Bing Card

Bing Card Visa & Mastercard Prepaid: No-KYC Crypto Spending Solution

Basic Information

Bing Card bridges the gap between cryptocurrency holdings and everyday spending by providing prepaid cards that function on major payment networks. The service is operated by Bingcard, Inc., established in late 2021 and incorporated in Canada in 2022. The company's primary value proposition is enabling users to spend their digital assets with minimal verification requirements, particularly for virtual cards.

The cards are accepted anywhere Visa or Mastercard is accepted globally, both online and offline (for the physical card). While virtual cards are issued instantly, the Physical Platinum card operates on a waitlist system and requires shipping, which takes approximately 25 business days.

Rewards and Benefits

Unlike many competitors in the crypto card space, Bing Card does not offer a traditional rewards program:

• No Cashback: Bing Card does not provide cashback rewards on purchases
• No Staking Requirements: No cryptocurrency staking is required to access any tier
• No Referral Program: No official referral or affiliate program is mentioned

Instead, Bing Card focuses on providing utility through:

• Zero Conversion Fees: No fees during spending (but a hefty fee applies during inital conversion from crypto to USD)
• Wide Merchant Acceptance: Successfully works with services that often reject crypto cards, including Google Ads, Facebook Ads, AWS, ChatGPT, and Netflix
• Payment Platform Integration: Can be linked to PayPal, WeChat Pay, and Alipay for expanded usage
• Business Account Option: Available for companies needing to utilize crypto holdings for expenses

Fees and Limits

Additional Limit Information:

• Daily spending limits are not officially disclosed; users should contact support for large transactions
• ATM withdrawal limits are not officially disclosed; only available on Physical Platinum card
• For virtual cards, a minimum initial balance of $21 is required to cover the issuance fee plus initial load

Important Limitations and Hidden Fees

These limitations significantly impact the card's flexibility and overall value proposition, especially for users who may need to access their funds in cryptocurrency form in the future.

Card Tiers and Options

All tiers share these common features:

• Support for BTC, ETH, USDT, and USDC deposits
• 2% deposit fee for crypto top-ups
• Zero conversion fees when spending
• 3% declined transaction fee (min $0.5)
• 1% fee on transactions below $10
• Ability to link to PayPal and other payment platforms

The key differentiators between tiers are the spending limits, physical vs. virtual format, and KYC requirements. The Virtual Star tier offers the highest monthly spending limit ($200,000), making it ideal for users who need higher transaction volumes.

Top-Up Methods

Users top up their Bing Card by transferring supported cryptocurrencies (BTC, ETH, USDT, or USDC) from an external wallet to their Bing Card account via the web-based dashboard. Upon deposit, crypto is instantly converted to the card's base fiat currency—USD for virtual cards or HKD for the Physical Platinum card—at market rates with zero conversion fee, but a 1% deposit fee applies to all top-ups. The minimum top-up amount is $10 for virtual cards and 1 HKD for Platinum, and users must maintain a minimum initial balance of $21 to cover issuance and load requirements. This process requires moving funds from self-custody to Bing Card’s custodial wallet, meaning users relinquish direct control of assets upon top-up. Funds typically become available on the card within 2-3 minutes after blockchain confirmation, but users should be aware of no deposit insurance, and reports of occasional delays or missing funds during conversion.

Self-Custody Custodial

Bing Card uses a custodial model, meaning users' crypto assets are held by the platform or its financial partners once deposited or converted for card use. Users interact with their funds through the Bing Card interface but do not control the underlying private keys at any point, so their ability to move or access assets independently is limited. Crypto is typically converted to fiat (USD or HKD) upon deposit or at the time of spending, and these balances are managed by Bing Card or its banking partners. If the provider were to cease operations, users would likely lose access to any remaining funds, as they cannot recover assets outside the platform. This arrangement offers convenience, instant issuance, and broad card acceptance, but it comes with the trade-off of relinquishing direct control and relying on the platform's operational stability and compliance. Users should be aware that there is no deposit insurance, and market volatility could affect conversion rates at the moment of top-up or spending.

Supported Currencies and Conversion

Supported Cryptocurrencies

Bing Card supports a limited selection of major cryptocurrencies:

• Bitcoin (BTC)
• Ethereum (ETH)
• Tether (USDT)
• USD Coin (USDC)

Supported Fiat Currencies

• US Dollar (USD) - Base currency for virtual cards
• Hong Kong Dollar (HKD) - Base currency for Physical Platinum card

Conversion Process

• Cryptocurrency is converted to fiat (USD or HKD) when loaded onto the card
• Conversion happens immediately upon deposit or at time of transaction
• Market rate is sourced from BingX or their liquidity provider
• Zero conversion fee policy (0% markup on conversion)
• IMPORTANT: Unfavorable exchange rate of 0.956 applied when converting USDC to USD (approximately 4.4% loss)
• IMPORTANT: Once converted to fiat, funds CANNOT be withdrawn or converted back to cryptocurrency
• Card can be used to pay in any currency where Visa/Mastercard is accepted, with applicable cross-border fees
• Exchange fee of 1% + $0.5 applies for currency conversions
• No multi-currency wallet feature; each card has one base currency

