Here’s some good news for Coinbase users who want to be able to buy cryptocurrency quickly – Coinbase now supports purchases with debit cards linked to Apple Pay.
This should make it a lot easier to buy cryptocurrency from your smartphone or cash out. We should note that Coinbase states that instant cashouts are limited to $100 000 per transaction. More on that in a bit.
“If you already have a Visa or Mastercard debit card linked in your Apple Wallet, Apple Pay will automatically appear as a payment method when you’re buying crypto with Coinbase on an Apple Pay-supported iOS device or Safari web browser,” writes senior director of the Payments and Financial Hub at Coinbase, Prakash Hariramani.
While Android users might feel left out, Hariramani says that later this year Android users will be able to buy cryptocurrency using Google Pay.
Circling back to the instant cashouts, Coinbase explains that it is offering this service following a trend among its users.
“Many customers who withdraw funds opt for Automated Clearing House (ACH) transfers, which can take up to 5 days to move through the pipes of the traditional financial network. Instant cash outs via RTP [Real Time Payments] let you get your money in seconds, 24/7, without the high costs of uncapped fees. Plus, there are no limits on the number of times you can cash out per day,” writes Hariramani.
This feature is unfortunately only accessible to Coinbase users in the US with linked bank accounts. Even then, your bank needs to be a part of the RTP Network, a list of which can be found here.
Whether this functionality will ultimately be extended to users across Coinbase’s userbase is unclear at this stage but it’s worth keeping an eye on the exchange for news in the coming months.
Now, if you are in South Africa reading this it’s important to note that according to the South African Reserve Bank, “Neither the Currency and Exchanges Manual for Authorised Dealers nor the Currency and Exchanges Manual for Authorised Dealers in foreign exchange with limited authority allow for cross-border or foreign exchange transfers for the explicit purpose of purchasing crypto assets. From an exchange control perspective, the Financial Surveillance Department is unable to approve any transactions of this nature.”
“Individuals may purchase crypto assets from abroad using their single discretionary allowance of up to R1 million and/or their individual foreign capital allowance of up to R10 million with a tax clearance certificate per calendar year, as outlined in the abovementioned manuals. A local Authorised Dealer will be able to assist individuals with these allowances,” the SARB states.
It is vital that you make yourself aware of laws regarding taxation of cryptocurrency assets, something we covered earlier this week.
If you’re in doubt, we recommend getting in touch with a financial advisor or a tax expert.
[Source – Coinbase]
