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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    Uquid Card Review 2023: Rewards, Tiers and Fees

    uquid card south africa review

    Uquid Card Review: Our Opinion

    Uquid Card is a multicurrency debit card built for crypto enthusiasts who want to spend their Bitcoin and other crypto assets on everyday items. Like other cryptocurrency debit cards, Uquid allows users to top up their cryptocurrency debit card with many cryptocurrencies, including Bitcoin and popular altcoins like Ethereum. The card can also be used for online and in-store payments, as well as bill payments.

    Some Uquid Visa Card’s perks include direct bill payments and purchase of voucher tickets for telephone and other utilities, unlimited spending online and unlimited ATM withdrawal, free point of sales (POS) transactions, and free online shopping.

    However, unlike other popular crypto debit cards, Uquid provides no information about the Uquid Bitcoin debit card’s cashback, which is a significant detail that interested investors look out for before choosing a cryptocurrency debit card.

    An Overview of Uquid Card

    Uquid was founded in 2016 by Tran Hung through an initial coin offering (ICO). The company started as the world’s first smart shopping platform for Web3 and other related items like non-fungible tokens (NFTs). Currently, Uquid is an online digital shop headquartered in the United Kingdom and functioning as a bridge between decentralized finance (DeFi) and e-commerce. Uquid serves over 100 countries, including South Africa, and launched its Bitcoin and altcoin cards in 2016.

    Apart from its decentralized e-commerce and card services, Uquid offers other services, including bill payments and mobile recharge, in different African countries like Botswana, Burkina Faso, Nigeria, Ethiopia, Kenya, and Tanzania, to mention a few. The company also has an OMGFIN Exchange, a digital asset exchange where individuals can buy and sell various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and other altcoins.

    Uquid Crypto Debit Cards offers benefits to South African customers through its services. However, there is still room for improvement. We’ll look at the pros and cons of the platform.

    Pros

    Cons

    Uquid Card: What Is It?

    uquid card south africa

    The Uquid Card is a cryptocurrency debit card powered by the global payment giant Visa. The card offers its users seamless online and offline payments with diverse benefits, including free POS transactions, unlimited online spending, unlimited ATM withdrawals, and instant bill payments. Since it’s a Visa prepaid card, cardholders can make payments and purchases anywhere Visa cards are accepted worldwide and withdraw funds from over 34 million ATMs in different parts of the world.

    The Bitcoin debit card is available to Uquid account holders who want an alternative way of spending their digital assets, and it requires no credit checks. However, the card is more tilted toward only spending, as the company provides no information on cashback and other benefits users can get from using the Uquid Visa Card.

    Uquid Card: How Does It Work?

    Like other cryptocurrency debit cards, the Uquid prepaid crypto debit card functions like a conventional debit card. That means users can top up the card and spend their funds online and in-store. The card comes in two variants:

    • The Bitcoin Debit Card which supports only BTC
    • The Altcoin Debit Card which supports 89 different altcoins, including Ethereum

    Uquid also supports three different fiat currencies: USD, EUR, and GBP. In other words, the card can be funded using these cryptocurrencies and fiat currencies from users’ bank accounts. The card also supports PayPal transactions.

    When the Uquid debit card is used for payment, it converts crypto to fiat for users to spend. If the cardholder spends BTC on groceries, the card’s payment provider converts it to any supported fiat currency and deposits the corresponding amount in the merchant’s bank account.

    However, Uquid charges a card issuance fee of $16.99 (292.34 ZAR), a domestic ATM withdrawal fee of $2.50 (42.88 ZAR) per withdrawal, and a $1 (17.16 ZAR) monthly fee for using the card. 

    Benefits & Perks

    uquid card benefits

    Uquid cardholders enjoy several perks and benefits with their cryptocurrency debit cards. We’ll look at the various benefits of virtual and physical debit cards.

