ANX launches world's first Bitcoin Debit Card powered by an exchange - page 3.

jbreher

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lose: unfind ... loose: untight

Quote from: rageofreason on July 16, 2014, 09:57:40 AM

Quote from: jbreher on July 10, 2014, 11:29:58 PM

Here's a question: what exactly is the nature of the relationship of the Visa Payment Network (or whatever the corporate entity's name is) to this card?

I doubt it is anything other than the relationship between the Visa Network and a bank like Chase issuing a Visa card. Visa aren't going to waste their time cutting special arrangements for such small players.

The reason I ask is that every previous attempt -- of which I am aware -- of affiliating a BTC-denominated payment card with a major payment processor, for the US market, has failed. Further, previous ones seemed to gravitate to MasterCard rather than Visa.

One might think that there is a high chance of this one failing as well, unless some of the principals involved have very tight relationships with principals at Visa.

Is this legit? Not enough info has yet been provided.

bitllionaire

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I will take a look on this

rageofreason

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Quote from: jbreher on July 10, 2014, 11:29:58 PM

Quote from: byt411 on July 10, 2014, 11:21:35 PM

What else do you need to know? Feel free to ask, I'm here to help.

Here's a question: what exactly is the nature of the relationship of the Visa Payment Network (or whatever the corporate entity's name is) to this card?

I doubt it is anything other than the relationship between the Visa Network and a bank like Chase issuing a Visa card. Visa aren't going to waste their time cutting special arrangements for such small players.

Assuming I'm correct, I find the 2.5% especially weird given that ANX, as a card issuer, will receive merchant interchange fees of 1.54% - 2.24% and make money of the BTC/fiat exchange. Smells fishy to me.

byt411

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Quote from: tmbp on July 14, 2014, 05:40:55 PM

Quote from: bernard75 on July 14, 2014, 05:35:06 PM

Either you guys dont understand me or you are intentionally dodging very simple questions:
Is the issuer of the cards levying any additional fees or using different exchange rates than Visas official one?

They are dodging questions the affiliate cannot answer (which is 90%).

Their strategy is cram as many clueless people down the meat pipe as possible.

We are not dodging questions at all. Please refrain from making useless statements without evidence.

tmbp

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Quote from: bernard75 on July 14, 2014, 05:35:06 PM

Either you guys dont understand me or you are intentionally dodging very simple questions:
Is the issuer of the cards levying any additional fees or using different exchange rates than Visas official one?

They are dodging questions the affiliate cannot answer (which is 90%).

Their strategy is cram as many clueless people down the meat pipe as possible.

Benjig

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Activity: 462

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Quote from: bernard75 on July 14, 2014, 05:35:06 PM

Either you guys dont understand me or you are intentionally dodging very simple questions:
Is the issuer of the cards levying any additional fees or using different exchange rates than Visas official one?

Only visa official ones when i said bank rates i was refering to visa rates.
Regards

bernard75

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Either you guys dont understand me or you are intentionally dodging very simple questions:
Is the issuer of the cards levying any additional fees or using different exchange rates than Visas official one?

Benjig

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Quote from: bernard75 on July 14, 2014, 04:36:50 PM

Of course that has nothing to do with you, but with the card you are distributing.
And the deal doesnt look as sweet, when you look at what some banks pocket when you use their VISA card:
http://raiffeisenpolbank.com/kursy-walut/tabela-kursow-walut
This are spreads of over 10% for each currency on top of the 5$+ for using their card at an ATM.

Since you are dodging questions and the initial cost of the card jumped from 10$ to 25$ in just one day, i have to assume the worst.

Yes as OP said, indeed the fees can be high using it on an atm and you can avoid it simply by no using them, those prices are not set by us and any other money transmiter who provide international debit cards without requiring bank accounts will have same or higher fees, the difference here is that you can fund it with bitcoins in a secure way if you want to spend your bitcoins without waiting several days from bank wires or other methods.

