Now withdrawing fiat has become a relatively easier process thanks to Coinbase.
Dealing with cryptocurrencies is a lot easier because it has its transactional capabilities spread anywhere and anytime. But what happens when you express a desire to sell the crypto assets and withdraw cash? Here, is where the real problem starts. The traditional banks can take up to a few working days to process this request which is why Coinbase acts up.
In one of the announcements made by Coinbase, it is offering instant withdrawal facilities in nearly 40 countries including the US, UK, and several countries spread across Europe. In fact, the process has become so smooth that the customers in the US, UK, and Europe will now be able to withdraw funds with a linked Visa debit card. In the US it has worked out plans to enable customers to withdraw funds with the Mastercard. Customers have the choice to select between instant or standard withdrawal methods. They will be able to see a foretaste of the associated arrival times and also fees to withdraw funds.
Terry Angelos, SVP and global head of fintech, Visa said,
“By enabling real-time card withdrawals through the Visa Direct capability, Coinbase is delivering a faster, simpler and more connected experience for its users — making it easier to convert crypto balances into fiat, which can be spent at the more than 60M merchant locations where Visa is accepted.”
The new convenience offered to customers will not be free of cost. The US users will be charged 1.5% fees for every transaction made. European users will have to shell out up to a 2% fee on every transaction. Here the users will be required to link their verified VISA credit/debit cards. The Visa fast funds services offered will see to it that the funds are processed in real-time. American customers can also opt for Mastercard if they wish to. There will also be no limitation as to how much amount can be withdrawn at one go.
In one of her statements, Mastercard’s executive vice president Sherri Haymond stressed on the importance of instant withdrawals to drive crypto adoption.
“Leveraging Mastercard Send following the conversion of cryptocurrency into fiat currency, Coinbase will now be able to offer its customers the ability to securely and seamlessly withdraw and use their funds wherever Mastercard debit is accepted — giving them greater flexibility and convenience to manage their financial lives.”
Coinbase might be making systems to ensure instant withdrawals because as per its web page, it says that the withdrawal process can take up to 24 hours. The announcement rang in three years after Coinbase made the facility of Instant purchases made available for its US customers. In April this year, the exchange had collaborated with the Visa team in order to launch a Visa cryptocurrency debit card. This will allow the holders to pay for any goods they wish to purchase directly from their crypto wallet. Coinbase is the only organization that is Visa’s principal member.