Bitcoin Forum

Dear Bitcoiners,

We are very excited to announce a new service that will revolutionize how you get your funds for your traded Bitcoins!

Announcing: Withdraw2Card

What is it?
Withdraw2card allows you to sell your Bitcoins and receive your funds on a debit or credit card you already own! Works with any credit/debit card in the world, denominated in any currency!

How does it work?
You sell your Bitcoins at the exchanger of your preference (currently supported: MtGox, BTC-e, CryptoXchange, and Bitcoinica). You withdraw your funds by a redeemable code. You use this code on our website to order a payment to your debit/credit card.

How long does it takes to get the funds?
We send the funds instantly and your bank credits the amount within 1 to 4 business days (with 85% of customers getting the funds within 2 to 3 business days).

Which credit cards are supported?
Works with Visa, MasterCard, Amex, Diners, JB and many other major networks.

In which currencies can you send funds
We can natively send funds in both USD and EUR, however, if your card is denominated in a different currency, you can still use our service! For example, if your card is denominated in GBP, simply select the USD option on our site. We will send you the USD funds, and your card issuer will automatically convert your funds to GBP. It is that easy! We can send funds to cards issued in any country in the world!

How much does it cost?
There is a fee of $9 for each USD payment, and €7 for each EUR payment charged by the processor. In addition, there is a percentage fee charge by our company that varies according on how you pay us. For a current list of fees, please visit:
https://www.aurumxchange.com/rates

Can I use this as a cheap alternative to wire transfers?
YES!! If you send funds to a debit card linked to your bank account (for example, your debit card issued by Chase and linked to your checking account), your funds will be automatically credited to your account! When you think of all the fees involved in international bank wires (such as sending fee, receive fee, intermediary bank fees, etc), this might be an excellent alternative, specially for smaller amounts.

What are the minimum and maximum amounts I can send to my card?
The minimum amount is $15 for USD payments, and €12 for EUR payments. The maximum is $1,000 and €1,000. PLEASE NOTE: You should NEVER attempt to send more than your card credit limit, if there is one. For example, if your card's purchase limit is $500, do not attempt to send more than that to your card, or some delays might occur.

Can I cash out other electronic currencies by this method as well?
YES! Anything that we accept, you can cash out to your card! Some electronic currencies we work with are: Liberty Reserve, PerfectMoney, Pecunix, CosmicPay, HD-Money, and C-Gold.

Where can I learn more?
Please check our knowledge base for more information:
https://www.aurumxchange.com/help/knowledgebase.php?category=7

If you have any questions or comments, please feel free to post on this thread or open a support ticket on our website.

Thank you!
The AurumXchange Company

Fees, fees, and more fees. Why do you charge significantly more to deposit to the Aurum MC? Do you have to pay a % on amounts for all these fees too? Otherwise capping the fees would certainly be a nice gesture for people that move more than just a few hundred around. Wires can usually be done for $30-$50 on any amount whereas at $1,000 you're already looking at $39.

Most of the fees go to the processor. Loading to Aurum MC is more expensive because of the instant load, there is a % fee there from the processor too.

Fees are a fact of life when moving money around. $39 is still better than the average $45 in fees when sending international wires.

Lower fees means more turn over, and more profit for us. We keep the fees as low as we can while still be able to make a profit.

I don't understand what you are complaining. This is unique and hugely needed service. If you think there are too much fees, why don't you offer a competing service?

Personally I don't just care, I only complain if the fees are hidden. Here they are in plain sight.

Thank you for pointing this out. It took us nearly 9 months to negotiate this contract and pass the licensing / scrutiny involved to be able to be authorized by the big card players to have direct access to send funds on their network, and it is very discouraging when the first comment is somebody complaining about fees, which most of them are out of our control.

I think people don't understand the investment in both capital and work involved in moving fiat. Licensing, legal fees, structuring, etc.  specially after 9/11, when governments now have the perfect excuse to meddle into everything, and that cost money, both for the banks and credit card companies that are passed onto the merchant.

The processor fee by the way, we might be able to negotiate down with volume, but until that happens, we are stuck with them.

I believe this is huge for bitcoin, and I appreciate your comment.

