Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    Cryptopay Card South Africa Review 2023: Fees, Benefits and Limits

    cryptopay card south africa

    Cryptopay Card South Africa Review: Our Opinion

    Cryptopay’s Visa card offers a simple and secure way to spend cryptocurrencies for individuals and businesses. Cardholders can withdraw cash and spend their cryptocurrency assets both online and offline, anywhere Visa is accepted globally.

    The card comes in two types: virtual and physical card. The virtual card is free and can be created immediately after opening an account, while users will have to pay to upgrade to the physical card. Both cards have similar features. However, virtual card holders will be unable to use ATMs to withdraw cash.

    Users can also enjoy rewards up to 14.7% annual return on their crypto asset by opening an Earn account. With this, card holders can get more value for their crypto assets and spend more.

    An Overview of Cryptopay Card

    Cryptopay was founded in 2013 by Dmitry Gunyashov and George Basiladze to provide digital wallet solutions for both businesses and individuals. It is a payment platform for investors to exchange transactions. Cryptopay offers access to 38 cryptocurrencies and 3 fiat currencies. The platform includes a wallet, a mobile app for iOS and Android, and a Visa Card

    Since launch, the company has already attracted over 750,000 users and issued thousands of CryptoPay cards. The company is one of the well-known digital currency service providers, and it is registered in the United Kingdom and the European Union as a financial service provider.

    Pros

    Cons

    Cryptopay Card: What Is It?

    what is cryptopay card south africa

    The Cryptopay card is a Visa card that offers crypto asset spending in 38+ cryptocurrencies.

    The card comes in a virtual design which is issued for free after creating an account, and a physical plastic card that can be ordered but with a cost. While both cards are similar in their capacities, the only difference is that the virtual cards can’t be used for ATM withdrawals.

    Cryptopay card: How does it Work?

    The Visa card is linked to the Cryptopay wallet, which allows users to manage their funds and make payments online and in-store. As with any prepaid card, Cryptopay’s Visa Card must be topped off before use. Here’s how: 

    • Using the Cryptopay account
    • Using Visa Direct from a different card
    • Skrill account 

    Users’ Cryptopay cards typically appear within one to three days after making a deposit with another card or Skrill account.

    Benefits & Perks

    benefits cryptopay card

    The Cryptopay Card offers several benefits for cardholders in South Africa. These benefits include:

    • Earn interests between 2% and 14.7% annual percentage yield (APY) depending on crypto assets. 
    • Mobile app that can be used to manage and secure funds. 
    • Get reward in BTC and 10% off the referred person from referrals
    • 25% off card fee for new users

    Cryptocurrencies Supported

    Cryptopay supports 38 cryptocurrencies. These crypto assets are divided into two groups.  

    The first group can be withdrawn from or deposited into external wallets and used for transactions. However, the second group cannot be withdrawn from or redeposited into external wallets. Users can only buy them with their personal bank card or exchange them within their Cryptopay account. 

    The first group is made up of: 

    • Aave (AAVE), Algorand (ALGO), Basic Attention Token (BAT), Bitcoin (BTC), Chainlink (LINK), Dai (DAI), Ethereum (ETH), Litecoin (LTC), NEAR, OMG Network (OMG), Orchid (OXT), Polygon (MATIC), XRP, Synthetix (SNX), Tether USD (USDT), Uniswap (UNI), USD Coin (USDC), and 0x (ZRX).

    The second group includes: 

    • Ankr (ANKR), Cardano (ADA), Cosmos (ATOM), Decentraland (MANA), Dogecoin (DOGE), EOS (EOS), Ethereum Classic (ETC), Filecoin (FIL), Flow (FLOW), Icon (ICX), Kusama (KSM), Monero (XMR), Nano (XNO), Polkadot (DOT), Siacoin (SC), Solana (SOL), Tezos (XTZ), The Graph (GRT), Tron (TRX), and Yearn finance (YFI)

    Fees Explained

    Let’s look at all the fees that both cards charge.

