Until recently, it was impossible for MetaMask users to convert their cryptocurrencies to fiat without using a centralized exchange. Today, customers of this popular wallet can send crypto to their debit card with just a few clicks without having to transfer their digital tokens to an exchange. In this article, we will demonstrate how to send cryptocurrencies to a Visa-issued debit card.
Understanding Crypto Wallets
A crypto wallet is a physical device or a software program used to store, send, and receive digital assets. It can be custodial or non-custodial. The former means a user does not own the private keys of their wallet, while the latter gives a user complete control over their wallet’s private keys.
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Defining Crypto on-Ramping and Off-Ramping
In crypto, the term on-ramping means the process of converting fiat to a digital currency, while off-ramping defines the reverse process. For several years, centralized exchanges have been responsible for supporting on-ramping and off-ramping. However, the emergence of payment solutions like Transak, Revolut Ramp, and MoonPay is making it possible for non-custodial wallet users to buy cryptocurrencies or trade them for fiat without relying on exchanges.
While these innovations are shaping up the crypto sphere, they face several drawbacks. For example, Cointelegraph’s recent report titled “Crypto OnRamp Report” revealed that more than 55% of cryptocurrency payments fail. The success rate of such payments depends on the digital currency being purchased. According to the report, a Tether purchase has a higher chance of being completed than that of Ethereum.
Step-by-Step Guide to Withdrawing Crypto From MetaMask to a Debit Card
Withdrawing funds to your debit card from a MetaMask wallet is really simple. Assuming you already have the digital currencies to convert to fiat in your wallet, here are the steps to follow:
1. Visit portfolio.metamask.io and then connect your MetaMask wallet.
2. After successfully connecting your wallet, press the “Sell” button on the homepage and then click “Faster Payments.”
3. MetaMask will now ask you to select the destination of the funds being transferred. Choose “Debit or Credit.”
4. After that, you need to select an off-ramp solution. We have picked Transak for the purpose of this guide.
5. Next, specify the amount of crypto to convert to fiat and then enter your debit card details.
6. Review the details of the transaction to check if everything is correct. The information displayed will include the “Transak fee,” which is the processing fee charged by Transak, and “MetaMask PD,” which represents the network fees charged by a particular blockchain.
7. If the details are as expected, press “Confirm.”
One thing to note is that all payment solutions integrated into MetaMask adhere to the Know Your Customer policies. Therefore, before choosing Transak as your preferred off-ramp provider, make sure you complete the Know Your Customer procedure on its official website. This process is crucial to prevent any money laundering activities.
How to Get Started With Transak
Getting started with Transak is super easy. Firstly, go to transak.com and click “Login.” Next, provide your email address, and Transak will send a verification code. Enter the code and tick the check box for “Term of Use.” You will now be redirected to a KYC form, where you must submit your personal details, such as name, mobile number, date of birth, and physical address. Note that you must provide proof of residence, a selfie, and upload your identification document. Once this is done, press “Start Verification.”
Your details and documents will be reviewed within two business days. Transak will send you an email to inform you whether your information has been approved or not. If approved, you can now start off-ramping from MetaMask using this payment processing platform.
Risks Associated With Off-Ramping
There are several risks that come with crypto off-ramping. For example, the volatility in crypto markets can affect the crypto-to-fiat conversion rate, meaning there is a chance you can receive less fiat than what you expected when initiating the transaction.