Geographic Availability

Supported Regions

Bing Card is available in most countries worldwide, with cards issued out of:

• United States (virtual cards)
• Hong Kong (physical cards)

Regions with good availability include:

• Europe (except sanctioned regions)
• Canada
• Latin America
• Most of Asia-Pacific
• Middle East
• Africa

Restricted Regions

Bing Card is explicitly unavailable in the following regions:

Major Exclusions:

• United States (citizens, residents, and entities are prohibited)
• Mainland China

Sanctioned Nations:

• North Korea, Iran, Syria, Cuba, Russia (and territories like Crimea)

High-Risk or AML Blacklisted Countries:

• Afghanistan, Myanmar (Burma), Belarus, Sudan, South Sudan, Yemen, Venezuela, Zimbabwe, Iraq, Lebanon, Libya, Somalia, Democratic Republic of Congo, Central African Republic

Other Restricted Countries:

• Uganda, Nigeria, Cameroon, Ethiopia, Laos, Pakistan, Sri Lanka, Trinidad & Tobago, Guyana

Conflict Zones:

• Russian-occupied areas of Ukraine (Donetsk, Luhansk, Zaporizhzhia, Kherson)

Users must ensure compliance with their local laws regarding cryptocurrency. Service availability is subject to change based on regulatory developments, and BingCard reserves the right to restrict service in any jurisdiction at their discretion.

Compliance and Security

Identity Verification Requirements

Bing Card offers tiered verification requirements:

• Virtual Cards (Exclusive & Star):

  • No ID verification required initially
  • Subject to AML monitoring
  • May require verification for suspicious activity or high-value transactions

• Physical Platinum Card:

  • Full KYC required
  • Government-issued ID
  • Proof of address documentation

• Business Accounts:

  • Corporate documents
  • Identification of beneficial owners (>10% ownership)

Regulatory Framework

• Operated by Queensland Foreign Exchange Inc. (registered with FINTRAC Canada as MSB No. M23153297)
• Crypto services outside Canada handled by Second February Ltd. (Seychelles)
• Physical cards issued through a Hong Kong banking partner
• Complies with relevant AML/CFT regulations in operating jurisdictions

Custody Model

• Custodial: User funds are held by BingCard or its exchange partner
• Crypto is converted to fiat upon deposit or at time of transaction
• No explicit insurance coverage mentioned for crypto deposits
• No FDIC or similar deposit insurance for fiat balances

Security Features

• Advanced encryption for data protection
• Fraud detection systems to monitor for unauthorized use
• 3D Secure for online payments
• PIN protection for physical card
• Account recovery via SMS verification
• Transaction records maintained for at least 5 years

Technical Details

Platform Architecture

• Primary interface is a web-based dashboard (no dedicated mobile app)
• Mobile-optimized website accessible via browser
• Real-time transaction monitoring and card management

Transaction Processing

• Card transactions settle according to standard Visa/Mastercard timeframes
• Crypto deposits typically reflect on card balance within 2-3 minutes after confirmation
• Transactions display in the card's base currency (USD or HKD)
• Exchange rates sourced from market rates at time of conversion

Merchant Category Restrictions

• Automated fuel pump transactions may not be supported
• Mail-order/telephone-order payments might be restricted
• Some prepaid card limitations apply for hotel or car rental reservations
• High-risk services such as financial services and gambling may trigger account security measures

Mobile Payment Limitations

• Does not support Apple Pay
• Does not support Google Pay
• Does not support Google Tap to Pay
• Physical cards must be used directly for in-person transactions

Upcoming Features

• No public development roadmap available for upcoming features

User Experience

Platform Interface

• Web-based dashboard for account management
• Real-time transaction monitoring
• Mobile-optimized website (no dedicated app)

Support Channels

• Email: [email protected]
• Phone: +1 (210) 699-7454
• Live chat with AI bot and human escalation option
• Knowledge base/FAQ section

User Feedback Patterns

• Positive Experiences:

  • Easy setup and instant issuance of virtual cards
  • Successful transactions at various merchants
  • Ability to use crypto for everyday expenses

• Common Issues:

  • Reports of funds "disappearing" during conversion
  • Slow support response times (from minutes to 24+ hours)
  • Account access issues
  • Funds not appearing on card after deposit
  • Difficulty withdrawing funds back to crypto
  • Card issuance failures despite fee being charged
  • Unexpected exchange rate losses when converting USDC to USD

Best Practices for Users

• Test with small amounts before committing large funds
• Keep transaction records as backup in case of disputes
• Contact support before making unusually large transactions
• For physical card users, pay inside at gas stations rather than at automated pumps
• Load larger amounts less frequently to minimize the 2% deposit fee impact
• Maintain a successful transaction rate above 75% to avoid account restrictions
• Be aware that funds loaded onto the card cannot be withdrawn back to cryptocurrency

