Does anyone know how it works? Does it go directly into my account?
What are the commission rates? Are there any exchange rates? Does BTC turn into USD and then into my currency(CAD)
?
There are many exchanges and cash-out methods. Are you referring to a specific offer to convert bitcoins for you?
The factors that matter for any cash-out decision are:
- Where are you located (country)?
- How much are you looking to trade?
- What type of cash are you looking to receive?
- How soon do you need access to the proceeds?
- Is privacy important?
You could cash out to PayPal for instance. Specifically for cash-out to PayPal, options include:
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http://www.FastCash4Bitcoins.com (among the lowest fees, funds not always available though)
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http://www.VirWoX.com (BTC --> SLL, SLL --> USD)
There are fees for doing that and there are less expensive methods, for something like 50 BTC. In the U.S., ACH withdrawal from an exchange (or using Dwolla as intermediary) is the cheapest. In Europe, SEPA transfers from an exchange to your bank are affordable.
If you want the funds to your existing VISA card, you probably need to withdraw to your own bank and then from there load or pay to your VISA just like normal. If you just want a debit card that can be loaded using bitcoins, there are a few options for that. In the U.S., bitcoins can buy MoneyPak and that works for reloading a variety of debit cards. You can buy MoneyPak with bitcoins from :
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http://www.BTCPak.com -
http://www.FastCash4Bitcoins.comSome debit cards are issued by a Bitcoin-enabled issuer. OKPay offers this:
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https://www.okpay.com/en/services/debit-card -
http://en.bitcoin.it/wiki/OKPayHere are more cash-out options:
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http://en.bitcoin.it/wiki/Selling_bitcoins
