What is Blackcat Card , how much it costs, and how does it function
The Blackcatcard, also known as the Black Cat Card, is the outcome of a system that consists of an electronic account that facilitates money transfers, a physical card, and a virtual card. These goods and services are overseen by Papaya Ltd., a Maltese business that has been granted authority by the Malta Financial Services Authority to operate as an Electronic Money Institution (authorization number. C55146).
- Cost
The standard fee is free, meaning it covers the most basic services. It contains:
- included are up to five interbank SEPA transfers every month; beyond that, starting with the sixth, you must pay a 20-cent charge on each transaction;
- one card and one IBAN account;
- online banking; withdrawals up to 200 euros per month, but only for residents; internal transfers (from one card to another or account to account). A 2% charge is always levied to the amount withdrawn if you are a non-resident; locals are subject to the same commission.
- 1% commission above 200 euros per month; closing the account (but only if 2 months have passed since opening, else you will pay a 2 euro commission).
- There are fees associated with additional services, which include:
- Function
- the applicant's age of majority (although minors may also apply for a card); the applicant must be able to present a valid passport as proof of identity; the applicant must own a compatible mobile device (iOS or Android devices starting with version 11) or Android devices starting with version 6.0; and the applicant must not already have a Blackcatcard account.
- The necessary app must first be downloaded on the mobile device used for the process. After installation is finished, just open it and register by providing your contact information, address, and personal information.
- After the data entering process is finished, the system will immediately trigger the identity verification process, which uses a smartphone camera to snap a picture and scan a passport. You may begin working right away by logging in with the credentials you established as soon as you get confirmation that everything went smoothly. To transfer the required amounts or receive a bank transfer, you must first find the IBAN. The route to locate the Iban is as follows: menu -> money -> account top-up -> account top-up.
- Additional terms and restrictions
From a commission standpoint, the Maltese business has produced a standardized product that is somewhat adjustable based on the kind of application required.
You have no set opening or administration charges if you are happy with the standard service. Included in this free gift is:
One card linked to a single Iban account; online banking; maximum of five SEPA payments per month included. You must pay a fee of 0.20 euros every bank transfer, account transfer (from one card to another and from one account to another), and online account statement starting on the sixth day of the month.
However, Black Cat Card was designed to get over the restrictions that prepaid cards frequently have, therefore using the following paid services is an option:
a request for more paper. In this instance, the monthly payment is 2 euros, in addition to the 7 euros one-time fee for issuing the card with a name other than the account holder. The cost of the one-time issue increases to 12 euros (7 euros + an additional 5 euros);
ask for a statement on paper. There is a five euro payment required.
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ReplyDelete- "Thanks for sharing the pros and cons, it's helpful to get a balanced view of the service.I'm glad to see that Blackcatcard is committed to security and compliance, it gives me peace of mind using their services.
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