Roberto

nice one guys! well done!

Can someone explain what has changed to allow this to be possible? It sounds like you're somehow able to push payments to a credit card number instead of debiting it. Have Visa/Mastercard changed the rules?

Dose this work with otherwise non-reloadable visa/mastercard gift cards?

What, in particular, does this solve? Now the people who mined lots of coins can privately move their wealth back into fiat? It doesn't do anything much for people who bought into bitcoins.

I pay 1.5% to buy coins
I pay 1.5% to sell coins
I pay 3%+$9 to cash out mtgoxUSD

So 6%+ for what, being back where you started? Or making a payment to someone? This'll make waves

Hello,

This is a somehow new feature for credit card companies. In fact, I believe only 4 companies in the world have been licensed for this so far.

Gift cards are an interesting question. We have tried with some, and most of them have worked, even if they are not reloadable :), however, you need to load up to the amount the original giftcard was for, and not a peni more.

Some of them did not work. We tried 5 from different brands and 4 of them worked, but the one that didn't might have been a problem with the card itself. We will continue testing and we will see.

We are planning also to release soon a VCC (Virtual credit card) which is completely anonymous and can be registered at any name for online shopping. These will be delivered instantly by email, and will function more or less like a gift card, but with the ability to reload them.



Thanks
Roberto

Paxum had this feature and then disabled mtgox/bitcoin completely...

They had rules that only ones own card could be funded, is this the case here too? [just re-read and you confirm this in your post....]

"do not attempt to send more than [card limit] to your card"

Sorry for maybe a naive question:

I can only put funds on my card if I have an outstanding balance with them? Or I can put funds on my card up to the level of my spending limit? or each transfer to the card cannot be higher than the card limit?

The 1K ceiling is there to ensure sufficient fees are generated or is this a limit imposed by someone else?
And the Credit Card company doesn't charge for this other than a horrible exchange rate from USD?

I would like an easy way to monthly pay off my CC bill through the sale of Bitcoins.
And to have it automated would rock; through the services of my humble outsourcer for a start :)

Thank you,

I work in the same building as some experts in the payment industry, I have asked them this question : "Is it possible to credit a credit/debit card with an arbitrary amount ?"

The answer was clear : "No, unless it is a prepaid credit card. The only way to credit a card is to make a refund of a previous payment that got authorized and then captured"

So my question is : do you have an independent source or reference mentioning this "new feature" ?

Thank you!

We do instant CC's to your email in exchange for bitcoins (see signature). Interesting to see this all taking off!

For general exchange withdrawls probably not so useful in markets where other deposit/withdrawl methods are readily available (eg: dwolla in the us, intersango in the uk etc). For people in other parts of the world it does seem like a competitive way to get money out of the exchanges (given that their only other alternative is a wire transfer).

There is also the aspect that it allows people to operate completely anonymously. Purveyors of silk products and road builders that accept bitcoin will be able to withdraw their profits in cash to pay their suppliers without divulging their identities.

Well, it doesn't seem to be a service for you, but it doesn't mean that it is useless. There may be some customers for some other reasons (easy to use etc).

I don't understand the negative attitude towards the new bitcoin-related services. More services=more choices=more competition and eventually lower fees.

lol you've got to say "bitcoin-related" because it's not a bitcoin service, it's a usd/gbp/eur service. God forbid a company actually take the risk of transacting in bitcoins. Not that I'm blaming Aurum, it is a big risk.

whatever, it's cool and all, but I don't really see any value-add to the bitcoin community except for black market stuff which doesn't add any value to bitcoin for the common person. certainly not "hugely needed" imo

This is good service! Thank you for your contribution.
I'll try to use aurumxchange.

1. can Paxum, Paypal, Payoneer cards and other similar services be loaded this way?

2. what will be shown in a transaction log/statement in account which receives such payment?

Yay! I can still wait just as long as it takes to send money between Dwolla and my bank and pay more fees!

Sounds like a deal!

LOL

1. Yes. Virtually any Credit/debit card in the world (VISA/MC/AMEX/etc).
2. The statement will show "AURUMX", and your order number. Some issuers will interpret the credit as a "refund" (like when you return something and you get credit back on your card) and will add that message to the statement.

