Do You Need a Bank Account to Use a Crypto Card?

Do I need a bank account to use a crypto card?

No. In Nexus Pay the wallet is not linked to a bank account at all. You deposit crypto, and the card spends from that balance. Nexus Pay is not a bank, so there is no bank relationship to set up first. The one requirement that sounds bank-like, identity verification, is a separate step covered below.

What do you need instead of a bank account?

You need a Telegram account to open the wallet in the @nexuspaymybot bot. You can also link a Google login as a second way in, but it is optional. Then you need crypto to deposit, and a completed identity check to issue the card. The table below lays out each step and whether a bank account comes into it.

Is identity verification the same as having a bank account?

No, they are two different things. Verification means submitting a document and a photo, which anti-money-laundering law requires before a card can be issued. A bank account is a separate product with its own opening process. You can complete the first without ever holding the second. This is general information, not legal advice, and requirements can differ for each person.

Who issues the card if it is not my bank?

The card is issued by a licensed partner organisation, not by a bank where you hold an account. The Visa card is tied to your wallet balance rather than to a bank balance. The virtual card is issued right away and works online and contactless through Apple Pay and Google Pay. The physical card comes by mail and works at tills and ATMs.

When does a card without a bank account make sense?

It can help where opening a local bank account is slow or not available. Some people also simply want to spend crypto they already hold without first moving money through a bank. Nexus Pay is one option for this. It works only with the balance you have, since there is no credit or overdraft. You can also freeze and unfreeze the card in the app in one tap.

What should you check before funding the wallet?

Before your first deposit, check the details that cost people money when they get them wrong:

• Each deposit address belongs to one network. A coin sent through a different network will not arrive, and it cannot be reversed.
• Every network has a minimum deposit shown in the app, and smaller deposits are not credited.
• Moving money to the card costs 0.1%, and an ATM withdrawal costs 0.25% per withdrawal. An ATM owner may add its own fee, shown on the screen before you confirm.
• Issuing costs 5 USDT for Signature, 25 USDT for Business and 99 USDT for the physical card, delivery included.

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