ANX launches world's first Bitcoin Debit Card powered by an exchange

[PolarPoint]

If I load 1btc into the card and the current market price is $600. How much will I have on the debit card?
Do you charge exchange fee on top of the recharge fee?
1btc x $600 - ?% exchange fee - 2.5% recharge fee

[byt411]

The 2.5% fee is not a limit, is a fee to transfer funds into the debit card, and the card storage limit is 3300 USD which is pretty good for almost every person who want to use it for shopping, or have money ready.



ANXPRO

So

A little more details like limits and fees would be great, before one signs up for something.

The limits would be the amount of currency that you have loaded onto the card is 3300$, and the only fee is 2.5% of the amount you load onto the card. The card will only cost $10 USD.

Yeah, sorry about that, due to some communication problems I didn't receive that information. Also, the price for the card isn't $10 either, prices have been updated.

So what if someone loads up, say 15BTC, would the card refill every time the balance goes below 3300$? Are there any 24 hour limits, withdrawal limits, any other sort of limits?

Good question. As far as I know, you simply cannot load that much btc, and you would only be able to load a maximum of 5.23BTC, since the limit is $3300. There aren't any other limits as of right now.

If I load 1btc into the card and the current market price is $600. How much will I have on the debit card?
Do you charge exchange fee on top of the recharge fee?
1btc x $600 - ?% exchange fee - 2.5% recharge fee

No, we don't charge an exchange fee if all you do is load up your card. It would be

1BTC x $600 x 0.975 = $585.

[tmbp]

The 2.5% fee is not a limit, is a fee to transfer funds into the debit card, and the card storage limit is 3300 USD which is pretty good for almost every person who want to use it for shopping, or have money ready.



ANXPRO

So

A little more details like limits and fees would be great, before one signs up for something.

The limits would be the amount of currency that you have loaded onto the card is 3300$, and the only fee is 2.5% of the amount you load onto the card. The card will only cost $10 USD.

Yeah, sorry about that, due to some communication problems I didn't receive that information. Also, the price for the card isn't $10 either, prices have been updated.

So what if someone loads up, say 15BTC, would the card refill every time the balance goes below 3300$? Are there any 24 hour limits, withdrawal limits, any other sort of limits?

Good question. As far as I know, you simply cannot load that much btc, and you would only be able to load a maximum of 5.23BTC, since the limit is $3300. There aren't any other limits as of right now.

If I load 1btc into the card and the current market price is $600. How much will I have on the debit card?
Do you charge exchange fee on top of the recharge fee?
1btc x $600 - ?% exchange fee - 2.5% recharge fee

No, we don't charge an exchange fee if all you do is load up your card. It would be

1BTC x $600 x 0.975 = $585.

Seems illogical, what if one would want to purchase a car for 15,000$ he could then reload 5.23BTC every couple of seconds and break it down into 3300$ payments? What are you missing?

What if you pay in a different currency? What are your exchange rates? What if you pay in USD abroad, what other fees would incur? What is your policy in case your exchange gets robbed?

There are really many questions and no one qualified to answer them, I have already been tricked into subscribing with my email/name only to find out that this is complete crap.

[byt411]

The 2.5% fee is not a limit, is a fee to transfer funds into the debit card, and the card storage limit is 3300 USD which is pretty good for almost every person who want to use it for shopping, or have money ready.



ANXPRO

So

A little more details like limits and fees would be great, before one signs up for something.

The limits would be the amount of currency that you have loaded onto the card is 3300$, and the only fee is 2.5% of the amount you load onto the card. The card will only cost $10 USD.

Yeah, sorry about that, due to some communication problems I didn't receive that information. Also, the price for the card isn't $10 either, prices have been updated.

So what if someone loads up, say 15BTC, would the card refill every time the balance goes below 3300$? Are there any 24 hour limits, withdrawal limits, any other sort of limits?

Good question. As far as I know, you simply cannot load that much btc, and you would only be able to load a maximum of 5.23BTC, since the limit is $3300. There aren't any other limits as of right now.

If I load 1btc into the card and the current market price is $600. How much will I have on the debit card?
Do you charge exchange fee on top of the recharge fee?
1btc x $600 - ?% exchange fee - 2.5% recharge fee

No, we don't charge an exchange fee if all you do is load up your card. It would be

1BTC x $600 x 0.975 = $585.

Seems illogical, what if one would want to purchase a car for 15,000$ he could then reload 5.23BTC every couple of seconds and break it down into 3300$ payments? What are you missing?

What if you pay in a different currency? What are your exchange rates? What if you pay in USD abroad, what other fees would incur? What is your policy in case your exchange gets robbed?

There are really many questions and no one qualified to answer them, I have already been tricked into subscribing with my email/name only to find out that this is complete crap.

