247Exchange Adds Fiat Withdrawals for Credit and Debit Cards

International cryptocurrency brokerage 247exchange has added credit and debit cards as a withdrawal method.

AccessTimeIconFeb 10, 2015 at 3:28 p.m. UTC
Updated Sep 11, 2021 at 11:31 a.m. UTC

International bitcoin brokerage 247exchange has added credit and debit cards as a withdrawal method.

The startup, which integrated card support for buying bitcoin at the end of last year, is now enabling Visa and Mastercard users to easily convert bitcoin – and other cryptocurrencies – into fiat.

Alexey Maximenko, 247exchange's CEO, said:

"If you look at the market, you’ll see that only a few companies offer such a service. Maybe we’re not the pioneers, but we’re among the first ones."

In order to use a debit or credit card, users will need to create a sell order by filling in a form.

According to the company, the funds should reach the user's card in approximately one to three days, once the transaction has been confirmed.

Withdrawal fees

Withdrawal fees on the platform were recently decreased from 3% to 1.5%.

Anton Vereshchagin, founder of InterMoneyExchange which runs 247exchange, added that they "will be lowered [again] in future".

Credit and debit card users also face a $6.50 charge established by the payment processor. However, Vereshchagin insists the service is still competitively priced:

"Compared to international bank transfers, credit card withdrawals are a very affordable way to withdraw small or medium amounts of coins."

Marketing director Andrey Vereshchagin added that the company's mission is to "create and provide the new standard of digital currency exchange service all over the world – fast, convenient, secure and available for everyone".

Shift in focus

Although Anton Vereshchagin initially intended to open 247exchange in the Russian market, the changing regulations meant that InterMoneyExchange Corp shifted its focus to Europe late last year.

The company recently added Sofort Banking as a payment method, allowing consumers in 10 European countries to purchase bitcoin.

InterMoneyExchange Corp is currently registered in Belize.

Debit card image via Shutterstock 


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