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Wednesday, December 07, 2022

Ambiguous Binance Argentina MasterCard Card Testing

giant crypto platform Binance chose to Argentina as the region’s first country authorized to request a prepaid card, this is a master card what Can you fund with crypto used anywhere in the world and grants cash back (Refunds for a percentage of each payment we make in crypto).

To have a card you need:

  • have a Binance account
  • Have an Argentine ID
  • Complete Identity Verification (KYC)

We applied for it about a month back, we were released soon a virtual MasterCard Prepay. At present the physical card has not arrived, it is written on the card help site that it may take 45 days.

Tarjeta Cripto Binance Argentina Mastercard Prepaga Cashback Detalle

Unlike similar Argentine cards (Bunabit, Belo, Lemon Cash and very soon Letsbit), It is not possible to charge you by bank transfer Nor from any other external source, only with crypto assets that we had in our spot wallet on Binance.

From now on we infer that Argentine cards are much better than what is offered by Binance, They are easy to use, they give better cashback and they do it faster, physical cards take less time to arrive, they allow you to have multiple virtual cards and 45% of AFIP perception of earnings / personal wealth etc. recover.

we said that It is possible to fund Binance cards only with cryptoThis is why we have to use crypto that we already have in our Binance account. If we do not have crypto, we will have to obtain it from an external source or purchase it through a P2P operation within Binance.

It is possible to recharge it manually, it is also possible to configure if you want to pay with Spot Wallet, when the total balance is insufficient to pay and you can choose whether to pay with this card. Which cryptocurrency will be used for ,

To test today we paid for a purchase abroad, we charged €1 to our Amazon Spain account and this is how it worked:

  • From our Binance account we enter the section where our virtual card is located
  • We received its details (number, expiry date, security code) for which we had to authenticate with another factor, in this case they sent us an SMS with a code (something that is not so secure)
  • We pay with that card on Amazon
  • Transaction was processed successfully

With regard to quotes and currencies:

  • At the time we paid, one euro was equal to one US dollar.
  • The official dollar in Argentina was quoted at AR$143.50, i.e. adding 30% and 45%, to obtain a card dollar or Solidarity dollar value of AR$251.
  • The description of the activities of the Binance card shows consumption for AR$249, which is very close to the value of the card dollar.

What Binance actually did:

  • Deduct from our funds wallet 0.88792 BUSD (Binance’s stablecoin) which was trading at AR$282 at the time.
  • The values ​​we see in pesos represent the value of crypto, a simple conversion, actually everything transferred to crypto

Tarjeta Cripto Binance Argentina Mastercard Prepaga Detalle Cotizaciones

l Cashback:

  • The % of cashback depends on the average holdings in their Binance account, it is 1% for those who have less than 1 BNB (approximately 300 USD at today’s prices)
  • They say it takes two days to credit the refund of cashback

As users, we asked Binance if our MasterCard was issued in Argentina, to which they replied:

Yes, it is issued in our suppliers in Argentina

We asked if they were processing payments overseas by applying the 45% assumption of AFIP to the Earnings/Personal Wealth Account and they answered (any vegetable):

All transactions must be declared by the Client to a government entity that requires such registration, Binance complies with local regulations and therefore we recommend that the Client announce their actions from time to time .

We rectify the last question and ask specifically whether they make an assumption of 45% for earnings/personal assets when paying abroad with a card and deposit it in AFIP in the form of Beunbit, Belo, etc. . And he answered:

At the moment the Binance Card team is working on the way you told me, but there are no details about it yet, it will be announced in the coming weeks via an official statement.

conclusion:

  • The operation is complicated, inconvenient
  • information unclear
  • The answers to tax questions are vague or non-existent, as you can see in the dialog above.
  • Shipment of physical card is slow, it didn’t actually reach us and we don’t know anyone to whom it arrived
  • You can’t fund with crypto only with Peso, or any other external source like Paypal
  • Cashback is low and it takes time to credit them
  • The Argentine cards of the crypto platform that offer cashback are much better than the product that Binance is offering
  • We celebrate that Argentina has been the first country in the region to enable the possibility of receiving this card
  • We believe that Vishal Binance will define and clarify its operations, especially with reference to information to BCRA, AFIP
  • We also believe that the giant Binance will improve this product, which seems like a simple test.

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