Bitwala – Welcome to the future of money transfers
Bitwala is the smart way to convert your bitcoins into fiat and to transfer it easy, safe and fast to bank accounts around the globe. You can pay your bills via bank transfer without the need of having a bank account. In addition Bitwala offer debit cards with transparent and low fees.
Are you living the bitcoin life, distrusting the banking sector that is sharing your personal details, account balances and activities with your local tax authorities or even more worse with law enforcement – but still need to pay rent or utility bills via bank transfer?
Bitwala might be the perfect solution to your problem!
The German startup, that is incorporated in the Netherlands, is based in Kreuzberg, the world-famous Bitcoin-friendly district in Berlin.
Their vision and mission is that sending money to any part of the world should be simple and convenient. They aim to provide blockchain-based banking services that are faster, cheaper and accessible to anyone in any part of the planet.
On offer are same day Euro and SEPA transfers to over 35 countries in Europe. Apart from the Euro, 9 other European currencies are accepted. The transaction fee for such transfers are a fixed 0.5% or a minimum fee of EUR 1.00.
Local transfers in eight other countries, currently Australia, Brazil, China, Japan, Mexico, Philippines, South Korea and Vietnam are carried out in the local currency of the respective country at the same fee structure and are completed, depending on the country, within 1-2 business days.
Money transfers in Nigerian Naira to Nigeria are completed within 1 business day, and at 0.0% fee.
International SWIFT transfers can be done in Euro, USD and another 9 European currencies. The fee for SWIFT transfers is 1.0%, plus a EUR 15.00 flat fee. Completion within 2-3 business days.
Altcoins are accepted as well: It is worth to mention that Bitwala, through their partnership with ShapeShift, is accepting all major cryptocurrencies.
The Bitwala debit card is a VISA branded Euro denominated card, available in virtual or physical form. In combination with Bitwala’s secure bitcoin wallet, the card can be topped up automatically with bitcoins and altcoins within minutes. Anytime, anywhere. The top up fee is 0.5% or a minimum fee of EUR 1.00.
The price for the cards is very reasonable, with EUR 2.00 for the virtual card (delivered instantly) and EUR 8.00 for the physical card with free standard shipping. Currently the card can be delivered to more than 125 countries.
POS transaction fees vary from 0.00% for purchases in Euro and up to 3.00% for purchases in other currencies. ATM transactions will set you back EUR 2.25 if done in Euro or EUR 2.75 for all other currencies. You’ll find the complete fee structure here.
There are no limits for POS transactions. ATM withdrawals are limited to EUR 1.000 (or equivalent in other currencies) per transactions and EUR 2.000 per day.
To order a card you need to verify your Bitwala account. Verification is done within a day or two and all you need is to upload your ID document and a current utility bill.
SEPA transactions of up to EUR 200.00 per month can be carried out without verification, for larger amounts and international transfers, verification is mandatory as well.