Trying To Find The Best Way
Even thought it's not yet the time, this year I've been thinking of ways to withdraw money from the crypto world. I'm not yet at a level at which I would withdraw anything, my stake is still tiny, but that doesn't mean I have to neglect learning about what's the best way of withdrawal at the moment. Knowing every detail can save you from paying fees foolishly. We know how this world works, one mistake and you pay double, mistake which could be avoided just by doing your homework.
Binance Visa Card
This option is not new, it's been available since the second half of last year if I'm not mistaken. I knew I'd want one but as it has not been urgent, I got it only last month. This is a good option if you're in need of some money quickly, you can transfer instantly a set of assets, 11 to be precise, to your Funding Wallet and it's ready to use. You can pay for groceries, bills, whatever you need local currency for. For me it is more like a safety blanket, just in case something very bad happens.
Bank Transfer
The other option is the one we hate so much, transferring fiat to your bank account. We keep saying not your key, not your crypto which is true by the way, and goes for banks as well as once you trust your bank with your fiat, you have to be prepared to face the consequences. The bank account is not yours, it is owned by the bank, you're free to use it as long as you play by their rules. Then there's taxman, who also has a saying in how and when you're allowed to use your money.
What's The Best Solution?
Both options have pros and cons and it all comes down to how much we're talking about.
The daily spending limits for your Binance Card are as follows:
Virtual Card - EUR 870
Physical Card - EUR 8,700
The daily ATM limit is EUR 290. source
The biggest issue I have with the Binance Visa Card is the daily limits they have. The daily ATM limit is 290 EUR but in my country you can only withdraw local currency from the ATM. Local currency as store of value isn't the best solution. Since I live in the EURO zone, EUR would be a better option, but that is available only through a bank account, unless you take fiat to a currency exchange and pay the rate they are working with.
Payment with a physical card (the one you see on the photo) allows you to spend 8,700 EUR per day, but then again, this amount is also small, when it comes to real estate for example.
There are a few users on our blockchain who have already withdrawn large amounts from exchanges and as far as I know, it has been done through bank accounts, but then again, I can't know everything. This is why I'd like to ask those who are familiar with what's the best solution, to share it with us.
Till then, business as usual, keep accumulating as this is the right time. You can buy every asset at a huge discount, HIVE and LEO included. Just keep filling your bags as better times are yet to come.
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Binance Card is a good solution despite the limits, I wonder for how long they will maintain the service...all governments in Europe seem to be chasing them
I don't know, I guess time will tell :)
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Please do another post if anyone suggests anything useful in the comments. 😁
I'm in the same situation as you, thinking about the future, but it's complicated by all the Binance stuff going on at the moment. I'm not sure if I can get a card in the UK or not, even after researching it on Google. It's not very clear.
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I will in case someone comes forward with something useful.
According to binance, you can't get a visa card, as you opted for Brexit 😜
https://www.google.com/amp/s/www.binance.com/en/amp/support/faq/ed89f6797ae943ad87841e58591eb229
But who knows, in time it should be available for the masses, but it depends on the country's legislation.
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I got mine the other day, but it's needed to stake BNB in order to increase the cashback %.
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I'm not counting on spending much, so cashback % is not something I'm after.
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I'm so grateful that my government keeps me safe because I'm too stupid to be able to make good decisions for myself.
Phew.
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Lol, which country is that if I'm not too curious? 😁
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Straya.
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Well, maybe one day, hopefully sooner than later. 🤞
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.