One app offer you 5 dollar cards for free
In February 2021, the CBN asked banks to suspend customer accounts that buy or sell cryptocurrencies. Since then, it has been difficult and risky to buy crypto with your ATM card. Even if you manage to get it done, your bank account might be suspended.
However, do you know you can still buy crypto with a card in Nigeria?
Yes, but not with your bank ATM card. What you need is a virtual dollar card.
what is a Virtual Dollar Card?
A virtual dollar card is a digital payment card that let you pay for things online, in dollars. Just like your ATM card, this card has 16 digit numbers, CVV code, expiry date, and even your name on it. But the difference between this card and your ATM card is it can only be used online.
You can buy Bitcoin and other cryptos on platforms like Binance, Trustwallet, and many more. Beyond crypto, you can also secure other purchases online and withdraw money from the card to your bank.
It is completely safe to buy crypto and you won’t face any risk of your bank account being suspended. It is not connected to your bank.
how to get a virtual dollar card
To get a virtual dollar card, you don’t need a bank. You can get the card within 5 minutes. Just download an app.
You may have seen many apps claiming to offer you a virtual dollar card. But, we have tested them all. Most of them don’t just work for cryptos, even on websites like AliExpress.
After testing several virtual cards, we observed three apps whose virtual card works extremely well for crypto. With these apps, you don’t pay annual or monthly maintenance fees. And no charges when you make transactions.
best virtual dollar card offers
Plumter allows you to send and recieve money across Africa.
Pros: We consider them the best virtual dollar card app you can ever find in Nigeria. It works in places where others failed. And their dollar rate is relatively less than other apps out there.
Cons: The card costs a one-time creation fee of $2. And you have to verify your account with International Passport.
2. Barter by Flutterwave
Barter by Flutterwave also allows you to send and recieve money within Africa.
Pros: Their virtual dollar card works really well also, especially with Paypal. The app is extremely easy to use. You can verify your account with your BVN and NIN. Beyond virtual dollar cards, they offer free bank transfers.
Cons: The card costs a one-time creation fee of $2. And their dollar rate is relatively expensive.
Wallet Africa makes it easy to send and recieve money.
Pros: They offer a virtual dollar card that is crypto-friendly. You can create up to 5 dollar card for free; request a physical dollar card and verify your account with just your BVN and NIN.
Cons: You may not need this app for anything other than the dollar card since their transfer isn’t free.
buy crypto with your virtual dollar card
Once you get a virtual card from any of these apps, you can buy crypto from exchanges like Binance or Trustwallet. Just copy your card details anytime you want to pay. So long there is enough money on the card, your payment will be successful.
In any case, you are asked to enter an OTP when making payment, just open the email you used to register on any of those apps and you will see the code there.
Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Do your own research.