Amazing service, once I get my cooling situation settled and my cards back online I will definitely use this!

Your sarcastic comment is narrow minded and ignorant. I know this is a concept hard to grasp to certain americans, but financial markets do not end at US borders. Not everybody lives in the US and have a Dwolla account. Not everybody has a bank account in fact. Africa for example is largely underbanked, however, prepaid cards are quite common.

There are countries where bank transfers are highly scrutinized (Brazil and Argentina to name a few) but prepaid cards are not.

I could go on and on.

That’s true. That actually is a narrow minded comment. Your fees are currently too high for me to use the service but with more volume you might be able to work out a deal for lower fees. Best of luck with your new offering!

Can I get the same attention as sarcastic comments?

LOL of course, sorry, our server went down for a few minutes and we were working on it.

You don't need to have a balance. You are correct on the other two: up to your spending limit, and not to higher than the card limit, although this is in theory, and we still are conducting some tests on this.

The 1K limit is until we feel more confortable with volume, transit times, etc. We will up the level soon.

The card company does not charge a dime for this since they get the fixed fee on the load.

Thanks!
Roberto

You are correct that this can be used to pay for your CC bill. Haven't thought it that way actually :). Paxum cited MasterCard asking them to discontinue bitcoin. We are official issuers of MasterCards and have been for years, before Paxum was born, and have never received such request from MC.

nice

Also you haven't answered this valid question :


... or is it just some sort of hack you're "still testing" ?

Fuck visa and mastercard for the banking blockade of wikileaks. It will be a cold day in hell before I support them with any business :)

Original Credit Transactions with VISA are explained here:
https://developer.visa.com/vpp/docs/methods/OCT

and also see: Requirements for Original Credit Transactions processed as Fast Funds (starts on pg 28):
http://usa.visa.com/download/merchants/visa-international-operating-regulations-summary.pdf

Thank you! That's really interesting!

Hey Davout!

No is not a hack. Credit to debit/credit cards are possible though it seems to be something relatively new and not that widespread.

matonis already answered with a couple interesting links to the Visa developer site :)

I used this service earlier last week, funds showed up, but they were $81.30 less than the amount shown after fee's..

The amount I had expected was 940.96, yet only $859.66 showed up...

This was from a beginning amount of $979.24

Why was I shorted $81.3?

Hello Yodog,

I have actually checked your order, and system payment, and we have sent exactly $940.96 to your card. In which country was the card issued, and what is the native currency for the card?

This seems to be some problem with your card issuer possibly doing an unnecessary double forex conversion on their side.

Any news yet? Is it safe to use this service?

Edit: Just checked rates. It will actually be more expensive than sending a normal international wire transfer directly from Bitcoinica. So, useless.

You did not send 940.96 to my card, nor did you send it in USD $, but rather CAD $

either way, I do not want to make this public yet I replied to the ticket on your site.. Not impressed at all....

This is damn cool if I understand this right. 2% fee plus $9.

So $1000 to my debit visa will cost me $29 if i pay with a gox code.

Very nice.

How is that cool if you'd only pay $25 at Bitcoinica? Are wires more expensive at MtGox?

I have to pay a 2% fee anyway to fund my debit card. :) This make the "wire" only cost $9 and if it takes less than 2 weeks its worth it!

We are not able to send CAD. We are only able to send USD and EUR as stated on our website. ALL fund are sent in either currency according to the customer's choice at the time of the order.

I have opened an investigation with the disburser and I'll let you know as soon as I hear from them.

In the meantime, here is a screenshot of your transaction from the disburser's side showing the funds were sent in USD (note that the amount shown is more than what we sent because we need to include some of the processor's fee along with your payment):

http://i50.tinypic.com/2wow3h0.png

It seems some issuing banks with very antiquated systems convert the funds to their national currency when they receive it through the card's network, and then convert them back to the actually currency of your card, effectively doing a double forex conversion and on top of that charging a conversion fee every time they do this unnecessary step.

Since your card is a canadian issued card denominated in USD, this is most likely what happened.

