ForexMinute.com – Renowned, reputed and trustworthy currency exchange Coinomat.com lately announced to include services that would allow users to make withdrawals of their cryptocurrencies, and transfer them to VISA/MasterCard. The withdrawal-able cryptocurrencies are Bitcoin, Litecoin and Peercoin.
Earlier in March, BTC-e had announced the similar services that could withdraw funds to Visa and MasterCard debit and credit cards, after charging a 5% fee for the services. CoinoMat.com has however made some exceptions, as it has excused VISA Electron/Maestro Cards, as well as certain types of virtual credit cards from its services.
In its early notice, the exchange also explained the whole procedure, following which customers will be able to enjoy the aforementioned amendments. As per Coinomat.com notice, the transfer is made in US Dollars, while it also takes care of the customers whose cards are denominated in another currency. For that, it simply converts the US Dollar funds into the card’s respective currency, after going through the bank exchange rates. “The transfer of funds to your card takes 2-4 business days to complete,” informs the Coinomat.com’s notice.
“In order to use the service,” the notice further instructs, “please select VISA/MasterCard USD from the exchange drop-down menu at our homepage. After that you’ll have to log in to the member area (or register first if you haven’t registered before) and add a credit card in your profile. Having completed this step you are able to choose your credit card for the exchange, order the funds transfer and send your cryptocurrency for the exchange.”
Not for Russian Cryptocurrency Users
While the cryptocurrency users from the rest of the world are able to use Coinomat.com and BTC-e aforementioned services, Russians would be the only those who would not be able to take benefits of it. Reason: Earlier this March, MasterCard and Visa have collaboratively banned Russian transactions in response to the US and European Union’s sanctions. While the state of these services are still unclear in Russia, it might not be possible for Russian cryptocurrency users to withdraw their money to Visa or MasterCard.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
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