APR 20, 2014
You can transfer Bitcoin to VISA or Mastercard – unless you’re Russian
The reputable and Bitcoin online currency exchange, Coinomat.com, has announced that it would allow customers to withdraw cryptocurrencies and transfer them to their VISA/MaserCards accounts.
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The reputable and Bitcoin online currency exchange, Coinomat.com, has announced that it would allow customers to withdraw cryptocurrencies and transfer them to their VISA/MaserCards accounts. The list of digital currencies accepted includes Bitcoin, Litecoin and Peercoin.
The official announcement on the exchange’s website, however, stated that it will exclude Visa Electron and MasterCard Maestro cards along with certain type of virtual credit cards. Users will need to register prior to using the service and the transfers will be made in US dollars, meaning that if one’s card is denominated in another currency, the funds will first be converted using the bank’s exchange rates.
The transactions itself takes 2 to 4 business days to complete with the maximum transfer amount of $2,499 per week and the minimum exchange amount of $100. Users will also get a 30-minute window to approve the transaction under a given exchange rate.
An announcement on Coinomat further explains how this is done:
“To use the service please select VISA/MasterCard USD from the exchange drop-down menu at our homepage. After that you'll have to log in… and add a credit card in your profile. Having completed this step you are able to choose your credit card for the exchange, order the funds transfer and send your cryptocurrency for the exchange.”
Coinomat joins the ranks of other exchanges like BTC-e that also recently announced that users will be able to funnel funds to into their bank accounts including Visa Electron/Maestro, albeit a 5% transaction fee.
Due to recent economic sanctions imposed by the US and the EU, Russia-based users will not be able to take advantage of the new service from Coinomat as well as BTC-e.
It is yet unclear whether it is possible for users in Russia to withdraw their money directly to Visa or MasterCard. Alternative methods, meanwhile, have been used with success in the past – this includes third-party online payment services like Yandex Money.
Plans that Russia is set to launch its own domestic payment system as an alternative to Visa and MasterCard have recently been announced.