FREQUENT QUESTIONS

What is Coinscrap ?

Coinscrap is a smartphone application that rounds out your card purchase and automatically transfers the difference to a secure CASER savings product. We believe that saving can be an easy and simple task. We help you. Coinscrap is an app that rounds to the nearest euro the purchases you make with your card or your accounts charges and automatically transfers the difference to a savings insurance.


Why should i choose Coinscrap ?

Because we want you to fulfill your dreams and save for them should not be a complicated task.


It's safe to save with Coinscrap ?

All the savings generated in the app are accumulated in savings products of CASER Seguros, an entity regulated by the General Directorate of Insurance (DGS).


How old do i have to be to use Coinscrap ?

In order to use Coinscrap you must be over 18 years of age.


Is Coinscrap available outside Spain ?

Coinscrap is only available in Spain.


How do i register ?

To sign up for Coinscrap you will need:

  • a valid email
  • have electronic banking keys from one of our banks
  • have valid ID

How does it work ?

The operation is very simple:
1. We ask you 5 questions that help us set your financial goals
2. Select what goal you want to achieve
3. Set up how you want to save: You can round off to the nearest 1 €uro, two euros … or even set a monthly amount. The more you save, the sooner you will achieve your goals.
4. Add the accounts and cards of which you want to calculate the rounding. To do this you have to enter your electronic banking keys.
5. Every Friday, Coinscrap calculates your rounds and automatically transfers them to the most suitable product for your target.
6. All set! Coinscrap is already saving for you.

How to set up your goals ?

Each goal represent the financial configuration you have chosen to achieve your objectives: Amount, period, Spare change, monthly contributions, share of income allocated to expenses. Inside each goals you have the possibility to adjust your preferences and to achieve your objectives at your own pace. For this you need to adjust:

  • Amount corresponding to the product or service you would like to buy, or the amount you wish to save aside , or the retirement allowance you expect to earn once retired.
  • Period: in case you wish to buy something and treat yourself, or if you would like to set a medium term goal (Safety net or for family purpose) the period means the time you are willing save you spare change to achieve your objectives. In relation to retirement plan, period refers to the age you expect to have when retiring.
  • Monthly contributions: this is the monthly fixed amount that you wish to add up to your round ups in order to achieve your goal faster (the more you contribute monthly, the faster you will complete your objectives).
  • Round-up: this option enables you to select up to which level you would like to round up: to the nearest euro (1), nearest two euro (2), nearest five euro or to the nearest ten euro. For instance, when rounding up your spare change to the nearest 2 euro, if you spend 1,25€ you would add 1,75€ to you round-ups list. When rounding-up to nearest 5€ if you spend 1,25€ you would save 4,75€. When rounding-up to the nearest 10€ if you pay 1,25 then you would save 8,75€.

Within every goals view, we are sharing a simulation table with the data you have selected and with round-ups based on the average monthly round-ups of our portfolio. We then summarize in one sentence your goal configuration before to confirm the said objective.


How many goals are there ?

We have 4 financial objectives:

  • My next whim: It’s a short-term goal (less than 12 months). You can adjust to where you want to round (the nearest euro, 2 euros …), a monthly amount, the amount and number of months you want to get it. When you reach the target you can withdraw the amount to spend it in whatever you want.
  • Safety net: It is advisable to have 6 months of salary accumulated in savings for possible contingencies that affect your financial situation. The configuration is similar to the previous one. You just have to determine the amount and the way you want to save.
  • Family goal: We all need to save for future goals but often have a high amount. The configuration is similar to the previous two points. You just have to determine the amount and the way you want to save.
  • Save for your retirement: In this objective, we save you to plan your retirement. From the questions we ask you at the start of the application we determine how much you would need to supplement your social security pension approximately. That amount can be covered through your rounding and a fixed monthly amount.

Can i transfer amounts from one objective to another ?

Unfortunately, there is no such possibility.


Can i add a bank or card to an existing goal ?

Of course! The idea with CoinScrap is to save a much as you wish in a short time, that´s why if you own other cards or bank accounts under your name, you should take advantage of all the payments you make to round-up more spare change and save more.


What's the diference between adding a card or a bank account ?

We want to give you the opportunity to choose your pace. Thus, we want to give you the possibility to synchronize a card to your objective, in order to round-up all expenses paid with said card. If you prefer, you can instead synchronize your bank account so that we will round up all expenses registered on your bank statements. Therefore, in order to achieve a goal as soon as possible, it is recommended to synchronize your bank account rather than a single card. And of course, the more you synchronize bank accounts to one goal, the more you will save.


How to witdraw my savings ?

To withdraw your funds (settle your saving account), you only have to confirm your decision to withdraw in the “REFUNDS”. Once confirmed you will receive your funds within 3 banking days. You may request as many withdrawals as you wish, CoinScrap won’t charge you for withdrawing funds from your saving account.

How do rounding work ?

Coinscrap calculates the difference between the purchase made and the €uro to which you have chosen to round. For example, if you have chosen to round to the nearest Euro and make a purchase of € 1.25, you will be added to your rounding list € 0.75. If you have chosen to round to the nearest 2 €, will be added € 1.75 and so on.