Hi Goat,

Feel free to try our services. We recommend you try with a small amount first to make sure of transit times, etc. Usually customer's get their fund within 2 to 5 business days.

Cheers,
Roberto

That is, if you have a bank account. Frankly, we can barely keep up processing orders because of the success of this service. Just counting countries alone where people don't have access to bank accounts, or foreign wires are highly taxed or scrutinized (such as Africa, Brasil and China to name a few) we have processed over 3000 orders since we started a few weeks ago.

 

Thanks for implementing this much needed service

I may use this in the future

I will test this, I just need to go to the bank first to see what my daily limit is:)

 I will get back to you once I get my online access set up.. They said they recieved CANADIAN FUNDS.. then converted to USD... how would this happen? More than likely your processor screwed up and shorted me 80$ + sent in wrong currency...

Either way I am not impressed and very disappointed as I was wanting to use this service again...

So far everyone who I have learned about on this forum has either A) scammed me, or B) shorted me.... so far the only honest people I have dealt with were coinabul.com and canadianbitcoins.com(who has already sent me 4500, and now too be 9k)

as I had promised and already sent via your sites helpdesk

http://img.photobucket.com/albums/v481/sandhu/aurumxchangerefund.jpg

Here my online banking statement with my other transactions blanked for privacy.

Notice how it says CAD874.56@0.982963AURUMX S025363 AURUMX  $859.66
 
This means due to your processor's error in sending CAD$ instead of the USD$ (which as per your website state is the only currency used, other than GBP). I have lost a total of $81.30, including your service fee's this transaction has costed me $119.58. Which is totally unacceptable considering this service is advertised at 2.99% plus a service fee of $9, which should of only been $38.28.

I sincerely hope you can make this right, I really wanted this service to work perfectly as this makes it so much easier to use my BTC's to take care of my daily expenses.

I am going to see this how this works out with yodog before trying. I will be sending this to Thailand so I am a bit worried. Please let me know when the problems has been isolated and corrected. Thank you!

Watching this with interest - there are clearly some bugs to be sorted out on this one  ;)

45$ for a wire? Change banks. For example from http://www.aliorbank.pl/en you can send wire with OUR option (all costs covered) anywhere in the world for 70 PLN, which is about 22 USD. Both from private and business accounts.

I wouldn't trust a Polish bank with my money any more than I would trust a Polish exchange, sorry.

In fact Polish banks are more trustworthy then banks in most countries, especially so called "western" countries, which much more freely close accounts/freeze assets at a whim.

A Polish bank would have to have really hard evidence of crime, in practice a court order, to freeze accounts, and randomly closing accounts because of "AML risk" is practically unheard of.

There are no bank transfer chargebacks, all banks have multiple-factor authentication, and any action done online is deemed to be done by the account owner, and claims "some virus on my computer sniffed my login data and made the transfer" are usually not respected. To the few people who actually had this happen (because of clue-lessness of using a Windows machine and entering one-time codes where one shouldn't) (there where a few cases in the news) the bank basically said: its your fault, we will NOT reverse the transfer.

And good, because when you get paid by bank transfer, you actually know you got paid and it'll stay. Not like in the infamous Australia WBX case recently, or Dwolla reversals in the US. Such things do not happen in Poland.

Nice plug for this service by Jon Matonis in Forbes:
 - http://www.forbes.com/sites/jonmatonis/2012/05/07/bitcoin-funded-debit-cards

It has been confirmed that Aurumxchange's processor dropped the ball on this one.....

In 48 hrs I should have rest of my money, and then I will give them another chance, hopefully this time everything goes as planned.

Aurum X Change handles numerous types of funds transfers.  Are you reporting a problem specifically this for this Withdraw2Card method or some other service from them?

withdraw2card/ service.

very cool, i look forward to trying this out:)

Do I understand right: dropped the ball meaning, over and out? rates are N/A on the site, and when testing, it says not possible right now... darn: "they" hate bitcoin the enemy of fiat??!!

Hopefully it comes back, as I would like that option. But hopefully my other way to MC does not get killed ;)

Cause:


and effect?

- http://blog.aurumxchange.com/2012/05/card-loads-temporarily-suspended.html

Anyone has hear when they will re activate the service?