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Cash advance and other bank fees

Apart from Coinmama's fees, it's important to also know that your bank may, at their own discretion, choose to charge extra. We don't see these fees on our end, and you may not either, but we wanted to pass along what other customers have told us.

Cash advance fee

In January 2018, Visa and MasterCard decided to consider all cryptocurrency transactions as quasi-cash transactions (if you must know: MCC 6051). What does it mean? Put simply, your bank or card issuer may add a fee for making what they decide is a cash transaction. Though the amount varies, we have heard reports of up to 5%.

In case you are a victim of this cash advance fee, we advise you to contact your bank and dispute this fee. Make sure that you do not dispute the entire transaction, or you may accidentally file a payment dispute which could end up hurting your credit rating among other things.

International Transaction Fee

International transaction fees are charged by card issuers either for transactions that you place abroad, or if your transaction needs to be processed by a foreign bank. This fee is usually around 3% and it may appear on your card statement as an extra, separate charge from us. However, we don't have any influence or authority regarding an international transaction fee.

Exchange rate fee

A more commonly known fee, but also important, is the exchange rate fee. That is: the fee your bank charges for converting your bank account currency into either USD or EUR.

At Coinmama we work hard to provide you with the best possible experience. For those who don't have a USD/EUR bank account, know that we're aware of this fee and are looking to add support for additional currencies.

Other fees

Did we miss anything? Still not sure about the amount you see on your bank statement? Submit your questions or comments and our support team and will look right into it!

 

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