Cryptocurrency exchange 247exchange recently announced that they would accept bitcoin withdrawals to both credit and debit cards. This is great news for the exchange as it becomes one of the few to accept this type of funding method. However, like most bitcoin exchanges that use this withdrawal method, the fees are higher than usual, and it may not be useful for those who are withdrawing a large amount of money. 247exchange is managed by InterMoney Exchange, and the new withdrawal method works with both MasterCard and Visa cards.
Last year, 247exchange started accepting the purchase of cryptocurrencies through credit and debit cards. This year, they implement the selling of bitcoins to allow users to fund their debit and credit cards. The ability to withdraw directly to a card is a plus, but whether its worth it? A completely different question. We reached out to Andrey Vereshchagin, marketing director of 247exchange, and she answered a couple of questions we had regarding the service:
Why did 247exchange decide to accept withdrawals to credit and debit cards?
We feel like the whole Bitcoin market lacks it. As you know, one of the problems of Bitcoin is that as a currency it’s accepted in not so many places yet, especially if we speak about offline shops and services. It’s seems that we managed to find the solution, at least partial. Using “Bitcoin to card” feature eveyone can buy almost anything for bitcoin and other cryptocurrencies. We hope it will help to make Bitcoin currency really univesal. By the way, it’s very convenient while travelling. Just make withdraw before going to the new place and while you’re moving from one place to another your bitcoins will be transformed into the real money.
How does processing withdrawals to credit/debit cards work?
How long do withdrawals take? Can we be sure this is a legitimate service?
It can take from 1 to 3 business days. Usually, it takes around 1 or 2 days. We’re registered financial company. There is info about the license and the company at our website.
Is there anything you would want users to know regarding 247exchange’s new withdrawal method?
This innovation discovers new possibilities for crypto-users and the whole crypto-business at all. It’s very helpful option for everyone who gets his salary and income in bitcoins and other cryptocurrencies. At 247exchange.com website users can also purchase cryptocurrency with credit or debit cards. That’s how our service “connects” bitcoins with cards building the global exchange platform.Also, the feature is helpful for miners. They can withdraw their profit directly to their cards for the current needs or, for example, to pay for electricity. Beside Bitcoin we already accept Litecoin, Peercoin, Namecoin and more cryptos coming soon. The option also allows a person to pay for the loans with bitcoins and other cryptos. Using a bank wire is usually much more expensive for such payments (because of the bank fee) and much more complex.
The new withdrawal method offered by 247exchange is a great one, but people doubt if they would actually use it. The fees involved are fairly high and that makes us think that it could be better to execute transactions through bank wire. However, if that is not an option, debit/credit card funding is a great idea.
Will you use the new withdrawal method offered by 247exchange? Let us know in the comments below!
Image Source: 247exchange
Born and currently living in Panama. Currently studying finance as a major. I have a great passion for bitcoin and cryptocurrency as a whole. Feel free to comment! I am sure we will have interesting discussions.
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