CoinsBank was founded in 2013 by Ronny Boesing and is located in Edinburgh. It’s a company that issues a Bitcoin debit card but also supports Litecoin. In addition, CoinsBank provides exchange services, as well as online wallets for their users. The card also comes with a practical mobile app that allows you to keep tabs on your balance. Although the card only supports two cryptocurrencies, CoinsBank surpasses their competition when it comes to fiat currencies. There are many advantages to the CoinsBank card, but also some big drawbacks. Among these are the high prices for using it. Without further ado — let’s get into it!
Advantages of the CoinsBank Bitcoin debit card
The Bitcoin debit card comes with its own e-wallet and mobile app, which is very convenient.
Users can enjoy a whole range of security measures to keep their Bitcoins safe.
The card supports the largest number of fiat currencies we’ve seen, including USD, EUR, GBP, RUB, CHF, AUD, JPY.
All supported currencies, including Bitcoin and Litecoin, are converted instantly.
The most exciting advantage of the CoinsBank card is that you receive crypto-cashback when you use it in stores.
Disadvantages of the CoinsBank Bitcoin debit card
There is not a whole lot of transparency of who runs CoinsBank, which can make some users suspicious.
Many reviewers have complained about pricing, which is definitely a factor to consider when choosing a card. With extremely high ATM withdrawal charges and POS fees, the CoinsBank card is among the most expensive options.
CoinsBank offers free shipping of the card, which is nice. However, this offer is only extended to premium users, which is not so nice.
CoinsBank Bitcoin debit card fees
CoinsBank offers a number of different cards, ranging from $2.95-$1,000 in issuance fees. Regular users will have to pay a $14.95 activation fee for using the physical Coinsbank card. There is also a monthly maintenance charge ranging from $0.95-$2.95 depending on which card you order. The ATM withdrawal charges are among the highest we’ve seen. Where most card issuers charge $2.50 per withdrawal, CoinsBank charges $3.95 for domestic and $4.95 for international withdrawals. Currency conversions are priced at 2.5-3%. POS charges will cost you between $0.95-$1.99.
Summary of the CoinsBank Bitcoin debit card
- Card type: Visa
- Virtual card: Yes
- Physical card: Yes
- Mobile app: Yes
- Supported fiat currencies: GBP, EUR, USD, RUB, AUD, and YEN
- Supported cryptocurrencies: Bitcoin (BTC) and Litecoin (LTC)
- Anonymous: Yes
The CoinsBank card seems like a solid option in terms of versatility. Travelers will enjoy the wide range of fiat currencies supported by the card. There is also flexibility when it comes to choosing the kind of card you want. Premium users get premium features — but also pay the price for them. Speaking of price, it’s difficult to get past that CoinsBank is such an expensive option. Charging for shipping the card is not uncommon, although free shipping is an option elsewhere. But the ATM withdrawal charges and the POS fees will definitely be a deal-breaker for some. These charges may be offset by the fact that you receive cryptocurrency cash-back when you use it in store.