ANXPRO

byt411

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Quote from: bernard75 on July 14, 2014, 04:36:50 PM

Of course that has nothing to do with you, but with the card you are distributing.
And the deal doesnt look as sweet, when you look at what some banks pocket when you use their VISA card:
http://raiffeisenpolbank.com/kursy-walut/tabela-kursow-walut
This are spreads of over 10% for each currency on top of the 5$+ for using their card at an ATM.

Since you are dodging questions and the initial cost of the card jumped from 10$ to 25$ in just one day, i have to assume the worst.

The cost of the card was simply unconfirmed when I made the announcement, details hadn't been decided yet. A solution to this would be simply to not withdraw cash at ATMs if your nearby ones has a high fee, and you can just pay for other stuff with your card.

bernard75

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Of course that has nothing to do with you, but with the card you are distributing.
And the deal doesnt look as sweet, when you look at what some banks pocket when you use their VISA card:
http://raiffeisenpolbank.com/kursy-walut/tabela-kursow-walut
This are spreads of over 10% for each currency on top of the 5$+ for using their card at an ATM.

Since you are dodging questions and the initial cost of the card jumped from 10$ to 25$ in just one day, i have to assume the worst.

byt411

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Quote from: bernard75 on July 14, 2014, 02:43:08 PM

Bank rates? Not at VISA rates?
What are the bank rates and what are the extra fees for using an ATM?

There are somehow a lot of fees you are forgetting, like the exchange fees of ANX for instance.

The only fee that ANX charges is 2.5%. It's possible that the ATM operator will charge extra fees, but that differs from ATM to ATM, and that has nothing to do with us.

bernard75

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Bank rates? Not at VISA rates?
What are the bank rates and what are the extra fees for using an ATM?

There are somehow a lot of fees you are forgetting, like the exchange fees of ANX for instance.

Benjig

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Quote from: PolarPoint on July 12, 2014, 04:39:48 AM

Quote from: byt411 on July 11, 2014, 03:27:03 PM

No, we don't charge an exchange fee if all you do is load up your card. It would be
1BTC x $600 x 0.975 = $585.

That's good, so I only loose 2.5% in total.

One more question. When we recharge the debit card, can we specify which currency the btc is converted to? For example, I buy and selling in GBP on the exchange, but I want to use the card in Europe. Can I choose EUR upon recharge, or all funds are always converted to USD?

Anyway indeed you can use the card in Europe, the funds will be electronically in USD but if you want to retire funds in a Europe ATM they will be converted at EU at the time of transaction at bank rates and you will get euros.

ANXPRO

byt411

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Quote from: tmbp on July 11, 2014, 10:42:02 PM

Quote from: byt411 on July 11, 2014, 04:45:08 PM

You can do that, there's nothing to stop you, but do sellers in the US accept stuff like that?

Who said anything about sellers in the US?

I had the impression that you were from the US.

Quote from: PolarPoint on July 12, 2014, 04:39:48 AM

Quote from: byt411 on July 11, 2014, 03:27:03 PM

No, we don't charge an exchange fee if all you do is load up your card. It would be
1BTC x $600 x 0.975 = $585.

That's good, so I only loose 2.5% in total.

One more question. When we recharge the debit card, can we specify which currency the btc is converted to? For example, I buy and selling in GBP on the exchange, but I want to use the card in Europe. Can I choose EUR upon recharge, or all funds are always converted to USD?

For now, its always USD, but we will add other fiat currencies soon.

PolarPoint

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Quote from: byt411 on July 11, 2014, 03:27:03 PM

No, we don't charge an exchange fee if all you do is load up your card. It would be
1BTC x $600 x 0.975 = $585.

That's good, so I only loose 2.5% in total.

