One of the defining characteristics of crypto is that transactions can be carried out instantly anywhere, anytime, anywhere. However, when customers want to sell their encrypted assets and or perform instant withdrawal from their accounts, the traditional banking system can take up to several days.
With this in mind, Coinbase has officially announced that it will offer instant withdrawal services in more than 40 countries/regions in Europe and the US.
Customers in the region can now withdraw funds using their linked debit card. In addition, customers can now choose between instant or standard withdrawal methods and preview all relevant arrival times and fees prior to withdrawal.
“By enabling real-time card withdrawals through the Visa Direct capability, Coinbase is delivering a faster, simpler and more connected experience for its users — making it easier to convert crypto balances into fiat, which can be spent at the more than 60M merchant locations where Visa is accepted.”terry Angelos, Head of Fintech visa, said:
Sherri Haymond, Executive Vice President of MasterCard Digital Partnerships, added that Coinbase will leverage the services of MasterCard to enable its customers to withdraw and use their funds in a stable and secure ecosystem.
“Today’s consumers are digitally driven — seeking out real-time payment options that cater to their individual needs.”Sherri Raymond said
“Leveraging Mastercard Send following the conversion of cryptocurrency into fiat currency, Coinbase will now be able to offer its customers the ability to securely and seamlessly withdraw and use their funds wherever Mastercard debit is accepted — giving them greater flexibility and convenience to manage their financial lives.”
Instant Withdrawal and Withdrawal Fees
For users in the United States, an instant withdrawal is available with a fee of 1.5% (minimum USD 0.55). Also, users in the UK and EU can use instant withdrawal for fees up to 2%.