Our card isn't made for you to buy cars. It's supposed to be used for everyday transactions such as paying for your dinner, buying groceries and such. I assume you don't buy a vehicle every day?
And no, there are no other fees. Our exchange has lots of security features, and most of our funds are stored in cold wallets, far from our office.
We don't have a policy if our exchange gets robbed, but we would repay customers as quickly as possible from our own funds.

[tmbp]

Our card isn't made for you to buy cars. It's supposed to be used for everyday transactions such as paying for your dinner, buying groceries and such. I assume you don't buy a vehicle every day?
And no, there are no other fees. Our exchange has lots of security features, and most of our funds are stored in cold wallets, far from our office.
We don't have a policy if our exchange gets robbed, but we would repay customers as quickly as possible from our own funds.

But my point is what would theoretically stop one from buying a car? if what you're saying is true then this is a very appealing deal, however if it's false (as I suspect) then it's probably worse than a bank.

Do you have any insurance policy? Any type of legal document that you would provide? I can't exactly take you on your word that you'd repay potential hundreds of thousands of dollars that you claim to have.

[byt411]

Our card isn't made for you to buy cars. It's supposed to be used for everyday transactions such as paying for your dinner, buying groceries and such. I assume you don't buy a vehicle every day?
And no, there are no other fees. Our exchange has lots of security features, and most of our funds are stored in cold wallets, far from our office.
We don't have a policy if our exchange gets robbed, but we would repay customers as quickly as possible from our own funds.

But my point is what would theoretically stop one from buying a car? if what you're saying is true then this is a very appealing deal, however if it's false (as I suspect) then it's probably worse than a bank.

Do you have any insurance policy? Any type of legal document that you would provide? I can't exactly take you on your word that you'd repay potential hundreds of thousands of dollars that you claim to have.

We are planning an audit and a proof of reserve which will take place soon. You simply cannot load that much money onto your card to buy a car, and everything I'm saying is true (Although some tiny details may change).
We are a registered company in Hong Kong, and we also have a Money Transmitting license from the MSO in Hong Kong, which is basically the equivalent of FinCEN in the US.

[tmbp]

Our card isn't made for you to buy cars. It's supposed to be used for everyday transactions such as paying for your dinner, buying groceries and such. I assume you don't buy a vehicle every day?
And no, there are no other fees. Our exchange has lots of security features, and most of our funds are stored in cold wallets, far from our office.
We don't have a policy if our exchange gets robbed, but we would repay customers as quickly as possible from our own funds.

But my point is what would theoretically stop one from buying a car? if what you're saying is true then this is a very appealing deal, however if it's false (as I suspect) then it's probably worse than a bank.

Do you have any insurance policy? Any type of legal document that you would provide? I can't exactly take you on your word that you'd repay potential hundreds of thousands of dollars that you claim to have.

We are planning an audit and a proof of reserve which will take place soon. You simply cannot load that much money onto your card to buy a car, and everything I'm saying is true (Although some tiny details may change).
We are a registered company in Hong Kong, and we also have a Money Transmitting license from the MSO in Hong Kong, which is basically the equivalent of FinCEN in the US.

What would stop me from loading 5.23BTC once, spending all of it in a single 3300$ transaction, refilling with another 5.23BTC, spending all the 3300$ again, then repeating the process multiple times?

[byt411]

Our card isn't made for you to buy cars. It's supposed to be used for everyday transactions such as paying for your dinner, buying groceries and such. I assume you don't buy a vehicle every day?
And no, there are no other fees. Our exchange has lots of security features, and most of our funds are stored in cold wallets, far from our office.
We don't have a policy if our exchange gets robbed, but we would repay customers as quickly as possible from our own funds.

But my point is what would theoretically stop one from buying a car? if what you're saying is true then this is a very appealing deal, however if it's false (as I suspect) then it's probably worse than a bank.

Do you have any insurance policy? Any type of legal document that you would provide? I can't exactly take you on your word that you'd repay potential hundreds of thousands of dollars that you claim to have.

We are planning an audit and a proof of reserve which will take place soon. You simply cannot load that much money onto your card to buy a car, and everything I'm saying is true (Although some tiny details may change).
We are a registered company in Hong Kong, and we also have a Money Transmitting license from the MSO in Hong Kong, which is basically the equivalent of FinCEN in the US.

What would stop me from loading 5.23BTC once, spending all of it in a single 3300$ transaction, refilling with another 5.23BTC, spending all the 3300$ again, then repeating the process multiple times?

You can do that, there's nothing to stop you, but do sellers in the US accept stuff like that?

[tmbp]

You can do that, there's nothing to stop you, but do sellers in the US accept stuff like that?

