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Wirex: Wallet App & VISA Payment Card for Cryptocurrency & Fiat

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Wirex: Wallet App & VISA Payment Card for Cryptocurrency & Fiat

Wirex is an application and an account that allows you to retain control over traditional financial assets and cryptocurrencies. The company began its life as an e-coin in the form of a provider of virtual cards. The expansion of the services led to a name change in Wirex, which took place in February 2016.

The company offers a personal banking solution that is a mix of traditional banking and cryptocurrencies. Wirex says it is the first company to combine the acceptance of fiat currencies with the flexibility and speed of blockchain. There are secure wallets for Litecoin and Bitcoin with support from mobile and online applications.

Wirex has successfully integrated technologies for global payments and peer-to-peer transfers, allowing you to use the service in just a few clicks. The company also protects privacy, increases security, and improves the customer experience. Wirex is working to continuously improve its services and products to better meet the needs of its customers.

About Wirex

Wirex has a transaction volume of 2.0 billion US dollars and 1.8 million users. Wirex is headquartered in London and has offices in Kiev (Ukraine) and Tokyo (Japan). It supports around 130 different countries, but not the US.

Wirex believes that everyone should be able to play a role in the financial revolution. The company wants to make it possible to use both traditional currencies and cryptocurrencies for daily finances, rather than opting for one or the other.

In addition, Wirex believes that everyone around the world should have access to banking services. To achieve this goal, Wirex only needs Internet access. There is no need to fill in documents and the company does not take weekends off or have business hours.

Finally, Wirex wants to remove geographical restrictions in the financial sector. This essentially means that you believe that you should be able to send money to any location within seconds.

Wirex Features

Wirex allows you to connect your credit and debit cards. With the application you can store cryptocurrencies, including Bitcoin. It is also possible to buy Bitcoins and other altcoins with favorable exchange rates and high limits. Or you can exchange cryptocurrencies for fiat currencies. Wirex also supports the free transfer of digital currencies between users around the world. Or you can transfer money to someone with very low fees compared to traditional services to send money.

Wirex Visa payment card

This is a contactless Visa card that allows you to make payments through your Wirex account. Thanks to the use of this card, you can spend your cryptocurrency essentially like any other fiat currency, even in restaurants, shops or on public transport. Wirex markets this as the only visa in the world that allows you to convert crypto into traditional money and then spend it as such.

  • Connect your card to your Bitcoin, Litecoin, Ethereum, WAVES or XRP wallets and output them in everyday life
  • Instantly convert Bitcoin, Litecoin, Ethereum, WAVES and XRP to live rates in GBP, EUR and USD
  • Cryptoback ™ rewards you with 0.5% Bitcoin every time you enter your PIN, swipe your finger across the screen or work contactless with your Wirex Visa card in store

Instant conversion from crypto to fiat

The card allows the instant conversion of cryptocurrencies so that you can spend them like fiat currencies in real time. This works for Bitcoin, Ethereum, Litecoin and Ripple. The card works everywhere, including in shops, restaurants, the internet and ATMs. You can choose to receive a card with GBP, EUR or USD as the base currency. It is even possible to choose all three.

With Wirex Visa, you get exchange rates that exceed the rates offered by the banks, without commissions or hidden fees. The application provides support for managing your budget and tracking your expenses, including instant notifications.

Cryptoback Rewards

With the Wirex Visa card, you also receive exclusive Cryptoback rewards. These are automatically assigned when you spend in stores. With this program, you can earn 0.5 percent in Bitcoin if you pay with your card for transportation, bars, restaurants and shops. Any Bitcoin amounts you earn in this way can be redeemed immediately, including the ability to spend and/or convert them.

Adding money

To deposit money into your Wirex Visa card, all you have to do is deposit money into your Wirex account. This can be done with any of the financing options, e.g. with credit or debit cards, cryptocurrency deposit or bank transfer.

If you choose the GBP card, it is a Visa debit card with a bank account number and a bank code. If you choose the USD or EUR card, it is a prepaid card. In any case, the card’s balance is linked to the Wirex currency account.

Wirex Rewards Paid in Bitcoin

As mentioned earlier, Wirex offers Cryptoback rewards. In this way, you can earn back 0.5 percent of BTC for all purchases you make in stores with the Wirex Visa card.

