Two of the best cryptocurrency debit cards out there are WageCan and Bitwala. Each of these has its unique attributes and limitations.
WageCan is known to be highly expensive to manage but it is indeed one great debit card with massive unique features. Bitwala, on the other hand, requires a little fee to carry out its transactions. Let us take a look at these two and see how we can benefit from their services.
As a cryptocurrency holder, you can access all banking services without having a bank account. You do not even need to possess fiat currencies before you can pay for your purchases anymore. All you need to have is a cryptocurrency debit card; a virtual or plastic and mobile application that could be installed on both Android and iOS devices.
WageCan Debit Card
WageCan gives you the ability to make payments, receive and transfer funds between local and foreign accounts using your digital currencies portfolio. WageCan card is usable at over 30 million ATMs and POS terminals across 200 countries. You can make online and offline payments at stores, spas, restaurants and other places where debit cards could be used.
Currency denomination
WageCan denominates in USD, EUR and GBP and supports Bitcoin and some other digital currencies. You can top-up your account through WageCan blockchain or transfer from your crypto wallets for almost free.
Top-up and withdrawal limits
The top-up, withdrawal and spending limits on WageCan all depend on the kind of card you opt for. There is a Silver card that allows its users to load up to $12,000 in a day but the daily top-up cannot exceed that amount. The minimum ATM withdrawal you can make with this card is $7. As well, the maximum number of time you can use it to withdraw daily is 3, each of which cannot exceed $1,000.
The second card; the Universal card does not have a lifetime withdrawal or spending limit. The maximum amount you can use this card to withdraw on ATM is $2,500.
Card fees
Although the Silver card is currently out of stock, before now, you could obtain the card and use it for both online and offline domestic payments all for free. Since the Silver card only denominates in USD and EUR, international transactions like online and POS payments and ATM withdrawal attract 1.5% transaction fee due to currencies conversions. Transferring your balance to third-party costs $10 and there is a monthly fee of $2 for cards that have been inactive for 12 months. Active cards do not require a monthly subscription.
The Universal card does not come cheap. Obtaining it through a standard delivery attracts as much as 0.05BTC while you will need to part with up to 0.08BTC for express delivery which only takes a few days. If you think that is too expensive, then I guess you wouldn't want to go for the virtual card. You are right; compared to its competitors, WageCan debit card is expensive. The virtual Universal card costs a whopping 0.4BTC.
Both the virtual and physical plastic cards denominated in USD, EUR and GBP. International payment transactions cost $3.50 and be prepared to part with a 3% withdrawal value when you use ATM. Domestic transactions with the listed currencies cost only $2.5. Using the online and offline POS terminals does not incur any charge.
Bitwala Debit Card
Bitwala provides crypto holders the ability to easily spend digital or fiat currencies using their cryptocurrency debit cards. Bitwala card supports over 44 cryptocurrencies and around 20 fiat currencies across 200 countries excluding the United States, Africa, some parts of Middle-East and India.
Currency denomination
BitWala denominates over 20 fiat currencies including USD, EUR, GBP, all European currencies and some select Asian currencies. Including 40+ other digital tokens, BitWala supports Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Monero and Ripple.
Top-up and withdrawal limits
There are three levels of users on BitWala. The top-up and withdrawal limits differ from one membership level to another. Within level 1 are the unverified users whose top-up and withdrawal cannot exceed €500 daily.
Level 2 users are verified with valid identity and residence. These users can withdraw and top-up as much as €2,000 at ATMs in a day. They can withdraw up to €1,000 in a single transaction. There is no lifetime limit for top-up and withdrawal for these users.
Level 3 users are also verified users and have no lifetime withdrawal or top-up limit. Their monthly withdrawal limit is €50,000. There is also a business level membership which allows its users to withdraw as much as €100,000 monthly. This is a customizable level and requires some documents for authorization.
All users can fund their cards through SEPA, SWIFT or Bitcoin and Altcoin wallets and this attracts €1 + 0.5% of your top-up value.
Card fees
With just €2, you can obtain either the physical plastic card or the virtual debit card. It takes less than two weeks to receive a fee-free standard delivery at your doorstep, an express delivery costs €69 and takes less than 5 days to get to you.
Changing of PIN attracts a fee of €0.8 and you will be charged with €1 monthly for card management. Withdrawing from domestic ATM incurs a service fee of €2.25 while using oversea machine attracts €2.75 and an additional 3% FX rate. As well, fiat withdrawal from oversea machine costs 3% of the withdrawal value.
Below are the features of WageCan and Bitwala debit cards head-to-head.
| Feature | WageCan Debit Card | Bitwala Debit Card |
|---|---|---|
| Card Cost | Silver card: Free, Universal card: 0.05BTC, Virtual card: 0.4BTC | €2 |
| Card delivery | Silver card: Free, Universal Express Delivery: 0.08BTC | Standard Delivery is free, Express Delivery costs €69 |
| Denomination currencies | Silver card: USD & EUR, Universal card: USD, EUR & GBP | USD, EUR, BRL, MXN, JPY + 15 others |
| Supported currencies | BTC, ETH, BCH, LTC, XRP, BON, etc. | BTC, ETH, LTC, XRP + 40 others |
| Loading fee | Silver: $10, Universal: Free | €1 + 0.5% |
| Transfer fee | Free | 3% |
| Minimum loading | $7 | Not specified |
| Maximum daily top up | Silver: $12,000, Universal: Unlimited | Level 1: €500, Level 2: €2,000, Level 3: 50,000, Business level: €100,000 |
| POS | Free | 1% |
| Domestic ATM | Silver card: 1.5%, Universal card: $2.50 | €2.25 |
| International ATM | Silver card: 1.5%, Universal: $3.50 | €2.75 + 3% |
| Monthly subscription | Silver card: $2, Universal card: $1 | Free |
| PIN issuance | Active cards: Free, Inactive cards: $2 | €0.8 |
Learn more about these Debit Cards through the following links:
References
- WageCan
- WageCan Debit Card Review
- WageCan Debit Card Reviews, Guides and Fees
- Bitwala Debit Card Review 2018 - Bitcoin Debit Cards
- Bitwala Review
DISCLAIMER
This is not financial advice, nor a guarantee or promise in regards to any result that may be obtained from using the above content. The information provided here is for informational and entertainment purposes only. It should not be considered as financial and/or investment advice. No person should make any kind of financial decision without first consulting their own financial adviser and/or conducting their own research and due diligence.