Reboot your recurring buy (DCA) bitcoin strategy from an RBC account in Canada

If you have an RBC account you may have noticed that your ability to use our Recurring Buy (DCA) has disappeared! Unfortunately, the folks at RBC have decided to remove our payment processor from their list of approved merchants (did somebody say scared?!) which means you can not use Recurring Buy in the way we have intended. 

But have no fear! This is a step by step guide to be able to continue to add to your bitcoin stack in a responsible, low time preference fashion, even if the overlords of the legacy financial system don’t want you doing so!  

Lucky for us, RBC allows you to set up a recurring e-Transfer, which will help us achieve our goal of “set-it-and-forget-it” bitcoin buying. We’re going to use the Bitcoin Well Wallet Label and e-Transfer memos to accomplish our goal of buying bitcoin on a scheduled basis. 

Prepare your Bitcoin Well account

After you log in to your Bitcoin Well account, navigate to the “Wallet management” page (under “Manage account” in your side menu).

Next, either add a new bitcoin address or edit an existing bitcoin address to include the Wallet label “Recurring buy”.

Now that you have “Recurring buy” as a Wallet label, any time you send an e-Transfer with the memo “Recurring buy” your Bitcoin Well account will know to send it to this bitcoin address. If you don’t want to use “Recurring buy”, you can use any Wallet label; as long as your e-Transfer memo matches it will be sent to the bitcoin address associated with that wallet label! 

Finally, go to the “buy” section in your Bitcoin Well account and take note of your Bitcoin Well e-Transfer details. Then we can move to RBC!

Set up your recurring e-Transfer payment

Once you log in to your RBC bank account, go to the e-Transfer page and add the payment details you copied from your Bitcoin Well account. When you go to send an e-Transfer, select the “frequency” drop-down and select how often you want to receive bitcoin to your personal wallet. 

RBC gives you the ability to choose as frequently as daily! Ultimately, you want to choose something that will work for your lifestyle, UTXO management, and general bitcoin savings goals. As a reminder, the mining fee is covered by Bitcoin Well as long as your batch settings are set to “Low - free” 🥳 (Oh, and LN is coming soon ⚡️).

After you set the frequency, the bank will ask you how many of these payments you want to send and confirm your schedule. From there all you need to do is confirm that your frequency and e-Transfer details are correct. Pay special attention to the “message”. As long as you have your correct Wallet label in the message, it will be sent to that address automatically. If you do not specify a Wallet label in the e-Transfer message the bitcoin will be sent to your default address on your Bitcoin Well account.

Sit back, you’re a sovereign individual

And now, like magic, you’ll see fiat dollars leave your RBC account and sound money bitcoin will be deposited into your personal bitcoin wallet. 

Of course, you’ll need a Bitcoin Well account to make this a reality - if you don’t have one you can make one here.  After you make your first purchase you’ll have plenty of Bitcoin Well points to play the Bitcoin (Wishing) Well - where you’ll have a chance to win up to 1,000,000 sats! 

And if all that isn’t enough to convince you, I would like to take this opportunity to share “why” Bitcoin Well exists. 

We are on a mission to enable independence. This means we need to make it as easy as possible for you to buy, sell and use bitcoin from self custody! As you already know, self-custody is the safest place for your bitcoin. 

We are proud to serve incredible individuals like you and help you stay sovereign.