Cryptopay Debit Card Review
Cryptopay offers a cryptocurrency debit card that makes it possible to spend Bitcoin all over the world. Those who obtain this debit card will be able to harness the power of Bitcoin’s blockchain technology like never before. The card streamlines currency transactions, and the card carries the VISA logo. Bitcoin is used to back the balance of the card so that cardholders can shop online or make ATM withdrawals.
About Cryptopay - Cryptopay.me
George Basiladze and Dmitry Gunyashov founded Cryptopay in 2013. These young Russians have a passion for blockchain technology and the future it holds for financial services. Both of the founders have been involved with Bitcoin since its infancy, and they are enthusiastic supporters of the platform.
Basiladze has an educational background in finance, and Gunyashov has more than seven years of experience in building e-commerce websites and setting up payment gateways. Both of them understand the inner workings of financial systems.
The company is based in London where both young men manage the critical aspects of the business. Cryptopay gets good marks for transparency. The company makes the names of its founders known and also publishes its business address. When it comes to cryptocurrency debit cards, transparency is a must. You want to know who you are dealing with before ordering a card.
More than 37,000 Cryptopay debit cards have been issued around the world. About 167,000 users are active each month, and the company processes more than 100,000 transactions every month. It would be very difficult for the company to disguise any problems while handling that many transactions, and most online reviews are favorable.
Services offered by Cryptopay
The manner in which the Cryptopay service works is very simple and straightforward. Cryptopay provides its own Bitcoin wallet that account holders can use. This wallet allows the user to buy, sell, or store Bitcoins. It is also possible to connect one’s Cryptopay wallet to a bank account in USD, EUR, and GBP base currencies. Once an account is connected, it is very easy to convert fiat currency into digital assets.
It is also possible to store different currencies in the same account. This feature can come in handy for those who find themselves traveling often and dealing in different currencies. The other main advantage of this system is that users don’t have to go through an exchange to purchase Bitcoin. All they need to do is exchange fiat for the digital coin, and it is then instantly available in their account.
The cards issued by Cryptopay bear the VISA logo. It should be noted, however, that in late 2017 VISA revoked the card privileges of this company and some others for so-called “policy violations.” Those who have an interest in the card should check the Cryptopay website for the latest information. Cards from Cryptopay are accepted anywhere the VISA logo is found. They will work at POS terminals and also in ATM machines around the world. It is also possible to use the cards for online shopping at millions of merchants.
The cards are plastic, just like a regular debit card, and they also have chips and pin numbers. Those who prefer can also select a virtual card which is meant to be used for online shopping transactions only.
The cards are not available to residents of the United States, nor can they be shipped to some 120 additional countries. Some countries in Africa and the Middle East do not permit the use of this debit card. Residents of India are also ineligible to receive the card.
Standard shipping for these cards is free of charge, but those who require express delivery will have to pay an additional 75 USD. It takes about 2-3 weeks to receive the card in Europe, and the rest of the world requires 3-5 weeks. Express shipping can have the card delivered to an individual in 3-10 working days.
Loading a Cryptopay Bitcoin Debit Card
It is possible to load a Cryptopay debit card in a few different ways. For starters, the card can be topped up with transfers from a bank account. The tricky part of this is that not all bank accounts are eligible. Residents of the 28 SEPA countries in Europe will find little difficulty in transferring money to their card, but those who live outside of these areas may have trouble.
Cryptopay Fees and Limits
Cryptopay has one of the most complicated and complex pricing schemes that we have seen used by a Bitcoin debit card issuer. We will state the simple part first. Plastic cards can be ordered for $15 USD. Those who prefer a virtual card are asked to pay $2.50. This is high compared to some other debit card providers.
Those who have taken the trouble to verify their account with Cryptopay will find that they can withdraw up to $2,000 per day from an ATM machine. No single load may exceed $10,000 USD. This would seem to be for the purposes of tax reporting. The company does not impose a limit on total withdrawals, nor do they restrict the total amount of money that can be loaded on the card.
It is possible to obtain a Cryptopay debit card without verifying one’s identity. However, doing so will trigger severe limits. Anonymous users are only able to make $400 USD in withdrawals daily from an ATM machine. The thing is, there is also a $1,000 USD lifetime withdrawal limit. At this point, the unverified card would become essentially useless.
Both types of accounts only allow two withdrawals per day from ATM machines. Again, this is going to be restrictive to most users. The cards can be used in unlimited fashion for online and POS purchases, and that’s good, but shouldn’t you be able to access your money whenever you need or want it?
Beyond these basic limits, things get pretty crazy at Cryptopay. It is much easier to present all the fees in a list. Here is what you can expect to pay for the privilege of having one of these cards:
Very high fees
All foreign transactions cost 3%/span>
$1 USD monthly maintenance fee
1% loading fee, higher for third-party loads
Domestic ATM fee of $2.50 USD
International ATM fee of $1.50 USD
Card unloading fee of 1% if you decide to transfer funds back to a bank account
You will also pay 1% each time you convert Bitcoin to or from fiat currency. That can add up quickly. Cryptopay will also charge you somewhere in the neighborhood of 1% when you use a third-party to load, so it is always best to make loads from the Cryptopay website. The company is going to get their share no matter what. It is also best to make fewer large loads instead of many smaller ones. There are just too many fees here cutting into your money.
Something you must do with this card is to pay close attention to the base currency of the card. Anytime that you wish to make a withdrawal in a different currency, the cost is going to be 3%.
A positive is that the exchange rates offered by Cryptopay match exchange rates on a number of exchanges. You will receive a fair exchange for your fiat currency.
Cryptopay Service and Support
Cryptopay can be contacted by email [email protected] or by using any one of the following social media networks:
It is comforting that the company maintains a strong social media presence. Companies that do are usually more reputable and trustworthy. In looking at the various feeds, it seems that the company does a good job of interacting with its customers.
We should also mention that the Cryptopay website is well-maintained and easy to use. That is also a positive. To verify accounts, individuals must provide a government-issued ID or passport. They will also be asked to provide some type of verification of their address. A recent utility bill will usually do. The verification process is one of the fastest that we have seen. Most requests are handled within just a few hours.
You’ll get a separate Bitcoin address for each currency, and this is where you will make your loads. A series of tabs makes it easy to check balances, make transfers, and link bank accounts. It is even possible to refer your friends to the service. Cryptopay will reward you with a 10% share of the revenue they make from your referrals.
Cryptopay does a good job with its FAQ. It is possible to search the FAQ to find exactly the answers you are looking for. You can also use the live chat feature when you cannot obtain help in any other fashion.
One issue we have with customer service is that it is only available during business hours in the UK time zone. This makes it inconvenient for individuals in other parts of the world to try and get their issues resolved.
Our View of Cryptopay
We like the fact that Cryptopay uses the USD, EUR, and GBP as base currencies. We also like that they will ship the card to their list of approved countries for free. Of course, what we hate is that the card has been rendered useless as of this writing thanks to VISA pulling its logo. It is going to be hard for some people to look past the fact that there have been issues with caused VISA to pull out. It should be noted, however, in fairness that it was the card issuer used by Cryptopay and not the company itself that ran into problems. Hopefully the company has resolved the issue by the time you read this review.
The prices and fees are the companies biggest downfall. For that reason, they earn 4 out of 5 stars on our rating scale.
USD, GBP, and EUR base currencies
Free shipping worldwide
Intuitive, user-friendly website
Very high fees
Not available to residents of the US or India