How to pick the right Bitcoin Debit Card provider?
Nowadays the interest in cryptocurrencies is growing rapidly and there are many companies offering different types of bitcoin debit cards. Which companies are reliable and providing the best service?
Before signing up for a service, check the providers site and read it through carefully. Make sure the provider have a clear, transparent ownership structure and read the About section.
All the providers offers you a card and a wallet, but for example CoinsBank, Cryptopay.me, Spectrocoin, Wirex or Xapo also run their own bitcoin exchange. This allows you to buy bitcoins directly on their website. Otherwise you have to buy the bitcoins somewhere else before loading them to your bitcoin debit card.
All providers accept the three major fiat currencies USD, EUR and GBP. Russian users you should order AdvCash bitcoin debit cards where the accounts are denominated in RUB. For clients from Asia and the Emerging Markets Bitwala and CoinsBank offers a solution. Usually only bitcoins are accepted but they’re also offer other cryptocurrencies as an option for the accounts.
There are plastic and virtual cards on the market. The plastic cards can be used for ATM withdrawals or online purchases, the virtual cards can be used only online. Some providers only offer virtual cards so check that before signing up.
Many bitcoin debit card provider allow their users to use their services without personal identity verification, although with certain applied limits. These limits include a daily, monthly and lifetime limits on cash withdrawals or on POS purchases. If you want to use your bitcoin debit card completely anonymously, Coinizy lets you to do that. Otherwise the verification process is done by submitting an identity proof in form of a national ID Card and a proof of residence which can be a utility bill from the past 3 months in most of the cases. Keep in mind that the time for verification can vary a lot, from couple of hours to even 10 days.
Bitcoin Card Countries
The bitcoin debit card providers are servicing about 130 countries worldwide. Users in the United States are excluded from these services, except at CoinsBank which offers limited services to US citizens.
The shipping of the plastic card is usually free, some providers charges about 45-75 USD for expedited delivery option.
The most providers have smartphone apps available to allow users to control their finances everywhere at any time. Windows phone users may need to search further, the applications are usually only available for Android and iOS.
Transaction Fees and Card Pricing Schedule
The initial card issue fees are ranging from 5 USD Bitwala to 20 USD Xapo with an average of 10 USD. CoinsBank offers six different types of cards to choose from.
For monthly maintenance the providers charge around 1 USD. Some providers charge an extra fee for inactivity (Inactive users are the ones who are not transaction even once in two years).
The bitcoin debit card providers are profiting when users transacting with the card. Online purchases are usually free, but some may charges fees on that too. ATM is always charged on the other hand. For domestic cash withdrawals the providers usually charge around 2-3 USD, for international withdrawals usually 3-4 USD. If the purchase or withdrawal currency is different from all providers charge an extra currency exchange rate of 3%.
As you can see there are many possibilities a provider can offer. Every listed bitcoin debit provider is a good choice but you should choose the one who fits your needs the best.