MCO Visa card – how to fund your card

In Singapore, buying any sort of cryptocurrency using a credit card will most likely incur a cash advance fee. In my case, when I had purchased the 500 MCOs, the additional fees I had to incur came up to:

3.5% admin fee (charged by Crypto.com)
6% cash advance fee (charged by HSBC) **minimum of $15 cash advance fee if the 6% is lower than $15

Therefore, you may like to think twice before deciding to use a credit card to fund your MCO card.

There are other ways, however, to fund your MCO card. And the one which I have been using most regularly is Coinhako. Coinhako is a cryptocurrency exchange and wallet based out of Singapore. Using Coinhako, you can buy any cryptocurrency by transferring money using your Singapore bank account. I tried doing so, and the money appeared in my account within 1 business day.

When the money appears in your Coinhako account, what you need to do is to purchase Bitcoin on Coinhako. Once the bitcoin is in your Coinhako wallet, you can transfer the bitcoin to your MCO wallet. There is a long string of address, which is basically like your account number. Cut and paste that account number and choose the amount of bitcoin you’d like to transfer. Transfers typically get completed within 1 to 2 hours. Do note that Coinhako charges 1% of the total amount as an admin fee, but this is definitely way cheaper than using a credit card.

This is also how I have been funding my MCO card because the MCOs that you have locked up cannot be used. Therefore, before you are able to use your MCO prepaid card, you will need to transfer some money into your card. If you already have any form of cryptocurrency, you can simply transfer it to your MCO wallet and then convert it into SGD to spend. If you don’t have any (like in my case), then the easiest way is to purchase Bitcoin on Coinhako, transfer it to your MCO wallet, then transfer the Bitcoin into SGD before you can start spending.

This is also why the MCO card is considered a prepaid card, and not a debit card, because technically we are pre-paying to deposit the funds into the card before we can use them. A debit card would require a bank account which the card can debit funds from.