The users of the US cryptocurrency exchange will no longer have to wait for withdrawals to process in days as the company has introduced instant withdrawals in 40 countries, including, US, EU, and the UK.
The Facility in 40 Countries
Coinbase mentions all details about the new facility in its latest blog post. Mastercard will assist only the US customers to withdraw funds while linked Visa debit card will allow users from the US, UK, and EU to withdraw funds. According to the blog post, it “offers instant withdrawals in nearly 40 countries including the US, UK, and more across Europe. Customers in the US, UK, and Europe can withdraw funds with a linked Visa debit card. In the US, customers will be able to also withdraw funds with their Mastercard.”
With this new facility, users can spend funds instantly. Prior to this, withdrawals were completed from 1-5 business days. However, the exchange is also offering a standard withdrawal method. “Customers can select between instant or standard withdrawal methods and see a preview of all associated arrival times¹ and fees prior to withdrawing funds,” it added.
The fees are fixed depending on the region. For instance, the US customers pay only 1.5% fees on withdrawals while users from the UK and EU will pay up to 2% on withdrawals.
“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,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard.
Terry Angelos, SVP and global head of fintech for Visa, said:
“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.”