Binance Debit Card – A Review For Irish Customers

  • By: Walter Dunphy ACCA
  • Date: April 10, 2022
  • Time to read: 5 min.

Crypto exchanges have been rolling out debit cards in recent times, that allow you to spend your crypto on everyday items in stores or online with ease. As well as this you can go to an ATM and withdraw cash.

Binance , the biggest centralised crypto exchange in the world, has made available a VISA debit card to its customers in Europe (EEA). In this blog post, we will give you our honest review of the card and all its features, as well as a guide on how to order, activate and fund your card.


Quick application process Only available to customers in Europe
Supports both Fiat and Crypto Daily spending and withdrawal limits
No conversion fees Every time you use the card it is a taxable event
Offers cashback rewards up to 8% Need to hold 600 BNB to get full cashback rewards
ATM Withdrawals
Highlights and lowlights

If you want to sign up for a Binance Visa Card you can get access to a virtual card within minutes, the physical card will follow in the post within 1-2 weeks.

The physical design of the card is pretty sleek looking black metallic style. There are currently no options to customise the design of the card.

What are the fees?

There are minimal fees when you are using the card – transaction fees and ATM withdrawals may be charged up to 0.9%.

At the point of sale your crypto will be automatically converted to fiat at the rate at that time – there are no conversion fees charged by Binance on this exchange.

The only other fees you will face are if you lose your card there is a €25 replacement fee. The first issuance of the card is completely free.

Spending Limits

There are daily spending limits depending on whether you are using the virtual wallet, physical card or withdrawing for the ATM – here is a breakdown of the limits.

Transaction TypeDaily Limits
Virtual Wallet €870
Physical Card €8,700
ATM Withdrawal €290
Daily spend limits

How Do You Get Cashback on Purchases?

The level of cashback you will receive on purchases will depend on how much of a balance of Binance Coin (BNB) you have in your funding wallet. To get the full 8% cashback on purchases made with the card you will need to ahve an average monthly balance of 600 BNB.

At the time of writing BNB is priced at €381 per coin, this means you need to hold an average monthly balance of BNB worth €228,600. Needless to say this rules out the majority of customers from receiving a full 8% cashback on purchases.

If you hold lower amounts of Binance coin in your wallet then here is what percentage cashback you can expect. There is also a monthly cap to the amount of cashback you can receive.

Card LevelBNB Monthly Average BalanceBNB Rewards for Your PurchasesMontly cap (€)
1 0 0.1% 5
2 1 2% 100
3 10 3% 150
4 40 4% 200
5 100 5% 275
6 250 6% 350
7 600 8% 500

Taxation and Using a Binance Visa Debit Card

Before you start using a crypto debit card you need to be aware of how this will effect your tax liabilities. In Ireland, there is a taxable event whenever you exchange crypto to fiat or even exchange on crypto for another.

Effectively what happens when buy something with the Binance Visa Debit Card, is that you convert your crypto to fiat at the point of sale at whatever the exchange rate is at that time. This is a taxable event and the profit or loss you make on this cryptocurrency will need to be included in your next capital gains tax return and any tax due paid.

If you are using your card and you have hundreds of transactions end up giving yourself a tax headache when it comes to tax season.

Fore more on the taxation rules on cryptocurrency in Ireland you might also want to read this:

Binance Issues with Regulators and Banks

Back in 2021 Binance was under the scope of many regulators that led to the suspension of SEPA deposits and withdrawals into and out of customers regular trading accounts. They also temporarily halted new applications of Visa Debit Cards.

On the 26th of January Binance announced that they have partnered with Paysafe to roll out SEPA payments once more to EEA customers. The rollout will be gradual and they are currently only availble to select customers in Bulgaria and Belgium. (updated 8 February 2022).

How to Order a Binance VISA Debit Card

Step 1 – login to your Binance account and select the ‘Binance Visa Card’ option under on the Finance dropdown menu.

Step 2 – Click ‘Get Started’

Step 3 – Read through and accept the terms and conditions.

Step 4 – Order you card – making sure you personal and shipping details are correct.

In our experience the card should then arrive within 1-2 weeks but you can start using you virtual card straight away for online purchases. Once you receive your card you will then need to log back into your Binance account and activate the card which will just take you 2 minutes. Your debit card pin number can also be found under the manage section.

How to Fund Your Binance Visa Debit Card

Once you have received and activated your card the next step will be to fund your card. You can can fund your account by transferring funds from your Binance spot wallet to the card funding wallet. Currently the Binance Visa Card can be funded with the following fiat and cryptocurrencies.

Binance Coin, Bitcoin, Binance USD, Ethereum, Cardano , Polkadot, Tether, Swipe and Euro.

On your ‘My Binance Card’ dashboard you will be able to manage your balance, view transaction history and freeze your card if you were to ever lose it.

If you have more than one cryptocurrency loaded to your card then you set the order in which you want the cryptos to be spent.


The ongoing problems Binance is having with regulators in the EEA and the UK may be a concern for many people. Although there are unlikely to be a sudden stop of services for Irish customers , the risk isn’t zero. Customers should be aware of the risks.

The benefits of the Visa Debit card are that is it an easy way to use your crypto in every day retail. Only those with large Binance Coin balances on their funding wallet will truly see the perks of the cashback rewards.

Binance states that the Visa Debit is accepted by over 60 million vendors, however we have had instances where the card has not worked in regular pertrol stations and shops in Ireland, but this may not be widespread.

Some of Binances competitors such as and Coinbase have also been developing their own cards that might be worth checking out as cheaper alternatives.

Disclaimer: this blog post is for informational and educational purposes only and should not be construed as financial advice.

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