CoinPay reviewed: a Mastercard for crypto and colones, with the fee schedule missing

Updated October 2026

Licensed

Available in US

Fast payouts

18+ Only

CoinPay promises an international Mastercard debit card that you load with crypto, dollars or colones and then spend like an ordinary bank card. That part is real. What I could not find, anywhere on its public pages, is the part you actually need before putting money in: what the card costs to issue, what it costs per transaction, what it costs to change currency, and what it costs at an ATM. The card’s own public pages say only that service costs are charged, including sending and distributing cards, and then leave it there.

So this review has an unusual shape. I can tell you exactly how the card is meant to work, who it is aimed at, what the company is, and what happens when things go wrong. I cannot tell you what a coffee costs in fees, because CoinPay does not publish it. If that is the number you were looking for, the honest answer is that you will have to ask support before you commit money, not after.

CoinPay suits Costa Rican and wider Latin American users who already hold both a crypto balance and a fiat balance in colones or dollars and want one card that spends from both. It suits nobody who needs to know the cost of a transaction before they make it, and nobody who needs the customer-protection machinery of a regulated European bank.

The conditions described here are current as of October 28, 2026.

Verdict: 5.3 out of 10

The score is not 5.3 because the card is bad. It is 5.3 because the disclosure is thin. Where CoinPay does publish something, what it publishes is sensible: a Mastercard that works wherever Mastercard works, physical and virtual, cash withdrawals supported, instant block, PIN change, spending limits you set yourself. Where it does not publish anything, I have marked the gap rather than filled it with a guess from a similar product.

Who I would point this card towards: someone in Costa Rica or elsewhere in Latin America who keeps a stablecoin balance, wants a card that spends from it directly, and is comfortable with support over WhatsApp rather than by phone during business hours. Who I would point it away from: anyone whose first question is “what does a transaction cost?”, anyone who needs Apple Pay, anyone who needs chargeback protection spelled out, and anyone who needs to know which bank stands behind the card.

One thing to understand before you read further. CoinPay operates as a Virtual Asset Service Provider under Costa Rican law, run by Raw Industries CCM S.R.L. as technology operator with financial services provided by JPC Solutions S.R.L., and no licence numbers are given. The card issuer is not named. That is a structural fact, not a scandal. But it means the entity standing behind your card, holding your money and handling a dispute, is one you will have to ask about, and the answer is not on the website.

Will they give you the card?

The card works wherever Mastercard is accepted, and CoinPay publishes no country-by-country list of where it can be used. That is genuinely useful information for travel, and it is better than a country list. What Mastercard acceptance does not tell you is whether your own country counts as an issuing country at all.

What CoinPay does publish is the exclusion list. Verification requests are not accepted from people in Cuba, Pakistan, North Korea, Iran, Syria, Crimea, the USA, Canada, Ethiopia, Iraq, Serbia, Sri Lanka, Trinidad & Tobago, Tunisia, Vanuatu, Yemen, Russia and Belarus. Their wording is that they do not accept verification requests for people from these countries. Notably, that includes the United States and Canada, which is a stronger restriction than most crypto cards apply, and it includes Serbia and Sri Lanka, which is unusual enough that it tells you the list is not a copy-paste of a sanctions template.

The detail that matters most, and that CoinPay does not give: whether the test is citizenship or residence. If it is residence, someone living in Serbia cannot verify. If it is citizenship, a Canadian living in Mexico might still be refused. A list that does not say which test it applies leaves you guessing, and the guess costs you an application and your documents.

Two points of general context, because this pattern is normal for the category rather than peculiar to CoinPay. Nationality is usually recorded and screened separately from residence, because sanctions screening and issuer risk policy often apply to citizenship and country of birth as well as to country of address. And verification rules are not a formality: in the EU, customer due diligence covers name, address, date of birth, nationality and identity documentation, a sanctions check, the purpose of the relationship, and whether you are a politically exposed person. Where due diligence cannot be completed, EU rules require the institution to refrain from the transaction, and where necessary to end the relationship. That is why accounts get closed pending documents. Expect it.

