I was asked again this afternoon to please check out the Bitrefill card to see if it is any good. I actually enjoy doing these quick research posts as you my just find something that suits your lifestyle and is also a possible crypto off ramp. I don't regard my bank as an ideal off ramp and why I am always on the hunt for something better.
The Bitrefill card is what it says and is a visa debit card that you can top up with either crypto or cash, Euro's in this case. This is basically a Euro Debit card for crypto so anyone not living in the EU including me may as well switch off lol. Still this doesn't stop us learning as this will become more widespread sooner than later and guaranteed Bitrefill will be available outside the EU. They already have a South African link for Bitrefill, but this is more gift cards than genuine use case. The physical card is what I am after and not an app that cannot be used for ATM withdrawals.
There are two types of cards with one being virtual so in other words an app which links o various wallets. There is a virtual card coming which will allow for ATM cash withdrawals.
Looking at the service fees there are none besides the loading of the wallet/card which is 1.99%. In other words 2% because 0.01% doesn't make it any cheaper. This is a Visa card so there will be Visa fees applied even if Bitrefill don't charge you anything.
They do highlight that Bitrefill is not a wallet and is a prepaid debit card with a daily and monthly limit. There are 3 levels offering different limits being starter €7,500 daily and €7,500 monthly, Plus €10,000 and €15,000 and Freedom with €10,000 and €15,000. The difference between the 3 cards is Freedom offers a unlimited cash out which the others have, but do not specify the amount.
Bitrefill seems friendly enough offering the services we require as an off ramp and if I was in Europe I would definitely add this to my collection. You can never have enough off ramps and having a top up fee of 2% seems reasonable enough which can then be used world wide due to being a Visa debit card.
The crypto's that this card supports as top ups are Bitcoin, Ethereum, USDT and USDC on Ethereum ERC 20 and BNB which we know is Binance Smart Chain. When you add crypto as the top up be aware the company who runs and operates this card will do the transaction/conversions according to their prices so I suggest it will most likely work out slightly more than 2% when you calculate the final fee. This is where they make their money and it may or may not be as they say. I am just playing devils advocate on this and would like to think my fears are unfounded. I would still get one if it was available so don't let me put you off and just want you to have your eyes open.
MiCA (EU Crypto regulations) is going live any day now so I expect to see a flood of different options similar to this between now and the end of the year.