Risk Criteria and Account Security

The card may be frozen or canceled (with or without refunding remaining balance) under the following risk conditions:

• Failed transactions exceeding 25% of total transactions in the current month
• High number of consecutive failed transactions
• High number of consecutive zero-amount transactions
• Failed transaction with an amount significantly higher than the card's balance
• Usage with high-risk services (financial services, gambling, etc.)
• High number of refund transactions
• Card inactivity for more than 30 days
• Premium card with unpaid monthly membership fee

Users should maintain awareness of these risk factors to avoid account restrictions or closure. Maintaining a healthy transaction success rate and avoiding high-risk merchants can help ensure continued card availability.

Best Suited For

• Privacy-conscious individuals who prefer minimal KYC requirements for financial services
• Digital nomads who need a payment solution that works across borders without traditional banking
• Crypto investors who want to utilize their holdings for everyday expenses without first converting to fiat
• Unbanked or underbanked users with crypto holdings who need access to card-based payments
• Businesses looking to utilize their cryptocurrency for operational expenses, advertising, and subscriptions
• One-way spenders who are certain they will not need to convert funds back to cryptocurrency

Pros and Cons

Pros

• No KYC for virtual cards - Rare in the crypto card market
• High spending limits - Up to $200,000 monthly without identity verification
• Zero conversion fees - No markup when spending crypto
• No staking requirements - Unlike competitors requiring token staking for better tiers
• Wide merchant acceptance - Works with services that often reject crypto cards

Cons

• Not available in the US - Explicitly excludes US persons and residents
• No rewards program - No cashback or other incentives
• 2% deposit fee - Applied to all crypto top-ups
• Unfavorable exchange rate - 0.956 rate when converting USDC to USD (4.4% loss)
• No withdrawals back to crypto - Funds cannot be converted back once loaded onto card
• 3% declined transaction fee - Higher than previously reported
• No mobile payment support - Cannot be used with Apple Pay, Google Pay, or Google Tap to Pay
• Risk of account freezing - Multiple conditions can trigger account restrictions
• Mixed user experiences - Reports of funds issues and support delays
• Limited cryptocurrency support - Only four major cryptocurrencies accepted

Conclusion

Bing Card offers a distinctive approach in the crypto card market by providing high-limit virtual cards without identity verification requirements. This sets it apart from most competitors who typically require KYC for all card tiers or impose low limits on no-KYC options. The zero conversion fee policy and absence of staking requirements further differentiate the service, making it accessible to crypto users without requiring them to hold specific tokens.

The card's primary value lies in its simplicity and privacy focus, enabling users to spend their digital assets with minimal friction. The tiered structure provides flexibility based on user needs, from the entry-level Exclusive virtual card to the high-limit Star tier and the physical Platinum option for those requiring in-person payment capabilities.

However, prospective users should approach with caution, considering the mixed user experiences and the relatively young age of the company. The lack of deposit insurance and reports of operational issues suggest that Bing Card should be used as a spending conduit rather than a long-term store of value. Starting with small amounts to test the service before committing significant funds is advisable.

The updated fee structure, including the 2% deposit fee, 3% declined transaction fee, and the unfavorable 0.956 exchange rate for USDC to USD conversions, along with the strict risk criteria that could lead to account freezing, requires users to carefully manage their accounts to avoid unnecessary charges and restrictions. The inability to withdraw funds back to cryptocurrency once loaded onto the card is a significant limitation that users must consider before depositing funds.

For those who fit the ideal user profile—privacy-conscious individuals, digital nomads, crypto investors seeking spending options, and businesses looking to utilize digital assets—and understand the trade-offs, Bing Card can be a valuable tool in bridging the gap between cryptocurrency holdings and real-world spending. However, users should be fully aware of the limitations, particularly the one-way nature of fund transfers and the hidden costs associated with the exchange rate.

Additional Information

Company Structure

Bing Card's issuing entity for most regions is Queensland Foreign Exchange Inc., incorporated in Ontario with Money-Services-Business registration with FINTRAC Canada (MSB No. M23153297). Crypto-related services outside Canada are handled by Second February Ltd. (Seychelles) as referenced in the public Terms of Service. The physical card program operates through a banking partner in Hong Kong.

Business Account Features

Business accounts require additional verification and agreement to terms specific to business use. Companies can leverage Bing Card for corporate expenses, potentially issuing multiple virtual cards for different departments or purposes. This allows businesses holding cryptocurrency to pay for online services, advertising, subscriptions, and other expenses without first converting to fiat through an exchange and bank transfer.

Regulatory Considerations

As cryptocurrency regulations continue to evolve globally, services like Bing Card that offer minimal KYC options may face increased scrutiny. The company's approach of excluding high-risk jurisdictions and maintaining the ability to request KYC when needed suggests awareness of compliance requirements, but users should be aware that regulatory changes could impact service availability or features in the future.