One more question. When we recharge the debit card, can we specify which currency the btc is converted to? For example, I buy and selling in GBP on the exchange, but I want to use the card in Europe. Can I choose EUR upon recharge, or all funds are always converted to USD?

tmbp

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Quote from: jjc326 on July 11, 2014, 10:45:01 PM

I'm hoping some sort of competition will cause the fees to be lowered, on one card or another. I love the convenience here but with having to put your BTC on an exchange there is that added risk that the exchange goes belly up.

Depositing BTC is fast, why wouldn't you deposit BTC every time?

jjc326

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I'm hoping some sort of competition will cause the fees to be lowered, on one card or another. I love the convenience here but with having to put your BTC on an exchange there is that added risk that the exchange goes belly up.

tmbp

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Quote from: byt411 on July 11, 2014, 04:45:08 PM

You can do that, there's nothing to stop you, but do sellers in the US accept stuff like that?

Who said anything about sellers in the US?

byt411

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Quote from: tmbp on July 11, 2014, 04:35:21 PM

Quote from: byt411 on July 11, 2014, 04:24:24 PM

Quote from: tmbp on July 11, 2014, 03:55:12 PM

Quote from: byt411 on July 11, 2014, 03:52:03 PM

Our card isn't made for you to buy cars. It's supposed to be used for everyday transactions such as paying for your dinner, buying groceries and such. I assume you don't buy a vehicle every day?
And no, there are no other fees. Our exchange has lots of security features, and most of our funds are stored in cold wallets, far from our office.
We don't have a policy if our exchange gets robbed, but we would repay customers as quickly as possible from our own funds.

But my point is what would theoretically stop one from buying a car? if what you're saying is true then this is a very appealing deal, however if it's false (as I suspect) then it's probably worse than a bank.

Do you have any insurance policy? Any type of legal document that you would provide? I can't exactly take you on your word that you'd repay potential hundreds of thousands of dollars that you claim to have.

We are planning an audit and a proof of reserve which will take place soon. You simply cannot load that much money onto your card to buy a car, and everything I'm saying is true (Although some tiny details may change).
We are a registered company in Hong Kong, and we also have a Money Transmitting license from the MSO in Hong Kong, which is basically the equivalent of FinCEN in the US.

What would stop me from loading 5.23BTC once, spending all of it in a single 3300$ transaction, refilling with another 5.23BTC, spending all the 3300$ again, then repeating the process multiple times?

You can do that, there's nothing to stop you, but do sellers in the US accept stuff like that?

tmbp

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Activity: 350

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Quote from: byt411 on July 11, 2014, 04:24:24 PM

Quote from: tmbp on July 11, 2014, 03:55:12 PM

Quote from: byt411 on July 11, 2014, 03:52:03 PM

Our card isn't made for you to buy cars. It's supposed to be used for everyday transactions such as paying for your dinner, buying groceries and such. I assume you don't buy a vehicle every day?
And no, there are no other fees. Our exchange has lots of security features, and most of our funds are stored in cold wallets, far from our office.
We don't have a policy if our exchange gets robbed, but we would repay customers as quickly as possible from our own funds.

But my point is what would theoretically stop one from buying a car? if what you're saying is true then this is a very appealing deal, however if it's false (as I suspect) then it's probably worse than a bank.

Do you have any insurance policy? Any type of legal document that you would provide? I can't exactly take you on your word that you'd repay potential hundreds of thousands of dollars that you claim to have.

We are planning an audit and a proof of reserve which will take place soon. You simply cannot load that much money onto your card to buy a car, and everything I'm saying is true (Although some tiny details may change).
We are a registered company in Hong Kong, and we also have a Money Transmitting license from the MSO in Hong Kong, which is basically the equivalent of FinCEN in the US.

What would stop me from loading 5.23BTC once, spending all of it in a single 3300$ transaction, refilling with another 5.23BTC, spending all the 3300$ again, then repeating the process multiple times?

Topic: ANX launches world's first Bitcoin Debit Card powered by an exchange - page 3. (Read 17430 times)