Roughly three months after announcing it would launch a Visa card for its customers, leading cryptocurrency exchange, Binance has started shipping in the UK and European Economic Area (EEA).
A Binance representative confirmed to Bitcourier that UK customers could start expecting delivery of their physical cards, which could offer up to 8% cashback on purchases if the users hold a sufficient amount of Binance coin (BNB).
Other perks include the chance to spend up to €8,700 and withdraw €290 at Visa-approved ATMs daily. Users can request the card for free and enjoy zero fees on their transactions until 2021.
The new card is made possible by Binance’s recent acquisition of digital wallet and debit card startup, Swipe, and marks a foray into new territory for the ever-growing company.
Like most Bitcoin debit cards, the Binance Card converts crypto assets to their fiat equivalent on the point-of-sale. Users can thus pay with crypto as they would money held in their bank-issued cards.
How to Order for Binance Card in the UK
- Create a Binance account and complete verification up to Level-2
- Visit the Binance Cards page from your account.
- Select Order Card and complete the application form.
- Binance will issue a virtual card to you if successful.
- They will deliver your physical card to you at a later date using the information you provided earlier.
- Once you receive your card, you can activate it from the Card Wallet option on your Binance account.
Users can fund their Binance card by transfer funds (crypto or fiat) from their Spot Wallet on Binance to the Card wallet. Binance Card can also be added to Samsung and Apple Pay wallets so that users can pay for things online using crypto on their Binance account. The funds can be used for various purposes including shopping, regular payments, food delivery, casinos, online services, and goods.
Note that you cannot spend all cryptocurrencies on Binance via the card. Supported Currencies on Binance Card include EUR, BNB, BTC, ETH, BUSD, and SXP.