Who said anything about sellers in the US?

[jjc326]

I'm hoping some sort of competition will cause the fees to be lowered, on one card or another. I love the convenience here but with having to put your BTC on an exchange there is that added risk that the exchange goes belly up.

[tmbp]

I'm hoping some sort of competition will cause the fees to be lowered, on one card or another. I love the convenience here but with having to put your BTC on an exchange there is that added risk that the exchange goes belly up.

Depositing BTC is fast, why wouldn't you deposit BTC every time?

[PolarPoint]

No, we don't charge an exchange fee if all you do is load up your card. It would be
1BTC x $600 x 0.975 = $585.

That's good, so I only loose 2.5% in total.

One more question. When we recharge the debit card, can we specify which currency the btc is converted to? For example, I buy and selling in GBP on the exchange, but I want to use the card in Europe. Can I choose EUR upon recharge, or all funds are always converted to USD?

[byt411]

You can do that, there's nothing to stop you, but do sellers in the US accept stuff like that?

Who said anything about sellers in the US?

I had the impression that you were from the US.

No, we don't charge an exchange fee if all you do is load up your card. It would be
1BTC x $600 x 0.975 = $585.

That's good, so I only loose 2.5% in total.

One more question. When we recharge the debit card, can we specify which currency the btc is converted to? For example, I buy and selling in GBP on the exchange, but I want to use the card in Europe. Can I choose EUR upon recharge, or all funds are always converted to USD?

For now, its always USD, but we will add other fiat currencies soon.

[Benjig]

No, we don't charge an exchange fee if all you do is load up your card. It would be
1BTC x $600 x 0.975 = $585.

That's good, so I only loose 2.5% in total.

One more question. When we recharge the debit card, can we specify which currency the btc is converted to? For example, I buy and selling in GBP on the exchange, but I want to use the card in Europe. Can I choose EUR upon recharge, or all funds are always converted to USD?

Anyway indeed you can use the card in Europe, the funds will be electronically in USD but if you want to retire funds in a Europe ATM they will be converted at EU at the time of transaction at bank rates and you will get euros.



ANXPRO

[bernard75]

Bank rates? Not at VISA rates?
What are the bank rates and what are the extra fees for using an ATM?

There are somehow a lot of fees you are forgetting, like the exchange fees of ANX for instance.

[byt411]

Bank rates? Not at VISA rates?
What are the bank rates and what are the extra fees for using an ATM?

There are somehow a lot of fees you are forgetting, like the exchange fees of ANX for instance.

The only fee that ANX charges is 2.5%. It's possible that the ATM operator will charge extra fees, but that differs from ATM to ATM, and that has nothing to do with us.

[bernard75]

Of course that has nothing to do with you, but with the card you are distributing.
And the deal doesnt look as sweet, when you look at what some banks pocket when you use their VISA card:
http://raiffeisenpolbank.com/kursy-walut/tabela-kursow-walut
This are spreads of over 10% for each currency on top of the 5$+ for using their card at an ATM.

Since you are dodging questions and the initial cost of the card jumped from 10$ to 25$ in just one day, i have to assume the worst.

[byt411]

Of course that has nothing to do with you, but with the card you are distributing.
And the deal doesnt look as sweet, when you look at what some banks pocket when you use their VISA card:
http://raiffeisenpolbank.com/kursy-walut/tabela-kursow-walut
This are spreads of over 10% for each currency on top of the 5$+ for using their card at an ATM.

Since you are dodging questions and the initial cost of the card jumped from 10$ to 25$ in just one day, i have to assume the worst.

The cost of the card was simply unconfirmed when I made the announcement, details hadn't been decided yet. A solution to this would be simply to not withdraw cash at ATMs if your nearby ones has a high fee, and you can just pay for other stuff with your card.

[Benjig]

Of course that has nothing to do with you, but with the card you are distributing.
And the deal doesnt look as sweet, when you look at what some banks pocket when you use their VISA card:
http://raiffeisenpolbank.com/kursy-walut/tabela-kursow-walut
This are spreads of over 10% for each currency on top of the 5$+ for using their card at an ATM.

Since you are dodging questions and the initial cost of the card jumped from 10$ to 25$ in just one day, i have to assume the worst.

Yes as OP said, indeed the fees can be high using it on an atm and you can avoid it simply by no using them, those prices are not set by us and any other money transmiter who provide international debit cards without requiring bank accounts will have same or higher fees,  the difference here is that you can fund it with bitcoins in a secure way if you want to spend your bitcoins without waiting several days from bank wires or other methods.

ANXPRO

[bernard75]

Either you guys dont understand me or you are intentionally dodging very simple questions:
Is the issuer of the cards levying any additional fees or using different exchange rates than Visas official one?