The Israeli broker, eToro, has launched the eToro Money service in the Netherlands, Belgium, Luxembourg, and Finland.
The eToro Money VISA debit card, which has more than 20 million registered users, will be available free of charge in the Netherlands, Belgium, Luxembourg, and Finland with no setup fees or monthly fees for all members of the eToro Club program.
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The VISA debit card service will be distributed to eToro users so that it can be connected to users' investment accounts allowing them to instantly deposit and withdraw funds and manage their crypto and funds all in one place.
eToro is also expanding its offerings to non-Club users to allow them to send and receive funds to the eToro platform and any bank account. Through this VISA debit card, users are able to access their funds and spend them anywhere, anytime while receiving highly competitive exchange rates worldwide. Deposits made this way are not subject to conversion fees to USD so they can save users money when adding funds to their eToro investment account.
Currently, eToro Money is available in 18 countries and launched across Europe. The Israeli company has disclosed this plan in 2020 after acquiring Marq Millions, a British electronic money business that later changed its name to eToro Money. The Company also obtained Prime Membership with Visa and an electronic money institution (EMI) license from the Financial Conduct Authority.