CryptoPay Card Review — Read This Before Ordering One
CryptoPay was founded in 2013 with the sole purpose to facilitate payments and transactions made with cryptocurrencies. Considering the rising demand for exchanging crypto to fiat currencies, platforms such as this one have become quite popular. Not long ago, this virtual crypto wallet platform has introduced its own Bitcoin debit card — letting you pay with cryptocurrencies anywhere you go.
How to order a CryptoPay Card?
Currently, the CryptoPay Card is only available to the citizens of Russia (you need to have a Russian passport in order to apply for the card and a registered home address in the country). You can either order a plastic CryptoPay Card or get a virtual version of it, which you can use to make online purchases and transfers funds. Unlike other solutions in the market, CryptoPay doesn’t let users pay for the card with a regular bank card. Instead, you need to choose one of the following payment methods:
1. Pay from the CryptoPay wallet (meaning that you have to obtain a CryptoPay account)
2. Pay from a third-party Bitcoin wallet
Ordering a new CryptoPay debit card is quite simple, all you need to do is to visit their official website, log into your account (assuming you have one and that it is already verified) and find the section called “Cards” in the Accounts tab. Then, simply click on ”Order a card” and select the desired base currency (RUB or USD).
Once you have accepted the terms and conditions click on the “Continue” button and start filling in your personal details from your passport using the Cyrillic script (good luck with that...). Then add the delivery address in Russia and add your phone number as well.
Unfortunately, the delivery service is only limited to Moscow or St. Petersburg, so the delivery address that you include in your application needs to be in one of those two cities. It’s up to you how you want to handle it - whether you will authorize someone you know to pick it up on your behalf or make a trip there in order to pick it up yourself. The next step is to select the payment method, again, agree to the terms and conditions and click on the "Checkout" button.
Upon finishing the application you will receive a call from a bank representative in order to clarify all the details about the card delivery. This is the step when you decide for either Standard Delivery that takes up to 8 days or Express Delivery (Cash On Delivery option) that takes around 2 days and costs 650 Russian Rubles (~10 USD).
You will receive the card only after the courier has photo-scanned your passport and confirmed your identity. Finally, when you get your card you will have to activate it in order to use it. You can do so from the CryptoPay app.
Which countries are supported by the CryptoPay Card?
Russia is the only country where CryptoPay Cards can be issued because the issuance of this debit card is associated with Russian citizenship. Those who do not own a Russian passport cannot apply for the CryptoPay Card, for the time being.
Regrettably, this crypto card cannot be added to either Apple Pay nor Google Pay at the moment. The company has plans to enable card issuance for UK and Singapore residents.
Where can you use the CryptoPay Card?
Once you load funds to your prepaid CryptoPay Card, you will be able to use it at any online shop, at any retail store and basically anywhere where Visa cards are accepted.
Which currencies are connected to the CryptoPay Card?
The C.Pay Card is a USD or RUB card which facilitates your way of cashing out different cryptocurrencies. You can replenish your crypto debit card using currencies such as BTC, LTC, XRP or ETH straight from your CryptoPay account.
What are the purchase limits of the CryptoPay Card?
Naturally, the CryptoPay Card has purchase and withdrawal limits on a daily and monthly basis. A daily limit of cash withdrawal at ATMs of JSC KB UNISTREAM or at ATMs or POS of third-party banks is 100 000 RUB or 1 500 USD, and the monthly limit is 300 000 RUB or 4 000 USD. Moreover, daily and monthly over the cash withdrawal limits at JSC KB UNISTREAM are the same.
Talking about the limits, the maximum balance on the C.Pay Card is 600 000 RUB or 8 000 USD, but there is no monthly limit of funds added to the card.
These limits are quite low compared to other options in the market. For example, the Crypterium Card has a 10 000 USD daily limit and 60 000 USD monthly limit.
CryptoPay Card fees
The first fee you are charged is the issuance fee of a physical CryptoPay Card - a charge of 1000 RUB or 15 USD depending on the selected base currency of the card. Then, there is a monthly maintenance fee for the C.Pay Card of 65 RUB or 1 USD. SMS notifications are free.
Some other fees any user should know about are:
- Fee for changing the PIN code: 50 RUB or 1 USD
- Fee for balance inquiries on third-party ATMs: 50 RUB or 1 USD
- Fee for card loading: 1%
As far as domestic transfers concerns, there will be no fees for adding or withdrawing funds at ATMs of JSC KB UNISTREAM. However, there is a 0,5% fee for JSC KB UNISTREAM ATM over the counter withdrawals.
A fee of 1,5% will be included for withdrawal of funds from ATMs and POS of third-party domestic banks. Internationally, using your C.Pay Card is quite costly. A 3% fee is applied to each transaction made overseas.
Is the CryptoPay Card safe?
When we are talking about the security of the CryptoPay Card we need to mention that the card supports 3D Secure, as well as the 2-factor authorization which makes this card as secure as any other debit card in the market.
Their unknown device identifier method is another line of defense as it provides some sort of security to the user. This reliable safety feature will prevent any attempt from an unauthorized device from accessing your account.
CryptoPay Card - A crypto debit card to consider?
Just like some other crypto debit cards on the market, the C.Pay card has its pros and cons. One of the major disadvantages of this card is the limited availability. Currently, only Russian citizens can access this solution. Also, international fees are quite high, so traveling abroad with it wouldn’t be advisable. To date, the only crypto debit card serving clients all over the world is the Crypterium Card.