    Virtual Card

    • 0% fees for POS purchases over $84.94/ZAR 1494.17
    • Card To Card Transfer
    • Instant Card delivery with just 1 GBP/EUR/USD
    • Users can link to Paypal
    • Unlimited ATM Withdraw for gold tier
    • Valid for three years

    Physical Card

    • 0% fees for POS purchases over $84.94/ZAR 1494.17
    • Card To Card Transfer
    • Free Card Delivery between 2-3 working days
    • Unlimited ATM Withdrawal for gold tier
    • Valid for three years

    Other Uquid service benefits include the “shop-to-earn” programme, where users can earn cashback of up to 11% when they buy goods with their card. Additionally, the PayIn3 offer also enables users to buy goods and pay them back in three instalments over 90 days, and the best part is that it’s interest-free.

    Cryptocurrencies Supported

    Uquid supports about 90 cryptocurrencies for its customers. The Uquid cryptocurrency debit cards have different cryptocurrency capabilities. The Uquid Bitcoin debit card only supports Bitcoin, while the altcoin debit card supports 89 different crypto assets, including:

    • Ethereum
    • Classic Ethereum
    • Monero
    • Litecoin
    • Dash
    • Maid
    • Zcash
    • Doge
    • Tether
    • Waves
    • Augur
    • BCY
    • Blackcoin
    • Bitshares
    • Clams
    • DigiByte
    • Emercoin

     

    Fees Explained

    Uquid charges various fees for its services. Below are the fee types and amounts charged.

    Set Up

    Account Creation/Activation Fee

    Monthly Fee Free

    Physical Card Issuance Fee (one-time cost) $16.99 (ZAR 301.03)

    Monthly Fee $1 (ZAR 17.72)

    Cash Collection

    ATM Transaction (Domestic) Per transaction $2.50 (ZAR 44.29)

    ATM Transaction (International) Per transaction $3 (ZAR 53.15)

    Cash Spending

    POS ( over $84.94/ZAR 1494.17) Per transaction Free

    POS ( under $84.94/ZAR 1494.17) Per transaction $0.23 (ZAR 4.05)

    Foreign Currency Conversion Per transaction 3%

    Deposit Fee

    cashU Per transaction 2%

    BTC-E Per transaction 0%

    Paysafecard Per transaction 18%

    Bank Transfer Per transaction 1.5%

    Bitcoin Per transaction 0%

    Altcoins Per transaction 0%

    Alipay Per transaction 5%

    Qiwi Per transaction 5%

    Uquid Prepaid Card Per transaction 0%

    Withdrawal Fee

    Bank Transfer Per transaction 3%

    Others

    IVR (interactive call response) Per call Free

    Card Balance at ATM Per transaction $0.59 (ZAR 10.38)

    Card replacement Per card $15.00 (ZAR 263.86)

    Different Card Holder Tiers

    Uquid cards come in two tiers, namely, Silver and Gold tiers. 

    Silver is the standard card option customers receive after going through the Level 1 KYC (know-your-customer) process, which involves email verification. Then, they can complete this level by inputting other information like name, address, and phone number.

    They have the option to upgrade their card from Silver to Gold. To do this, they’ll have to complete an online verification by submitting a government-issued ID and proof of residence documents for the address associated with their card. It typically takes 3 to 4 working days to manually complete Gold verification.

    We’ll look at the features and limits of each card below:

    SILVER ( KYC1 Level 1) GOLD ( KYC1 Level 2)
    POS (POINT OF SALE)
    Number of purchases per day $6 (ZAR 105.54) No limit
    Value of purchases per day $150 (ZAR 2638.62) No limit
    ATM RULES
    Number of ATM transactions per day 4 4
    Value of ATM withdrawal per ATM Transaction $150 (ZAR 2638.62) $1000 (ZAR 17590.83)
    Value of ATM withdrawal per day $150 (ZAR 2638.62) $2600 (ZAR 45736.16)
    Maximum ATM withdrawal Lifetime $150 (ZAR 2638.62) No Limit
    LOADING RULES
    Max any daily load per Day $150 (ZAR 2638.62) $20,000 (ZAR 351816.60)
    Max any lifetime load lifetime $150 (ZAR 2638.62) No Limit
    Number of loads per Day 5 No Limit

    Opening an Account

    For South African investors who have gone through our Uquid card review and feel it suits their needs, these are the steps to follow for the account opening to enjoy Uquid services:

    Sign Up

    Users can create an account by clicking on the “Register” tab at the top right of the page. After this, users must input their email and password on the next page and click “sign up.” An email will be sent by Uquid to the user’s email account with a link for email verification. Click the link, and the account will be activated. 

