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Instant withdrawals offered by Coinbase on Western Platforms

Coinbase announced in a blog that it now gives “instant” withdrawals feature to its customers in nearly 40 countries, including the US, UK, and more across Europe. Although some users have welcomed the move, other Coinbase traders complained about the platform’s expensive transaction fees.

Truthfully, in the US, Coinbase deducts 1.5% from the transaction or a minimum of $0.55 for a small transaction. While in the UK and Europe, the instant withdrawal feature is available for a fee of 2% or a minimum fee of £0.45 in the UK and €0.52 all over Europe. A coinbase user on Twitter commented:

“The 2% fee is a bit sharp for what is all in the tense and purposes a fee for something that the other exchanges do already for far less.”

— Paul Jones (@PaulJones_72) October 2, 2020

Coinbase also allows either MasterCard or Visa debit cards to facilitate the withdrawals, contingent on the user’s country of residence. Customers from the US, UK, and Europe can withdraw funds with a linked Visa debit card via Visa Direct Capability. In the US, customers will be able to withdraw the funds with their Mastercard or Mastercard Send.

Heretofore, Coinbase has not yet hinted at discontinuing the old withdrawal methods, some users have come to depend upon. This is particularly true in the UK and Europe; the user may still choose the Coinbase supported SEPA bank transfer with a transaction fee of €0.15 per transfer; this is much lower than the transaction fee that is connected thru the use of either Visa or Mastercard. Though, not all banks in Europe support the SEPA transfers.

Temporarily in the US and Europe, users can connect their PayPal accounts to their Coinbase wallets to receive funds, for which Coinbase does not charge any business fees as of now.

Whereas there may be several other options to extract funds from Coinbase then transfer them to the bank accounts, it might even boil down to each user’s choice. For example, a Coinbase user from Canada, where card-facilitated withdrawals are still unavailable, declared:

How about us Canadians 🇨🇦 that are still dependent upon PayPal to sell and withdraw funds? Any plans on showing us a bit of love?

— Joe Marques (@DaRealMeatMan) October 2, 2020

With that regard, the executive vice president, Digital Partnerships at Mastercard, Sherri Haymond, says that users may still choose the premium services and then said in a statement: Today’s consumers are digitally driven — seeking out real-time payment options that cater to their individual needs.

While the crypto to crypto transfers are done in a quick and more straightforward process, the SVP and the global head of fintech, Visa, Terry Angelos, believes that to enable the real-time card withdrawals will make it easier for the users to convert the crypto balances in fiat especially.

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