Wirex also offers a referral program. In this way, you can earn Bitcoin for free by inviting family and friends to join Wirex as well. With this program, you and your friends earn up to 10 US dollars each in the form of Bitcoin. To participate in the program, first share the unique referral link that you can find in the App Rewards section. Your friends log in and are verified, which takes about two minutes and two steps. If your friend buys cryptocurrencies worth 100 USD with his debit or credit card, you will get both 5 USD in BTC. If your friend orders his Wirex Visa card and makes his first purchase in-store regardless of the purchase, you’ll receive an additional USD 5 in BTC.

To highlight these rewards programs, there are no restrictions on how much you can earn with both programs.

Both rewards, Cryptoback and Refer-a-Friend, are awarded in Satoshis, the subunit of Bitcoin. You can redeem these Satoshis anytime, anywhere online or through the application. Redeem it in your Wirex Bitcoin wallet and save it, output it or exchange it as you like.

Wirex Cryptocurrency Wallets

Wirex allows users to choose from six different wallets. All are secure and feature features such as cryptocurrency cold storage, traditional currencies and multi-sig functionality. These include four crypto wallets, each of which is easy to use.

With the wallets you can buy, store or manage both crypto and fiat. Supported cryptocurrencies include BTC, LTC, ETH, XRP and WAVES, while supported fiat currencies include GBP, EUR and USD. It is also possible to switch between these fiat and cryptocurrencies with live rates immediately, so there are no surprises.

There are many ways to deposit money into your wallets, for example by bank transfer, debit card or credit card.You can also link the Wirex Visa payment card to your wallet so you can spend cryptocurrency online and in-store.

Difference between Crypto and Fiat Wallets

If you select a wallet for Wirex cryptocurrencies, you will have access to the ability to instantly exchange cryptocurrencies for traditional currencies using live rates. You can top up your wallet with a bank transfer or a credit or debit card. To issue the cryptocurrency, connect your wallets to the Wirex Visa card.

If you choose a traditional wallet, you can order a card in GBP, EUR or USD. This is ideal for travel as it lowers merchant fees and high exchange rates. You will also receive exchange rates between USD, GBP and EUR, which are better than the rates offered by banks if you opt for a Fiat Wallet. Unlike the competition, Wirex does not charge any commissions or fees.

Using Wirex

Simply register on the Wirex website and your account will be ready to use in minutes.

You can also download the Wirex application from the Apple App Store or Google Play Store to your smartphone. From there, register and verify your account in the same way.

Choose whether you want a USD, EUR or GBP account and enjoy immediate availability. Now you can manage your money anywhere, any time of day.

Currency exchange at Wirex

One of the many great features of Wirex is the ability to exchange currencies with very competitive exchange rates and without commissions or fees. You can purchase traditional currencies or cryptocurrencies in just two steps, making this process incredibly easy.

Start by depositing money into your Wirex account using a bank transfer, debit card, or credit card. From there, log in to the website or open the Wirex application and follow the on-screen instructions to convert funds to BTC, LTC, ETH, WAVES or XRP or TO GBP, USD or EUR with just a few clicks. You can use fiat currency to buy cryptocurrency, or vice versa.

Wirex transfers

Another great feature of Wirex is the ability to transfer money around the world with very little fees. Most current solutions require you to pay high exchange rates, commissions, hidden fees, and unexpected fees. With Wirex, you get competitive prices when you send USD, EUR or GBP to any destination in the world. In a crypto transfer, you can convert the cryptocurrency into a traditional currency without commission. You only pay the conversion rate.

To make a money transfer, first load money into your Wirex wallet by bank transfer, debit card or credit card. When you load a cryptocurrency, it is automatically converted to one of the three supported fiat currencies for transfer, with the selected fiat currency reflecting your preferences.

You can then choose whether you want to make the transfer in cryptocurrency or fiat currency. Select the currency and enter the amount to send. From there, you will be asked to enter the recipient’s wallet address. If the person you want to send money to does not have a wallet, they can get a free one from the Wirex application. At this point, simply click Confirm. The transfer usually takes about ten minutes, but can take up to an hour.

Wirex Fees

Wirex stands out from the competition through transparency and relatively low fees. In fact, there are no commissions or transaction fees. Instead, you only pay the price you see for each type of exchange.

There are no fees for the mobile application, the multi-sig wallet, the e-money account, security features such as two-factor authentication, card issue, card delivery or cryptocurrency AML. The only fee for these services relates to card management. However, this fee is very low compared to other similar options and is only 1.00 GBP / 1.20 EUR / 1.50 USD per month.

