Apple Pay and Crypto: A Primer
In our increasingly globalized world, making swift and secure international transactions has become a necessity. Apple Pay has gained popularity as a go-to method for making contactless payments everywhere. Now, with the advent of crypto credit cards, the dynamics of international payments are changing. Let’s delve into how to use Apple Pay and crypto for your global transactions.
Can You Use Apple Pay Internationally?
Compatibility and Acceptance
Yes, you can use Apple Pay abroad. It’s one of those payment apps that work internationally. However, not every bank and card issuer has jumped on the Apple Pay train for international payments. So, it’s always best to check with your bank before you travel.
Exchange Rates and Fees
Apple Pay is linked to your debit or credit card. When you buy something internationally, the exchange rate is set by your card issuer. So, if you’ve got a Visa, it’s Visa’s rate that’s in play.
Now, Apple Pay itself doesn’t charge foreign transaction fees. But be warned—your card issuer might. Those fees can be anywhere from 1% to 3%. If you want to dodge those, use a card with no foreign transaction fees.
Crypto Credit Cards: A Global Perspective
Advantages and Drawbacks
Crypto credit cards, like those from Coinbase and Crypto.com, are usually tied to major networks like Visa or MasterCard. That gives them a good chance of being accepted globally. But they do come with their own fees. For instance, the Coinbase card has a 3% international payment fee and a 2.49% crypto-to-fiat conversion fee. Still, they have their perks, like earning crypto rewards and cashback.
Traditional vs. Crypto Payments
Both Apple Pay and crypto credit cards are viable options for international transactions. Apple Pay is typically simpler and more secure for standard card use, while crypto cards offer unique rewards but at a cost.
Comparing Apple Pay and Crypto Credit Cards
Security and Fees
Apple Pay boasts strong security through tokenization and biometric authentication. Crypto cards are also secure, but maybe not as anonymous or secure as Apple Pay. Plus, Apple Pay generally doesn’t add extra international transaction fees beyond what your bank may charge, while crypto cards often include higher transaction and conversion fees.
Features and Rewards
Crypto cards often have unique features, like earning rewards in cryptocurrency and interest on certain coins, which Apple Pay doesn’t offer. This can be a huge bonus for crypto enthusiasts.
Tips for Smooth International Transactions
- Check Your Card: Make sure your card is good to go for international Apple Pay.
- Know Your Rates: Your card issuer sets the exchange rate.
- Dodge Those Fees: Pick a card that doesn’t charge for foreign transactions.
- Mind Local Limits: Different countries have different contactless limits.
- Pick Wisely: Choose between Apple Pay or crypto credit cards based on what suits you best.
Summary: The Future of Payments Awaits
The world of international payments is changing, and Apple Pay and crypto credit cards are at the forefront. Understanding how these two work and avoiding foreign transaction fees can make your travels much easier. Always double-check with your bank about your card’s international capabilities, and consider using a no-foreign-transaction-fee card to save some cash. Welcome to the future of payments, and enjoy your travels!
