Learn Where & How to Buy Ripple With Debit Card - A Beginner's Guide

We have plenty of payment methods that we can use today when buying and selling XRP. You can conduct a bank transfer. Alternatively, you can buy Ripple (XRP) with a debit card. As you can see, whether you use a card or bank, you can still get your digital currency in your wallet. But if you have some money in your bank account and have linked your debit card to the account, it is more convenient and affordable to buy Ripple with a debit card. If you follow the right process, you will successfully complete the transaction in minutes. Here are the steps that buyers typically follow:

1. Connect your checking account with your activated debit card: Visa and MasterCard debit cards are the best. Ask your bank to issue you a debit card bearing the logo of one of these payment networks. After that, deposit an amount that is enough for the purchase in the card or bank account.
2. Register with the best Ripple trading platform: Choose one of the best trading platforms and signup by providing your details. If necessary, go through the account verification process to enhance the safety of your funds.
3. Open a Ripple wallet: To be able to buy XRP, you need a wallet address. Create a wallet that suits your needs, and you will get a wallet address for free. Alternatively, you could also buy a cold wallet.

Login to the cryptocurrency exchange and initiate the process of buying Ripple with a debit card. This is the same process that you follow to buy Bitcoin, Bitcoin Cash and other digital assets.

When you use a debit card, you will be required to pay some fees. Some banks will charge you for using the card if you enter a PIN to conduct a transaction. If you sign your name, instead, you do not pay this transaction fee. If you overdraw your account as you conduct a transaction, you trigger a fee too. 

This works the same way as bounced checks. There is also an additional cost if you use an ATM card to withdraw money on a machine that your financial institution does not operate. To avoid making costly mistakes, read the disclosure on the exact fees that they charge. These costs change from time to time.

Payment networks do not control transaction costs. That is the work of your bank or financial institution. Since there are millions of institutions that issue debits cards, we cannot list the charges of all of them. However, as an example, let us consider MasterCard’s “Merit III Tier 1. 

In this case, the debit card rate is 0.70% plus a flat rate of 0.15 USD. The prepaid rate is equal to the debit card rate. Non-exempt transactions are charged at a rate of 0.05% in addition to 0.21 USD. The trading platform also charges users. Some impose a fee as high as 10%.

You can directly transfer Ripple to many debit cards. As we have seen, a card issuer determines how you can use it and most of the charges. As such, if your bank allows a direct transfer of the coin, you can send your XRP to the card or the bank directly. After that, your bank balance will reflect the deposit.

If you cannot succeed through this method, use an indirect solution. This involves signing up with a legitimate trading platform that accepts a debit card as a payment method. Initiate the transaction by sending the digital currency to their wallet address. The exchange will then send the money to your bank account.

Debit Card to Ripple: It Is Possible to Convert My Debit Card Funds to XRP?

You can convert your debit card funds to XRP directly. But like in the above case, this can only happen if your financial institution supports these kinds of transactions. As such, you start the process by confirming with your bank whether they offer this service. 

However, in this case, you must also get a trading platform that accepts fiat currency and converts it into digital currency in your account. If they do, you can go ahead and transfer the funds. Give them your wallet address, and after a while, the money will reflect in your Ripple wallet.

Alternatively, convert your debit card funds to XRP indirectly. Register with a crypto exchange that accepts debit cards. Send the money and let the platform fund your XRP wallet.