For you, practically: if you live in or hold citizenship of one of those countries, the application ends at the verification step and there is nothing to negotiate. If you do not, the realistic risk is not the country list but the enhanced checks described next.

How to get it

The route runs through verification levels, and the level that matters is Level 2, because that is the one required for card issuance.

Level 1 comes with no preset monetary limits and, importantly, no cards. Level 2 requires enhanced verification covering your identity, your residence and the origin of your income or funds, and it is subject to CoinPay’s approval. CoinPay runs identity, source-of-funds and risk checks, which is the standard shape for this industry: anti-money-laundering law requires regulated businesses to verify customers and assess risk as part of ongoing monitoring and suspicious-activity reporting, and most operators in this category document the same three things.

What is not stated: which documents are accepted, whether proof of address is required, and what the minimum age is. Across the category, prepaid and debit cards are generally available to adults aged 18 and over, and some issuers set higher limits, but I would not assume 18 is enough here without asking. Nor is the processing time stated, nor are the rejection reasons. If you are someone who keeps their paperwork tidy, this level of silence is more annoying than it is dangerous. If you need to open this account this week, it is a real obstacle.

Once approved, the card is an international Mastercard debit card in physical and virtual form, the virtual one issued on request in the app. The card’s own currency is not stated, which matters more than it sounds: a card with no stated currency has a currency of whatever the network and issuer default to, and you learn what that is at the first ATM.

Physical delivery goes to your address. Which countries, how long it takes, whether it costs anything, and what happens if it is lost or stolen are all not stated.

Fees: what it costs is the part they don’t publish

Let me put the table first, because the emptiness of it is the finding. Everything in the costs column comes from CoinPay’s own published information, which in several rows is that the figure is not stated.

Note the shape of the limits. They are not published as numbers because CoinPay treats them as operational parameters rather than as a promise: for Level 2, CoinPay may adjust them. That is a real answer and it is not unusual. It also means your working limit is whatever your account currently has, which you can find in the app but nowhere else.

Two everyday payments, worked through honestly. You pay for a coffee with the physical card. What I can tell you is that the purchase goes through Mastercard, that your balance is drawn down, and that CoinPay’s terms cap your liability for the transaction at the fees you paid for it. What I cannot tell you is whether a conversion fee applied, whether the amount billed in your card currency differs at Mastercard’s rate, or whether an ATM withdrawal a few minutes later in the same shop’s cash machine would have cost a percentage on top. Those are the three unknowns, and they are the same three unknowns on every purchase.

Second payment: you withdraw cash at an ATM. CoinPay states that ATM withdrawals are supported. The fee is not stated and neither is the daily allowance. You are also in the part of this category with the most moving parts — a foreign-issued card at a machine that also does dynamic currency conversion, where choosing to be charged in the local currency rather than in your card currency is the single highest-value decision you will make in a cash withdrawal, and where a declined authorisation can leave a hold on your funds for several days, typically up to seven.

I know that leaves you with more questions than answers, so let me give you the method for getting them answered. Ask support, in writing, for five specific numbers: card issuance cost, any monthly fee, the conversion rate and fee when loading from crypto, the foreign exchange fee, and the ATM fee plus daily allowance. The account can be written to and the answer will still apply to you. If you cannot get those five numbers in writing before you fund the card, that itself is your answer.

For comparison, here is what the category’s better-disclosed cards say. The International Visa Card lists $5 one-time issuance for the virtual card with no maintenance fee, and plans at Classic free, Pro $9.00/month, Max $19.00/month. Card use in USD is free on all plans; foreign currency costs the Visa exchange rate plus a 2% FX fee; deposits of any kind carry no fee. The UNi Card states no annual fee and no foreign transaction fee, converts assets at live OTC rates, and says no hidden exchange fees. Whop Cards says no extra fees, but lists no issuance or monthly amounts at all — which is a different way of saying nothing, and closer to CoinPay’s position than the first two. Whop does publish its rewards, at 5% cashback at select merchants, currently Uber.

How to top it up

Top-ups come from your CoinPay account balance, and the balance can hold cryptocurrencies, dollars, colones or other fiat. That is the entire published mechanism, and it is worth pausing on what it does not include: the coins and networks are not listed.