    Complete profile

    After registration, users can complete their profile by going to “Account.” Here, customers will see all their details in relation to the account, and they can complete their profile. The Uquid account level will be set to Silver by default. Users who want to increase their limits can do so by completing a Level 2 KYC verification.

    Level 2 Verification

    To complete the KYC Level 2 verification for a Gold account, users must provide a government-issued ID like a passport or driver’s license and proof of residence document to show they reside in South Africa. This could be a utility bill or bank statement that is not more than six months old and in English.

    Deposit

    Uquid supports multiple deposit methods, including crypto, cashU, Alipay, bank transfer, and many more. Users can simply go to their wallets to fund their account, choose their preferred option, and click “deposit.” After depositing in their wallet, users can transfer funds from here to their card and carry out payments.

    Uquid Card App

    There’s a Uquid Card app exclusive to cardholders for download only on Android. This simple and secure application provides users with instant access to their money, important account information, and control without sacrificing security.

    Some of the app’s features include:

    • Viewing the recent account balance on the home screen and checking transaction history.
    • Easily transfer and receive funds from other Uquid Card users.
    • Retrieval of virtual card details and ATM PIN.
    • Option to freeze or replace cards in case of loss or theft. Users also have the option to reactivate their card if it is found before getting a new one.
    • Uquid Card users must download the Uquid Card mobile app to enjoy the freedom of always having access to their accounts.

    Customer Satisfaction

    Uquid asserts that it provides customer support from Monday to Friday, 9 am – 5.30 pm, excluding public and bank holidays. The website has a “contact us” section where users can send their messages, but the response time was not revealed on the website. Users can also seek assistance from their FAQ and knowledge base pages.

    However, customer reviews from third-party sites like Trustpilot have complained about slow responses from customer service, even during working hours. Additionally, there are reports about the platform preventing withdrawals and holding onto customers’ funds.

    Is Uquid Card Right for You?

    Cryptocurrency cards like the Uquid prepaid debit card offer users a seamless way to instantly convert crypto to fiat and spend on daily items without going through manual conversion. Uquid doesn’t charge commission on purchases, and the card is available to South African residents, which makes it a considerable card option for crypto enthusiasts in the country.

    However, a major consideration is the card’s associated fees, including card issuance, ATM withdrawal, and monthly fees. These fees eventually sum up to a significant amount, making Uquid a more expensive option than other popular options like the Binance Visa Card.

    Final Thoughts

    Uquid has put decentralized e-commerce on the map since it was established in 2016. The company’s card is one of the popular crypto cards for Africans and is popular for its no-limit Bitcoin, altcoin withdrawal, and free POS transactions.

    However, the card attracts various fees, so investors keen on low fees may consider other affordable card options like the Crypto.com and Binance cards.

    Our extensive analysis of the South African Crypto Cards doesn’t stop here. You can check out our list of best crypto cards in South Africa.

    FAQ

    Most frequent questions and answers

    Uquid Coin (UQC) is a decentralized virtual currency built on the ERC-20 token. This asset aims to support the growth of the Uquid ecosystem. It offers coin holders many benefits, including staking, mining, payment, and investment.

    Wormhole is a decentralized finance (DeFi) platform. It offers a “blockchain bridge” service that enables users to directly exchange Solana for other cryptocurrencies on decentralized apps (dApps) across the Ethereum network.

    The best crypto wallet is the Uquid wallet. The wallet is secure and easy to use, and it supports about 90 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, etc., and three fiat currencies, which are EUR, GBP, and USD. Multiple deposit methods, including cashU, bank transfers, and Qiwi, are also available.

    Binance cannot be used as a bank because it is an online exchange where users can trade cryptocurrencies. Transactions involving cryptocurrencies and bank transactions differ significantly. The government regulates and oversees banks, while cryptocurrency is decentralized and not backed by any authority.

    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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