The fee shortfall persists when it comes to top-ups, as there are no charges, regardless of whether you are charging cryptocurrency, credit card or debit card or wire transfers. Most transactions are also completely free. You do not pay any fees for cryptocurrency exchange, fiat exchange, Wirex crypto or fiat transfers, online card purchases, in-store card purchases or cashback in stores. The use of ATMs is subject to a small fee, which is common for similar services and lower than that of the competition. Within Europe, the fee is £1.75 / €2.25 / $2.50 or £2.25 / €2.75 / $3.50 outside Europe.

Here is a complete breakdown of all applicable fees:

Account and Wirex card fees

Appfree
Multi-Sig Walletfree
E-money accountfree
Security Features (2FA)free
Map editionfree
Card deliveryfree
Cryptocurrency AMLfree
Map management• 1.00 / € 1.20 / x 1.50
per month

Charging fees

Wire transferfree
Credit/debit cardfree
Cryptocurrencyfree

Transaction

Cryptocurrency exchangefree
FIAT exchangefree
Wirex Cryptocurrency Transfersfree
Wirex FIAT Transfersfree
Online card purchase (ePOS)free
In-Store Card Purchase (POS)free
ATM (in Europe)£ 1.75 / € 2.25 / $ 2.50
ATM (outside Europe)£ 2.25 / € 2.75 / $ 3.50
Cashback in the storefree

Wirex Limits

Wirex wants to appeal to all customers and is therefore also working to deliver minimum limits. There are no restrictions on exchanging, depositing, buying online cards or buying cards in-store.

The limits imposed by Wirex are very reasonable and competitive. In most cases, it is unlikely that the average customer will be disappointed by these limits. The limit for cashback in the store is USD 50 per day. There is a transfer limit of 10 BTC per day. Withdrawals from ATMs are limited to 250 GBP / 250 EUR / 250 USD per day. Top-ups with credit and debit cards are limited to £7,500 / €8,000 / $10,000 per day. There’s also a maximum card balance of £15k/€16k/€20k.

to be adjacent to sth

ExchangeUnlimited
DepositUnlimited
Transfer10 BTC per day
Online card purchase (ePOS)£ 7500 / € 8000 / $ 10000
In-Store Card Purchase (POS)£ 7500 / € 8000 / $ 10000
Atm£ 250 / € 250 / $ 250
per day
Cashback in the store£50 per day
Charging with credit/debit card£ 5000 / € 5000 / $5000 per day
Maximum card balance£ 15000 / € 16000 / $ 20000

Wirex Business Payments Solution

In addition to personal solutions, Wirex also offers Wirex Business, a cryptocurrency-capable and international solution for business payments. This system allows payments anywhere and anytime, either in digital currency or in traditional currencies. Wirex Business prides itself on providing high transaction speed and unbeatable flexibility. This is possible thanks to the combination of universal acceptance of fiat currency with the efficiency of cryptocurrency.

Companies can create accounts with multiple currencies on their behalf. Since EUR, GBP and 25 other currencies are supported, there is no shortage of options. Companies can also use the wallets to secure unlimited amounts of Litecoin, Bitcoin, XRP and/or Ether.

In terms of payments, Wirex Business allows you to seamlessly accept international payments in crypto or fiat currencies. This capability is supported by blockchain, SWIFT and SEPA.

Wirex Business also includes important features, such as the ability to store details about counterparties, set permissions for each wallet, or set roles. Of course, you can also view the account activity with real-time information.

Wirex Business is standardized because it allows you to open a crypto-friendly account with the name of your legal entity. It is also optimized because you can store, exchange and receive payments in Fiat or Krypto on a single platform. This is also made easier by being able to track financial activities in a single place and use account naming and hiring permissions.

Is Wirex safe?

Wirex belongs to a very selected group as it is the third crypto-friendly company to have received an e-money license from the FCA. This licensing and authorization by the FCA gives customers the assurance that Wirex must comply with security regulations.

The company uses the best possible PCI DSS Level 1 certificate to ensure the highest level of security. This is combined with secure transactions, fraud prevention, card privacy, secure systems and networks, information security compliance and secure wallets.