This is the single most common way people lose money in this category, and it is not a small point, so here is the mechanism. A deposit is a blockchain transfer to a specific address on a specific network. Send it on a network the provider does not support, or to an address belonging to a different network, and the transfer can be lost, or need manual support recovery with no guarantee — blockchain transfers are irreversible by design. The network that actually supports your token matters more than the token’s ticker. Tether’s USDT has been issued on networks including Ethereum, Tron, Solana, Polygon and Avalanche, and Circle stopped supporting USDC on Tron in February 2024, so “USDC over TRC20” is not a native option. Circle lists USDC as natively supported on 38 networks as of 16 September 2026, including Ethereum, Solana, Base, Polygon PoS, Avalanche, Arbitrum and Stellar.

Two more things about the load itself. On-chain network fees — gas or bandwidth — for your deposit are charged by the blockchain, not by CoinPay, so they exist regardless of what CoinPay charges and are outside its control. And if you are used to a network where a stablecoin can arrive with no native balance behind it, note the constraint: gas is paid only in ETH, so a wallet with USDT but no ETH cannot send it.

CoinPay’s top-up fee is not stated. Withdrawal is not stated for cards either, though a separate “Reception and withdrawal” bank service is listed on the site without terms, which suggests the plumbing exists somewhere and is simply not written down where you would look for it.

Paying with it every day

Everyday use is where this card looks best, and it is worth separating what is genuinely solid from what is merely unmarked.

Solid: it is a Mastercard, so it works in shops, online and at ATMs wherever Mastercard is accepted. Physical and virtual, with the virtual one on request in the app, so you can have a card number before the plastic arrives. You can set your own spending limits in the app. Instant block, PIN change and real-time notifications are all in-app features, and those are the ones that matter when a card is lost in a foreign city. Support runs on WhatsApp, Instagram, Facebook Messenger and in-app chat, with replies promised “within a few minutes”; the site is in Spanish, English and Portuguese, which is a genuine advantage if you are anywhere in the region. Hours are not stated.

Not marked: Apple Pay and Google Pay are not disclosed, so do not plan around tapping your phone. Rewards are not stated for the card. Connected wallets are not stated. Dispute handling is not addressed in the terms beyond the cap I mentioned, so I would read a missing dispute policy as a missing dispute policy rather than assume one.

Two category mechanics will shape your daily experience more than most card features. Address Verification Service, which compares the numeric parts of a billing address the buyer typed against issuer records, is mainly offered in the US, Canada and the UK and is generally unavailable for foreign-issued cards, which can cause declines at foreign online checkouts — and a Costa Rica-issued card is a foreign-issued card nearly everywhere you might shop online. Separately, some merchants decline prepaid or foreign BINs outright: merchants can look up the six- or eight-digit issuer identification number at the start of a card number to see which institution and which country issued it, and may apply extra scrutiny when the issuer country differs from the billing address. That is the mechanism behind “foreign card declined” stories, and it is a policy choice by the merchant, not a defect in your card.

There is one thing about your balance worth understanding before you rely on it day to day. CoinPay’s terms say the operator does not hold or custody user funds — the financial providers do. Read that as what it is: a statement that your money sits with a provider rather than with the brand, and that the brand’s willingness to compensate you for a provider’s failure is a separate question from whether the money is safe. Separately, stablecoins are not risk-free instruments whatever they are called. A stablecoin aims to hold a stable value against a fiat currency, but they can and do depeg: TerraUSD collapsed in May 2022, and USDC temporarily lost its peg in March 2023 during the US banking crisis. Spending a balance that sits in stablecoins means carrying that risk into every tap, even when the card payment itself works perfectly.

What to take instead

Whop Cards — 5.2 / 10. Visa, works anywhere Visa is accepted online and in stores, spending from a Whop balance, with pending balance usable as soon as a payment arrives. The page says “No extra fees” but names no issuance or monthly amounts, so treat that as silence rather than as free. Rewards are the strongest of the three: 5% cashback at select merchants, currently Uber, more planned, though the payout currency and conditions are not stated. Supported consumer countries are 31 US states, listed on the page, with businesses in 41 states; unsupported consumer countries include Belarus, China (Mainland), Cuba, Hong Kong, India, Iran, Iraq, Israel, Myanmar, Nepal, Nicaragua, North Korea, Russia, Syria, Turkey, Ukraine, Venezuela and Vietnam. The basis, citizenship or residence, is not stated — the same ambiguity CoinPay has.

