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One of the world’s leading Bitcoin exchange sites BTC-E has just announced that they will begin to process withdrawals of funds to both Visa and Mastercards. It will be possible for anyone to have a withdrawal processed to their cards, no matter the country or the currency, however there will be a few exceptions to the rule where BTC-E will find a solution with you.
There is a 5% of the cash out amount taken as fee for BTC-E providing this service to their users. The withdrawals will all be processed in USD and users can expect around 2-4 business days before the money arrives on their card account.
“If your card is not in USD, the money will be converted at the rate of VISA / MasterCard or your bank’s rate depending on the agreement with your bank,” BTC-E wrote in their full statement
The service is not available for cards such as Maestro and Visa Electron, but will be available only for regular Visa and Mastercards. The statement explains: “Some credit cards that do not allow to have a positive balance cannot be funded. If payout to your card is not possible, then we will immediately notify you and refund the money back to your account,”
All payouts coming from BTC-E will show as “affiliate payment” or “Refund affiliate payment” in the credit card statement. Some banks will not allow these kind of transactions, which is where the exceptions come in to place.
Bitcoin is currently trading at $565 on the market average.