To ensure the security of customer funds, Wirex stores 99 percent of customer funds in refrigerated folders that are signed and separated multiple times. This ensures that no one but you can access your money. Wirex also has 3-D Secure by Visa protection, which reduces the risk of unauthenticated payment. This reduction in risk also applies if card numbers are cloned or stolen. Between Verified by Visa (3D Secured) and PCI DSS certification, Wirex can reduce the risk of fraud to virtually zero.

For card management, it is possible to deactivate and reactivate your Wirex card in seconds via the mobile application. This is ideal for times when you temporarily lose your card. For large transactions, Wirex uses intelligent acknowledgments as additional protection.

To protect all relevant data, Wirex uses SSL encryption with 256-bit AES for all personal data and documents, both during transport and in peace. Wirex also uses asymmetric key encryption to ensure that the company (or other people) cannot access your data without your permission.

For the continued security of your account, Wirex supports multi-factor authentication, which helps protect against torts and fraud. There is also a device check and biometric verification to ensure that only the devices you activate can access your account. You can view and manage the devices that are enabled for your Wirex account at any time. This allows you to delete all devices that you no longer use or that you don’t recognize with one click.

The application also allows push notifications. Combined with SMS and email notifications, you’ll be notified of account usage immediately, so you can detect fraud instantly.

Wirex’s financial infrastructure is blockchain-capable. Wirex constantly monitors this infrastructure to perform maximum security checks throughout the day.

To round it off, Wirex follows industry best practices. The risk management and compliance team ensures that the best practices described by technology partners and regulatory authorities are always followed.

Wirex Customer Support

Wirex does not list a phone number or appears to have a live chat option when you are on your computer. There is a live chat option about the application. Instead, contact options are limited to emails or a contact form in Help. In Help, you can select “Contact in Contact” at the top of the screen. This will take you to a contact form to complete a request. All you need to do is enter your e-mail address, subject, description, and case type, and you can attach files. There is also a community page that Wirex encourages users to visit. This includes a support live thread and various other topics, both with Wirex and with other users. Here you will also find information about new functions.

Wirex’s contact page contains specific email addresses for press inquiries, partnership requests, marketing requests, general business inquiries, customer support, and partner requests.

Wirex Help

The Wirex Help Center provides 24-hour customer service through the Support Center. Help includes a handy search feature that allows you to quickly find the information you want. This page displays the most common queries at the top of the page. The rest is divided into six categories: Getting Started, Card, Manage Credits, Fees and Limits, Wirex Mobile App and About Wirex. Each category has its own thematic areas.

This means that most of the information you need can be found in the help. If you can’t find an answer to your question, you can click “Get in touch” at the top of the page and fill out the contact form. Wirex will contact you as soon as possible.

Conclusion

Wirex is an account and application that allows you to store fiat and cryptocurrency in the same account and access it through a single application. Depending on the currency you want to store, multiple Wirex wallets are available.

Wirex also features its Wirex Visa card, which acts as a debit or prepaid card, allowing you to shop wherever Visa is accepted. This means that you can use the crypto in your Wirex account to buy groceries, go shopping, eat out or spend online.

Wirex takes several security measures and is authorised by the UK Financial Conduct Authority to give customers additional confidence in their safety.

It should be noted that at this time there seem to be some problems with the password recovery system. During our trial period, we received an email noting that my password had been reset by their system. This may be due to recent data breaches. Therefore, it is a good thing that they actively strive to protect customers. Unfortunately, there are now online complaints, and customers say they are having trouble accessing their accounts again. This also applied to us, we had to request a new password several times before the e-mail actually arrived late. This should not affect new customers. This can be a frustrating experience for existing customers who have temporarily lost access to their account.

Wirex is not currently available to residents of the United States, but is constantly expanding its coverage around the world. A list of supported countries can be found on their website here .

Ultimately, Wirex seems to be a great offering by closing the gap between Fiat and Crypto and allowing you to spend your cryptocurrency in stores and restaurants. This is a step forward to increase acceptance in the industry. Unfortunately, due to the global Crypto regulations on tax obligations, you need to be aware of tax obligations, as purchases are currently considered taxable events in most countries.

 

Florian - HIClub

IT-Systemelektroniker | Founder at Havanna Investors Club
I started in the normal craft business and went the way of the IT system electronics after training. In my own company, I trained in web design, graphic editing and later came to cryptocurrencies through an accident at work. I like dealing with cryptocurrencies, marketing and websites, and figured out how to make money with them quite easily.
 

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