International Visa Card — 6.7 / 10. The best-documented card in this comparison and the one I would read first if your priority is knowing your costs. Account or card not available to residents or legal registrants of Belarus, mainland China, North Korea, Cuba, India, Iraq, Iran, Israel, Myanmar, Nepal, Nicaragua, Russia, Syria, Turkey, Ukraine, Venezuela and Vietnam, with FATF grey-list countries reviewed case by case with compliance approval; the rule is by residence or registration, and citizenship is not mentioned. Purchases are blocked in North Korea, Cuba, Iran, Russia, Syria, Ukraine and Venezuela. It is a U.S.-issued Platinum Visa card, virtual, paying in USD; the physical card is “Coming soon”. Virtual issuance is $5 one-time with no maintenance fee, plans run Classic free, Pro $9.00/month, Max $19.00/month, use in USD is free on all plans, foreign currency is the Visa exchange rate plus a 2% FX fee, and deposits of any kind carry no fee. You fund it with USDC or USDT into the USD account, free at 1:1 per an earlier check, and networks are not stated; USD, EUR, SEPA, SWIFT and FedNow deposits are also listed. No cashback is stated. Note what the “coming soon” physical card means: as a virtual card, this is not yet an ATM answer.

UNi Card — 6.1 / 10. A multicurrency card on the Mastercard network spending from the UNi.Global account balance, with no annual fee and no foreign transaction fee, assets converted at live OTC rates and no hidden exchange fees. Rewards are the best on offer here: spend-to-earn rewards up to 3% with the card. Against that, more is missing than is given: who can get it is not stated, issuance fee is not stated, top-ups are not stated, and physical versus virtual is not stated.

My comparison view: on disclosed pricing, International Visa Card wins comfortably, because it is the only one where you can do the arithmetic before you spend. On rewards, UNi wins and Whop is second. On being usable as an ATM card with a Mastercard, CoinPay and UNi both do and the other two do not clearly do today. CoinPay is the only one of the four that markets itself with a colones balance, which matters in Costa Rica and matters not at all everywhere else.

Who I would recommend it to

I would recommend CoinPay to a Costa Rican user, or a user elsewhere in Latin America, who already holds crypto and wants a card that spends both that crypto and colones or dollars from a single balance; who wants the virtual card in the app before the physical card arrives; and who is comfortable reaching the company over WhatsApp rather than by telephone. That reader gets the practical core of the card and accepts the rest.

I would not recommend it as a first crypto card, to anyone who needs Apple Pay or Google Pay, to anyone who intends to use it as their primary everyday card for months, or to anyone who needs to know the cost of a transaction before making it. The disclosure is not there. That is not an accusation; many operators in this category are in the same position and some of them have good products. But you cannot evaluate a fee you cannot see, and I would not spend your money on the possibility.

One structural thing to weigh, because it is the part that outlives any fee. The card issuer is not named, and CoinPay states that the operator does not hold or custody funds while the financial providers do. In this category the pattern is common: the card network routes messages and sets rules, a licensed issuer holds the actual card programme, and the crypto brand is often only a programme manager or front end. Visa and Mastercard do not issue crypto cards to consumers themselves — they license issuers, and they can suspend a programme. Visa terminated its global agreements with FTX on 13 November 2022 and the FTX US debit card was wound down by its issuer. WaveCrest, a Visa issuer that supplied crypto card brands, was suspended by Visa in Europe in 2018, closing all WaveCrest-issued Visa programmes. Programme closures typically give a notice period, then stop spending and loading, then ask users to withdraw remaining balances; one 2026 closure reported by a secondary source had new loads ending 8 July 2026 and spending stopping 8 August 2026, though that is a single unconfirmed source. None of this means CoinPay’s programme will close. It means the question “who is the issuer, and what happens to my balance if this brand disappears?” deserves an answer before you fund the card, and it is not one the website gives you.

