All About BTC, LTC, ETH mining as well as other alternative crypto currencies
Coinomat, a quick and easy crypto currency exchange that supports BTC, LTC and PPC exchange has announced that they have implemented support for withdraws to VISA and Mastercard credit cards and Visa Electron/Maestro debit cards will not work apparently. The transfer is made in US dollars, if your card is denominated in another currency the funds will be converted into the card currency by your bank using the bank’s exchange rates. The transfer of funds to your card takes 2-4 business days to complete and note that there is a withdrawal limit of $2500 USD per one card per week. No word about a fee for the service, though there is most likely some fee associated with the service, but it is probably automatically calculated and deducted from the price you get cited per coin.
Note that the service has been available for a few months already, they launched in Beta in November last year. Recently a similar feature was recently announced by BTC-e exchange. The common thing between the two is that there seems to be some sort of a Russian connection, though both exchanges do seem to remain quite anonymous in terms of where they are based and who is operating them. So this raises the question should you trust these “anonymous” exchanges by sharing your credit card information with them in order to be able to take advantage from the convenience to exchange crypto currencies and get the money directly in your card.
Today the BTC-E crypto currency exchange, one of the top exchanges, has announced the option to withdraw funds to VISA and MasterCard cards, regardless of the issuer of the card or the currency. There is a 5% fee associated with the service to transfer funds from the exchange to your card and currently only USD can be withdrawn. If the card is not in USD the issuing bank will automatically convert to the card’s currency based on its exchange rate. It should take 2-4 business days for the funds to be available in the card according to the exchange. Note that only Visa and MasterCard credit cards are supported, the debit cards with Maestro or VISA Electron logos are not supported by the new payout system. We have not yet tested the service, but we do plan to check it out as it offers another convenient way to get cash from selling Bitcoins or other alternative crypto currencies if the amount is not very big.