The card is not available in countries or regions outside of the US.Ĭustomers have complained about various aspects of the user experience. The BitPay Card’s biggest weakness is its limited regional availability. Little progress has occurred since the initial launch.Īs of late 2020, the BitPay Card is clearly a work in progress.
In May 2016, BitPay launched its prepaid debit card for Bitcoin users in all 50 US states. The BitPay Card has a mobile app available on iOS and Android. The merchant receives payment in their local fiat currency (e.g.Mastercard verifies that there are sufficient funds available to complete the transaction.The cardholder spends funds online or in-store at any Mastercard-approved merchant.If the cardholder deposits crypto assets, BitPay will automatically convert their funds to USD.The cardholder deposits crypto assets or USD to their BitPay account.Using the BitPay Card for purchases is comparable to using traditional debit cards, with only a few slight differences.Ī BitPay Card transaction works like this: Cardholders can withdraw fiat currency at ATMs. All crypto assets are converted to USD when sent to the BitPay Card and cannot be withdrawn to an external crypto asset wallet. The BitPay Wallet crypto asset balance is loaded to the card once the cardholder pays the invoice. Withdrawing Crypto Assets and Fiat Currency From there, they can enter a dollar amount and receive their invoice. To add funds to a BitPay Card balance with crypto assets, users can log in to a cardholder account and select “Add Funds”. BitPay charges an additional fee of $5 for ACH deposits.Ĭrypto Assets: Cardholders are charged a standard miner fee and BitPay’s “Network Cost Fee” when paying any BitPay invoice.
Fees for ACH deposits vary by location and can amount to $4.95 per deposit. To initiate an ACH transfer, users can select a third party payment processor such as Western Union, Walmart, CVS Pharmacy, Rite Aid, Walgreens, and other participating retailers. BitPay charges no additional fees for direct deposits.Ĭardholders who wish to deposit USD to their BitPay Card via an ACH transfer need to provide their account number and routing number to the crediting service. To receive payments via direct deposit, ask your employer to set up automatic payments to your BitPay Card.
#Does bitpay report to irs how to#
with instructions on how to set up your BitPay cardholder account.įiat: To set up direct deposit, cardholders can retrieve their account number and routing number by calling the Cardholder Services team. You'll receive an email from This email address is being protected from spambots.Provide your card number, expiration date, and the 3-digit CVV number located on the back of your card.Once a cardholder receives their BitPay Card in the mail, it can be easily activated via the BitPay website: Applicants can track the status of their card orders via the Where is my BitPay Card tool by entering their corresponding email address and card order reference number.Īlthough BitPay has a mobile app available on iOS and Android, the BitPay website is the easiest option for card registration, card activation, and fund deposits.If an approved applicant hasn’t received their BitPay Card after 10 business days, the company recommends calling their Cardholder Services team. The BitPay Card takes 7-10 business days to arrive in the mail.Applicants must pay this fee using one of BitPay’s supported crypto assets, as fiat issuance fee payments are not accepted. BitPay charges a physical card issuance fee of $10.00.
#Does bitpay report to irs full#
The company requires users to provide the following information: full name, address of residence (no PO boxes), date of birth, phone number, and social security number. This means that each user must verify their identity before receiving a card.
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