    Charges Physical Card Virtual Card
    Fees ZAR 105.60 Free
    Card replacement fee ZAR 105.60 ZAR 105.60
    Standard delivery fee Free Free
    Express delivery fee ZAR 316.80 None
    Monthly service charge ZAR 21.12 ZAR 21.12
    Inactivity fee (365 days) ZAR 105.60 ZAR 105.60
    Foreign transaction fee 3% 3%
    Local transaction fee Free Free
    Cash withdrawal in local currency fee ZAR 52.80 None
    Cash withdrawal in foreign currency fee ZAR 73.92 None
    Card load from the account 1% 1%
    Card unload to the account 1% 1%
    Rejected chargeback ZAR 739.21 ZAR 739.21
    cryptopay cards limits

    Apart from the fees, the cards also have different limits imposed on them. Let’s take a look at them below:

    Limits Physical Card Virtual Card
    Maximum card balance ZAR 950,413.50 ZAR 950,413.50
    Daily load limit ZAR 168,962.40 ZAR 168,962.40
    Single transaction limit ZAR 570,248.10 ZAR 570,248.10
    ATM withdrawal limit per day ZAR 8,448.12 None
    Number of ATM withdrawals per day 5 None
    Monthly card load limit ZAR 272,217.78 ZAR 272,217.78

    Different Card Holder Tiers

    Cryptopay offers no cardholder tier. The only cards available are virtual and physical. This holds true for investors in South Africa as well.

    Opening an Account

    To get the Cryptopay card, users must first open an account.

    Create Account

    Navigate to the top right corner of the website and click “Get Started” . Then, provide basic information and confirm email.

    Verify

    The next step is to verify the account by providing a valid government-issued ID like a passport, proof of address, and a photo to finish up.

    Get Card

    After verification, users can either create a virtual card or order a physical card, depending on their requirements. Users can also top up their cards from their Cryptopay wallet, an external Visa card, or a Skrill account.

    Standard delivery is free in South Africa, while express delivery costs a fee of ZAR 316.80. Delivery time for the  standard delivery can take approximately 10 days, while express delivery takes 1-3 days.

    Cryptopay card App

    South Africa residents have access to Cryptopay’s mobile app. Thanks to the app, users can access and control the services provided by the platform without relying on their PCs or the little window on their mobile phone browser. The majority of crypto users worldwide can now effortlessly complete all website-capable chores while on the go thanks to a full-featured application that is available on all Android and iOS powered devices. Users can order Cryptopay cards and manage their accounts with this application.

    The app offers additional security measures like a PIN, and facial verification. Users can also freeze their cards through the app in case of loss or theft.

    Customer Satisfaction

    Customers can contact Cryptopay’s support team through live chat and email between 7a.m. to 7 p.m. (GMT) on weekdays, and 9 a.m. to 5 p.m. (GMT) on weekends. Users also have access to an FAQ page that highlights frequent issues faced on the platform.

    However, online reviews from TrustPilot indicate several complaints of slow customer response.

    Is Cryptopay Card Right for You?

    Customers will find the Cryptopay card suitable for their everyday crypto spending. With the card, users can carry out online and in-store spending anywhere Visa is accepted. The card also lets card holders spend any currency supported by its platform, and they can also withdraw cash directly from ATMs. This is ideal for crypto investors who want to enjoy their crypto assets and their benefits to the fullest.

    Final Thoughts

    The Cryptopay Visa card delivers in its entirety and simplifies spending cryptocurrencies for investors. Cryptopay card South Africa holders can use the card anywhere Visa is accepted in real-time and also use ATMs to get cash.

    Our Cryptopay Card Review shows that the card is ideal for investors who want to put their crypto assets to use for spending in real-time either online or offline.

    Our extensive analysis of the South African Crypto Cards doesn’t stop here. You can also read about our Paycent Card Review as an alternative to Cryptopay or you can check out our list of best crypto cards in South Africa.

    FAQ

    Most frequent questions and answers

    There are several perks and benefits, including rewards and cashback. Above all, users are able to spend their crypto assets directly, just like traditional bank credit/debit cards.

    Users can get your money off a crypto card by looking for an ATM to withdraw your cash. The crypto card converts your crypto assets to local currency and releases them in cash for you.

    Most verifications are completed automatically in a matter of minutes to hours, but if you’ve sent a document or image that doesn’t comply with requirements, they may need to personally check it, which could add to the wait. However, if more verification documents are required, you will be informed.

    We always try to provide the most accurate information available, and make sure our team follow through.
    If you want to know more about our Crypto Exchanges Review Methodology follow the link below

    Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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