Israeli trading and multi-asset brokerage company eToro has launched its eToro Money program to customers in the Netherlands, Belgium, Luxembourg and Finland.
The service, which includes the distribution of a VISA debit card to users, connects to a user’s eToro investment account allowing them to instantly deposit and withdraw funds and manage their crypto and funds all in one place.
An eToro Money VISA debit card will be available free of charge with no setup costs or monthly fees for all members of eToro’s Club program. After this, the company plans to extend its offering to non- Club users to enable them to send and receive funds to eToro platform and any bank account. eToro has well over 20 million registered users and expects take-up of the card to be strong.
This VISA debit card enables users to access their funds and spend anywhere, anytime whilst receiving highly competitive exchange rates across the globe. Deposits made in this way are not charged a conversion fee to USD, saving users money when adding funds to their eToro investment account.
The product is currently live in 18 countries and is being rolled out across Europe. The news is hardly big surprise as the Israeli firm revealed these plans in 2020 after it acquired UK-based e-money business, Marq Millions, which then rebranded as eToro Money. The company also acquired a Principal Membership with Visa and an electronic money institution (EMI) licence from the Financial Conduct Authority.
The context to this was that the social trading network was racing to build up its European user base ahead of a potential launch by competitor Robinhood. The no-fee app, however, shelved plans to expand in Europe.
In its efforts to streamline operations, eToro card provides instant “cash-out and cash-in” functionality to customers, a feature that the company says their user-base has been requesting for a while. eToro expects the debit card will further provide its customers with a convenient way to withdraw and spend their funds.
We reported on eToro back in August when the firm struck yet another sponsorship deal, this time upgrading its partnership with Ligue1 side AS Monaco. Per the updated terms, eToro has become the club’s main partner and front-of-shirt sponsor in a multi-year deal that goes beyond French soccer’s top-flight Ligue 1 to also include European competitions.