BitPay Card Review — Essential Overview And Tips
BitPay is a payment processing company that allows users to pay for goods and services via Bitcoin. Industry-leading merchants have been relying on Bitpay to facilitate crypto (in this case Bitcoin) to fiat transfers, in order to revolutionize the way they do business with their clients.
BitPay relies on an open-source platform called Bitcore, to increase the utility of Bitcoin and make the exchange possible. By introducing these capabilities to the Bitcoin ecosystem, the currency becomes more user-friendly, and it also impacts its stability.
Recently, Bitpay launched its very own Visa Bitcoin card allowing users to spend crypto assets without waiting for them to be transferred to their bank account. It is also convenient for users to keep track of their balance and transfers, considering it can be all managed via the BitPay app.
How to order a BitPay Card?
Let’s start with the two ways you can order your BitPay debit card: From BitPay official website or straight from their app which will eventually redirect you to their website.
Prior to ordering a card, you are required to submit your full name, date of birth, phone number, address, and social security number. The information is necessary to meet the KYC regulatory requirements of the card’s issuing bank - as banks are obliged to perform due diligence check on each in user, before their approval.
One of the reasons why you can be denied a card is because the partner bank made that decision after reviewing KYC data. Once you are approved for the BitPay card, you can expect it to arrive at your home address within 7-10 business days.
In case you would like to know where the card is located, you can track it down by entering the tracking number on BitPay's website.
Supported countries for issuing the BitPay Card?
Currently, BitPay debit card is issued by the Metropolitan Commercial Bank for the US residents. Speaking of availability, it is worth noting that the CEO of BitPay stated the following:
"This will be the first prepaid debit card that will be available in 131 countries," a statement that suggests that they are actively working on expanding the scope of their business.
But that is not something to actually be ‘proud of’ since the Crypterium Card — another big player in the market — is available globally, without country restrictions.
Where can you use the BitPay Card?
You can use your BitPay Debit Visa Card at any online shop, but also at any physical store where Visa cards are accepted.
However, BitPay has its regulations when it comes to transactions in nations sanctioned by the US Office of Foreign Asset Control. You can check on their website if your country is on the OFAC list of sanctions, or you can directly go to the official OFAC website and check there.
Which currencies are linked to the BitPay Card?
BitPay card is a USD card which allows you to load funds from your Bitcoin Wallet. That being said, BitPay does support settlement in different currencies - both crypto and fiat. Here is a list of currencies which can be converted upon receipt and added to your USD or Bitcoin balance:
What are purchase limits of the BitPay Card?
The maximum USD balance you can keep on your BitPay Visa Card is $25 000. The daily limit for adding funds to your card is $10 000, and the max amount you can spend daily is $10 000.
At this moment (starting from March 2019) BitPay is undergoing system conversion in order to improve their service. During the time of conversion, certain limitations apply to cardholders. They are unable to use the full scope of payment capabilities, which includes features such as using ATM or OTC cash withdrawals, and POS purchases. The funds are not blocked as you can move them from BitPay to your bank account(s) via ACH transfer.
Before the upgrade, the ATM withdrawal limit used to be $3 000 per day and $750 per withdrawal. Finally, card to card transfer limit is $500 per day.
BitPay Card fees to keep in mind
BitPay Card might be one of the priciest debit cards to order. The issuance surcharge is $9.95 paid in Bitcoin, and should you lose the card or wish to replace it before your card’s expiration date, the price of the secondary card will be $9.95. For cardholders who are interested in the overnight shipment of the replacement card, the additional expedited shipping fee will be $25.
No fees are applied for online or offline purchases within the US. However, this is not the case if you are using your card outside of the United States. You will have to pay a currency conversion fee: 3% of the transaction.
Besides, if you want to withdraw funds from an International ATM or OTC, you can expect to be charged with a $3 transaction fee, on top of the above-mentioned conversion fee. Whereas in the US the cost is only $2.00, without the conversion fee of course.
The ACH Debit fee is $5,00, but anytime the ACH transfer is declined, the cost will be $15,00. Each time you add funds to your BitPay Card via a third party processor such as Western Union or GreenDot, a fixed fee of $4.95 is charged.
Not so fast. There are more fees for you:
$3.00 fee - If you wish to have a bank statement mailed to you
$5.00 fee - If you wish for a live agent to perform a card-to-card transfer
$5.00 fee - If you don’t use your card for more than 90 days
Is the BitPay Card safe?
Bitpay Card security is pretty standard. Funds are held on the Bitpay wallet and managed through the app. You can add extra layers of security to your account by enabling Google Authenticator, or by using PIN/Fingerprint app lock, and by simply creating a strong password.
BitPay Card — Is it worth it?
The BitPay Card is a good solution for US customers as it offers no additional charges for local usage. If you are in touch with BitPay merchant or you are one yourself, this solution might be right for you. However, if you are planning to use this card internationally, you should consider the high cost attached. The Crypterium Card is a global solution, available to everyone, that offers competitive fees for international operations.