Binance card with EUR deposits disabled

[alani123]

Some of us in the EU have been using the Binance card for its cashback. However, now with Binance having to cut EUR deposits as their payment partner cut the exchange off, it becomes significantly harder to fund the card.
You'd have to buy crypto on another exchange, deposit to binance and then put it on the card's account for it to be converted to EUR. This has the disadvantage of having to pay exchange fees twice (at best 0.25% on another exchange and then 0.2% on Binance) and on top of that, there's the risk of currency risk... Which makes you risk losing more than from currency prices falling than the card can offer in cash back.

So my question is, do you still plan on using the Binance debit card now that EUR deposits on binance.com are down?

[Rikafip]

So my question is, do you still plan on using the Binance debit card now that EUR deposits on binance.com are down?

I (and probably many others) won't be able to use Binance card for much longer, but not because of that.

Thing is, few months ago Binance lost its card provider for Europe so that means no new cards are issued to their EU customers and since my card expires in a few months, that effectively means that I won't be able to get a new one.

[alani123]

So my question is, do you still plan on using the Binance debit card now that EUR deposits on binance.com are down?

I (and probably many others) won't be able to use Binance card for much longer, but not because of that.

Thing is, few months ago Binance lost its card provider for Europe so that means no new cards are issued to their EU customers and since my card expires in a few months, that effectively means that I won't be able to get a new one.

I thought Binance's card issuer was Swipe, which is owned by Binance. Although you're right, there was some news in August 2023 that Mastercard and Visa were cutting Binance off as Binance came under investigation. Not sure how drastic that is going to be though. Looking into the Binance website, there's still a prompt showing me to order a new one if I want. And there existing one also works fine.

[Oshosondy]

You'd have to buy crypto on another exchange, deposit to binance and then put it on the card's account for it to be converted to EUR. This has the disadvantage of having to pay exchange fees twice (at best 0.25% on another exchange and then 0.2% on Binance) and on top of that, there's the risk of currency risk... Which makes you risk losing more than from currency prices falling than the card can offer in cash back.

So my question is, do you still plan on using the Binance debit card now that EUR deposits on binance.com are down?

I do not use anything like debit or credit card at all when it comes to exchanges and cryptocurrencies. I do all digitally and there is nothing like card, but I am not from Europe.

I want to ask you this question, that you buy crypto on another exchange and then transfer it to Binance. Then why are you still using Binance when you can be using the exchange that you buy the crypto?

[bakasabo]

Possibility to pay in EUR or withdraw was the only reason I've got Binance card. It was an addition to my default debit cards. Also I've like that they provide cashback. Like I've said, it was just an additional, not primary card. I was kind a back-up plan if my two other cards refuse to work. Now this card is useless in my country and I have replaced it with crypto.com card in my wallet.

[Rikafip]

Looking into the Binance website, there's still a prompt showing me to order a new one if I want. And there existing one also works fine.

Yeah I know, and its weird that there is no official statement from Binance regarding that so all we have at the moment is what someone from Binance allegedly told to Bloomberg. Anyway, I am going to find it out soon whether its still possible to get a new card once I submit the request.

Now this card is useless in my country and I have replaced it with crypto.com card in my wallet.

How's crypto.com card working for you so far? I never really considered it as I remember there was a lot of fud about them going bankrupt or whatnot.

[rat03gopoh]

I want to ask you this question, that you buy crypto on another exchange and then transfer it to Binance. Then why are you still using Binance when you can be using the exchange that you buy the crypto?

He took advantage of cashback, it only applies to the Binance platform and uses their card products. But for now that's a crazy excuse. With the OP exchange scenario, it seems like the fees spent aren't worth the cashback earned if the card level is low

https://www.binance.com/en/support/faq/how-does-binance-card-cashback-work-c93fe535bcf4431aa32623ae0a49d4f2.

[alani123]

Now this card is useless in my country and I have replaced it with crypto.com card in my wallet.

How's crypto.com card working for you so far? I never really considered it as I remember there was a lot of fud about them going bankrupt or whatnot.

My experience has been that it's working fine. Just as my bank's card it would get accepted everywhere without issues. One issue I had however is that crypto.com chose to block financial institutions and providers from charging your card. So for example if I wanted to pay a Revolut subscription with the crypto.com card I couldn't. Sounds like in their mind it was a way of asset protection because scamers would often use the deposit by card option to empty cards. But regardless it's a very stupid and limiting measure.

The main drawback was the exchange rates, which coming from the crypto.com exchange (which doesn't have a lot of liquidity) wasn't great , so it's not worth putting crypto in the card to pay with it. Putting EUR in it to pay was ok though.

As of the cashback, it's become meaningless to try and use it given how many CRO staked it requires.

[bakasabo]

Now this card is useless in my country and I have replaced it with crypto.com card in my wallet.

How's crypto.com card working for you so far? I never really considered it as I remember there was a lot of fud about them going bankrupt or whatnot.

Hard to give a full and detailed experience of crypto.com card usage as I have been using it for two weeks only. I have ordered it probably a year ago and used Binance instead (crypto.com card was just a spare card). After a year of inactivity, it took me about few minutes to download app, restore user data and find pin code. I've used it for payments in terminals and withdrawals. I havent used it abroad yet. With Binance card, I had an issue with it in Spain. Not every terminal accepted it for example. I have basic crypto.com card. The only difference with Binance are no cashback and free withdrawal limits are lower for almost 1/3.

P.S. I have deposited BTC to my crypto.com account and converted it to EUR. So I have used it with EUR balance only. Havent tried automatic convert (if it has such).

[Trupik]

Just received an e-mail from Binance:

Regrettably, you are among the small number of Binance users affected by the announcement that the Binance Visa Debit Card program is closing. You will no longer be able to use your Binance Visa Debit Card from 20th December 2023 UTC 00:00.

This is because the Binance Visa Debit Card program, issued by UAB ”Finansinės paslaugos ,,Contis“, part of the Solaris Group, is closing in two months’ time.

Is there any replacement for this service? I very much liked that I could pay anywhere without ever touching fiat...

[Rikafip]

Is there any replacement for this service? I very much liked that I could pay anywhere without ever touching fiat...

You might wanna look at Crypto Debit Cards Observer thread, just keep in mind that OP didn't test those cards so you have to do your own research.

I personally woulnd't touch 99% of the cards from that list, and I am also on the lookout for a new card ever since I heard the rumour few months ago which is today finally confirmed. So far the ones I would eventually consider getting are Coinbase and Revolut cards as I have friends who are using those two for years and they never had any issues with them whatsoever.

[alani123]

Well Rikaflip you were 100% correct on the rumors you spotted.
I'm creating a new thread to discuss the card closing and locking this one as it became irrelevant all too fast:
https://bitcointalk.org/index.php?topic=5471092.0