When are my rounds added to savings products ?

Rounding is done weekly in your savings account as long as you have reached the minimum of € 7. If the minimum is not reached, the charge will be attempted the following week and so on until it is reached. The charge for rounds will be 2 business days after the last round of rounding calculation.

Where are my rounds saved ?

This first version we have 2 savings products depending on the goals you have selected. For the first 3 objectives (caprice, family goal and safety net) the savings will be made in a CASER savings insurance and for the retirement objective, the savings will be carried out in a CASER pension plan.


How does Caser savings insurance work ?

The operation of savings insurance is very simple. You can hire it in a totally digital way. Every Friday we calculate the accumulated rounds of the week and if they have reached 7 € will be transferred to your policy.


Do i get a profit from my Caser savings insurance ?

The insurance has a return of 0.06% so your savings generates interest.


How does the Caser pension plan work ?

The CASER pension plan works like any pension plan in Spain.


Do i get a profit from my caser pension plan ?

Unlike savings insurance, there is no guaranteed return on the pension plan. The profitability will depend on the assets in which the plan is invested. Currently our offer is limited to a minimum risk fixed income pension plan where the priority is the preservation of capital. As in all unsecured investments, past performance does not guarantee future performance.


When can i have my savings in the pension plan ?

The money contributed to the pension plan (what is known as provision or rescue) can be made available when the following contingencies occur:
• Retirement.
• Disability.
• Dependency.
• Death.
The law also allows for rescuing a pension plan when there is an exceptional circumstance such as:
o A serious illness.
o Long-term unemployment.
o An eviction from the usual home.
o More than 10 years of contributions to be redeemed.


Are my contributions deductible and surrended on my income tax return ?

Yes, they are deductible. Always within the legal limits for contributions to pension plans that in 2017 are € 8,000. From this contribution we can deduct in our income statement the lower of the following amounts: – € 8,000 per year. For any taxpayer, regardless of age. – 30% of net income from work and economic activities. In addition, those whose spouse does not obtain net income from work and / or whose economic activities are less than € 8,000 per year, may contribute to the plan of the spouse a maximum of € 2,500 per year. For people with disabilities (physical or above 65% and psychic equal or higher than 33%), the maximum annual contribution limit is € 24,250, including contributions by third parties, which may not exceed € 10,000 per year.


Can i transfer my pension plan to one of Coinscrap ?

Yes, you can. The option does not exist directly in the app but you can do it by sending us an email with the plan data to info@coinscrap.com

Why should i trust in Coinscrap ?

Coinscrap is a safe CASER mediator so it is backed by the entity. You can find us in the register of mediators of the General Directorate of Insurance: http://www.dgsfp.mineco.es/mediadores/ Coinscrap co-founders have accumulated more than 10 years of experience each in sectors such as software development or private banking.


It's safe to enter my bank passwords ?

In order to calculate rounding we need to know your movements. That’s why in the app the last step in the app is to enter your bank passwords. These keys are read-only and are encrypted with maximum 256-bit security. Data is never stored on any device. Safety is a priority for us.


How do you entry to my movements ?

According to a European directive bank data belong to the account holders and not to the banks. The movements are obtained through a process called webscraping and that is used by other applications like Mint or Fintonic with millions of users.

What is Refer a Friend?

Refer a Friend is a promotion that we have available for our users to benefit from sharing COINSCRAP with your friends and acquaintances. For each friend you invite, both of you take €5.


What steps should I follow to benefit from Refer a Friend?

  1. Share the App with a friend: whatsapp, email, social networks …
    To share the App simply go into Settings in the Refer a Friend section. In the lower part of the screen you will see that it says, Send the code, choose among the different available ways to share it and send your code to your family and friends.
  2. Your referred friend must download the App and register with your code.
  3. You both save with any kind of goal for 90 days.
  4. COINSCRAP transfers 5€ into your account

How do I share the COINSCRAP App?

To share the App simply go into Settings in the Refer a Friend section. In the lower part of the screen you will see that it says, Send the code, choose among the different available ways to share it and send your code to your family and friends. You can share the App by whatsapp, by social networks, by email …


They sent me a code, what do I do now?

Once you have downloaded COINSCRAP, there will be a section that says Referral Code, there you must type the code that your friend sent you.


How many friends can I refer?

There is no limit of friends! The more friends you invite, the more you can benefit from Refer a Friend.
If you invite a friend and both of you maintain a goal for 90 days, both of you will receive €5. If the same thing happens with two guests, they will take €5 each, and you will get €10. If there were five guests, you will receive €25, and so on.


When will I receive the money from Refer a Friend?

To receive the €5 of Refer a friend, both the user who invites and the referred must meet the requirement of spending 90 days saving with COINSCRAP in any of the available objectives. Once the goal is reached, COINSCRAP will make a deposit of €5 on your account.
If you want to add the €5 received to your savings goal, you only have to use Hot Savings through the App to make an extra contribution.