros
- Send money via bank transfer
- Receive bank transfers
- Exchange from euro to physical cash if this service is available in your country
- Exchange from euro to FairCoin and vice versa
- Invest in cooperatives
Collective Full Member: 200eur = 200 shares
- Participate in assemblies and decision-making process
- Store – move FairCoin
- Have savings in euros
- Make bank transfers
- Receive bank transfers
- Exchange from euros to physical cash if this service is available in your country
- Exchange from euros to FairCoin and vice versa
- Invest in cooperatives
Limited Member: 1eur = 1 share
(Available in the last quarter of 2017)
- Participate in assemblies and decision-making processes
- Can store-move FairCoin
- Can hold savings in euros, with a maximum limit
- Can send money via bank transfer to other members of BotC or to your account in another bank
- Can receive bank transfers from other members of BotC or from your account in another bank
- Exchange from euros to physical cash if this service is available in your country, with a 1% fee
- Exchange from euros to FairCoin and vice versa with 1% fee
FairCoop is one of the co-founders of Bank of the Commons. Various services provided by FairCoop will also be available in the Bank of the Commons multicurrency wallet (like FairPay).
There are different ways to cash your money in and out from the Bank of the Commons multicurrency account.
Cash In:
- By SEPA transfer to the Bank of the Commons’ IBAN number, noting your personal details in the transfer.
- By sending faircoin to your wallet address.
- Via FairCoop local nodes.
Cash Out:
- Via SEPA transfer from Bank of the Commons’ IBAN number.
- Sending faircoin out of your wallet address.
- Via FairCoop local nodes.
- Via the ATMs listed here (provided by a third party).
- Virtual Visa Card for online purchasing (provided by a third party).
Yes. You can get back your shares at any time you want