On complaints, the honest picture is neutral rather than clean. I found no official incidents, and I found no Trustpilot or Reddit pages for CoinPay.cr in one search — the results were other companies. A brand nobody complains about and a brand nobody uses look identical from outside. No complaints is not evidence of reliability at three years old; it is evidence of a short history.

Frequently asked questions

What is CoinPay card?

CoinPay is a Costa Rican crypto platform that issues an international Mastercard debit card, physical and virtual, which spends from an account balance you can hold in cryptocurrencies, dollars, colones or other fiat. The card is operated by Raw Industries CCM S.R.L. with financial services from JPC Solutions S.R.L., under Costa Rican virtual asset provider rules. The card issuer itself is not named on its public pages, and no fee schedule is published.

Is CoinPay a bank?

Not on the evidence of its own pages. CoinPay describes itself as a technology operator working with a financial services provider, operating as a Virtual Asset Service Provider under Costa Rican law, with no licence numbers given. It does not describe itself as a bank, and nothing on its public pages indicates deposit protection. If you need deposit insurance on your balance, you need a different product.

Who owns CoinPay?

The technology operator is Raw Industries CCM S.R.L., registered in Costa Rica, and financial services are provided by JPC Solutions S.R.L. The card issuer is not named anywhere in the published information, which means the bank or institution actually behind your card account is something you would have to ask the company directly. It is also worth noting that in this category the brand is often just a front end for a licensed issuer.

Does the CoinPay card require KYC?

Yes. Level 1 verification carries no preset monetary limits and no cards; Level 2 requires enhanced verification covering identity, residence and the origin of your income or funds, plus CoinPay’s approval, and this is the level required for card issuance. The accepted documents, whether proof of address is required, the minimum age, the processing time and the rejection reasons are all not stated on the public pages.

Is CoinPay card available in my country?

The card works wherever Mastercard is accepted, and there is no country list for use. For verification, requests are not accepted from people in Cuba, Pakistan, North Korea, Iran, Syria, Crimea, the USA, Canada, Ethiopia, Iraq, Serbia, Sri Lanka, Trinidad & Tobago, Tunisia, Vanuatu, Yemen, Russia and Belarus. The site does not say whether this test is citizenship or residence, so if you are from one of those countries but living elsewhere, ask before you apply.

How much does the CoinPay card cost?

The public pages do not state it. CoinPay says only that service costs are charged, including sending and distribution of cards, and does not publish an issuance fee, a monthly fee, a conversion fee, a foreign exchange fee or an ATM fee. Because of that, ask support in writing for those five figures before funding anything, and treat an unanswered question about fees as an answer in itself.

How do I top up the CoinPay card?

You top up from your CoinPay account balance, which can hold crypto, dollars, colones or other fiat, and the coins and networks are not listed. This matters more than it sounds, because a deposit sent on an unsupported network can be lost or need manual recovery with no guarantee. On-chain gas and bandwidth fees are charged by the blockchain, not by CoinPay, and a wallet holding USDT with no ETH cannot send it.

Is the CoinPay card safe?

Nothing I found suggests a problem, and nothing I found proves safety. There are real safeguards: instant block, PIN change, spending limits you set yourself, real-time notifications, and a statement in the terms that the operator does not custody funds. There are also gaps: no named issuer, no published fees, no dispute policy beyond a cap, and no Trustpilot or Reddit history for CoinPay.cr to check. Judge it on that, not on the absence of complaints.

Can I add the CoinPay card to Apple Wallet?

Apple Pay support is not disclosed on CoinPay’s public pages, so assume it does not exist until support tells you otherwise. Google Pay is likewise not disclosed. If a phone tap is central to how you pay, this card’s published feature list does not include it, and the virtual Mastercard in the app is your documented card product instead.

Is the CoinPay card worth it?

Worth it for a Costa Rican or wider Latin American user who already holds crypto plus colones or dollars, wants one balance for both, and will use the app’s block, limits and notifications. Not worth it for a first crypto card, for a primary everyday card, or for anyone who needs to know the fee before the transaction. Compare it with the International Visa Card, whose $5 virtual issuance and 2% foreign currency fee are actually written down.

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