eToro Money Card is only being rolled out to UK members at the moment. So, expect it to see a wider roll out in 2021.
What is eToro Money?
eToro Money is a whole new way to manage your funds.
The product features will include a debit card and account. These can be managed from a mobile app. So, you will be able to make bank transfers from your EM account and set up regular payments. You will also be able to instantly deposit and withdraw from the eToro Trading platform.
** If you don’t have an eToro account – you can set one up here! **
** Already have an eToro account? Check out my profile! **
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Note that this does not apply to US Users and eToro USA LLC does not offer CFDs.
What is the eToro Money card and how will I be able to use it?
The eToro Money card is tied directly to an eToro Money account. You will be able to use as you would any Visa debit card, with such added benefits as excellent exchange rates. In most instances, you will also be able to use your EM card details to make instant deposits to and withdrawals from your eToro trading balance. Sometimes eToro may need to conduct additional security checks which could result in these transactions taking up to 2 days to complete
What are the advantages of eToro Money?
- Setting up a new account is easy PLUS no set up fees.
- Free international Visa debit card
- Make instant withdrawals from eToro trading platform to your account
- Very low FX rates
- Through EM App you will be able to view your transactions and make bank transfers.
Will eToro Money accounts be able to receive bank transfers and salary payments?
Absolutely. Therefore, you will be able to share your account details for bank transfers from within the app itself.
Will I be able to use an account to deposit and withdraw from eToro trading platform?
Yes. In most cases, withdrawal using the EM will be instantaneous, so there is no withdrawal fee.
How much does holding an account cost?
Setting up your EM account will cost nothing, and there will be no monthly fee. There will be fees for certain transactions, such as FX and ATM charges. The price list and the full set of terms and conditions will be made available once eToro Money has been launched.
How do I update my address and why is this important?
According to regulations, your current address must be verified as correct in order for eToro to create your account. Then they’ll issue your card, so you will need to ensure that your address is up to date in eToro’s system. You will be able to update your address here.
How will eToro Money keep my funds and data protected?
eToro has been a reliable and regulated leader of the fintech industry for over a decade. So your security and privacy are eToro’s top priority. The best technology and security protocols will protect your funds. Your money is safeguarded by eToro’s duties required by eToro’s regulatory bodies. We will never share your private data without your permission.
When will I receive my eToro card?
The EM account and card are currently at the stage of advanced development. We will be launching this service very soon, primarily to club members in the UK. After this, club members in Europe, using the Euro as the currency will be next in line. So, if you sign up now, you will be one of the first to receive a card as soon as they become available.
How will I be able to manage my money with an EM account?
You will be able to pay money into your eToro Money Account using different payment methods. Including by bank transfer, from a trading account, your salary, or other methods. When eToro launch, the accepted payment methods will be made available on eToro’s website.
You will be able to use your eToro Money account and card to make outgoing payments. So, this includes ATM withdrawals, one-off or recurring transfers, Direct Debit, and various other methods. The accepted out-going payment methods will be made available on eToro’s website when we launch.
How long will the withdrawal process from the eToro Trading platform to eToro Money be?
We will offer instant withdrawals to most of eToro Money customers. So, for various reasons including security procedures, some withdrawals may be only processed on the next business day.
