Wirex is a UK digital payment platform offering multi-currency account with Visa debit card for cryptocurrencies and traditional currencies. Wirex was founded by Dmitry Lazarichev and Pavel Matveev in 2014. The company has over 3 million customers in 130 countries.
To open Wirex account, you need to register online or download the app, Android or iOS. You will be required to select your country, provide your phone number, password, your identity, and if necessary, your address. For proof of identity, you need a valid government-issued ID. After filling out all the details, you will receive an email with an activation link as well as a 7-digit code in a text message. It might take up to 10 minutes for the code to arrive. Your accoint wil be active once you complete these steps.
Wirex has two different types of accounts, personal and business. Both accounts are multi-currency accounts holding up to 19 currencies including GBP, EUR, JPY, WTX, BTC, LTC, ETH, XRP. Wirex accounts support SEPA and SWIFT international payments. Cryptocurrency trading attracts Over-the-Counter (OTC) rates and fiat currencies use the interbank rate. The business account need to be set up in your registered business name and you get a free 30 day trial. Both accounts allow you to spend fiat money and cryptocurrencies at 54 million locations around the world.
Since Wirex is virtual, how then do you deposit money into your personal or business account? With Wirex you can fund you account via a wire transfer (SEPA and SWIFT, IBAN, bank address, etc ), debit/credit card, PayPal gift card. You can also top up your cryptocurrencies as well with fiat currency or cryptocurrencies. Once you account is funded, you can use Wirex Visa card online or in-store.
To transfer from an external bank, you will need to complete the transaction via that financial institution’s payment system. You cannot complete a transfer from an external bank on the Wirex site.
You can send funds from your Wirex personal or business account to another Wirex user or to an external bank account using. To send funds, you will need to confirm the transaction via the confirmation email you will receive. If you don’t confirm, the transaction will not go through. You will also be able to send cryptocurrencies via Wirex dashboard where you can select type of currency. Internal transfers between Wirex users do not go through the blockchain.
As we have mentioned before, Wired supports cryptocurrency transactions such as Bitcoin. So, you are able to receive and send cryptocurrencies to another crypto account. Note that Wirex uses smart contracts to send ETH not a regular wallet by using multi signature wallets to control the private keys. Transactions initiated from smart contracts have a different structure of inputs/outputs inside it comparing with transfer from simple wallets. When sending, the funds may take up to 30-60 minutes to arrive depending on the blockchain’s and Wirex’s current network load. If you used your local credit or debit card or Wirex card to purchase or exchange crypto, this can also take up to 15 minutes to appear in your balance if the system load is high.
Some wallets and/or exchanges may not support ETH transfers from Wirex because some wallets and exchanges are not able to read out inputs/outputs and settle the incoming transfer because of their infrastructure settings. However, administrators of these wallets can manually identify such transactions and perform a force settlement which will reflect in the user’s balance. You should enable two-factor authentication (2FA) for any outgoing transaction.
There are daily limits which when exchanging currencies and sending cryptos funds from a Wirex account to an external account. All limits are in USD except 2 factor authentication limits. For example, below are limits for Bitcoin. You can see the rest of limits here.
|Transaction||Minimum transaction amount||Maximum transaction amount||Maximum daily limit|
|2FA not required||0.01 BTC|
|Exchange: crypto → fiat,crypto → crypto*||unlimited||36000||unlimited|
|Exchange: fiat → crypto||unlimited||unlimited||unlimited|
* For crypto → crypto exchanges, the limit applies to the currency from which the conversion is performed.
Wirex has a Cryptoback rewards program, meaning the more you spend with your Wirex payment card, the more you receive back. With Wirex token, WTX, you can receive rewards worth 0.5% or more every time you make an in-store purchase, swipe your Wirex payment card or use Tap and Go. Your reward is instantly added to your reward balance located within your Wirex app, in the form of Bitcoin, which can be redeemed to your BTC wallet anytime.
You need a Wirex Visa card before you can make purchases with Wirex. To order a card, you need to enter your personal information, currency, residence address and your order will be processed instantly. If you order a GBP/EUR card, it will be issued together with the associated currency account. If you don’t have enough funds in your account, you may be asked to top up before ordering your card. The top up amount varies by region, but will be displayed in when ordering. You can use you card anywhere in the world where Visa is accepted, however, the card can only be deliverd to these countries. Card delivery duration differs but in the EEA, card delivery may take up to 4 business day
Your Visa Debit & Prepaid Card will be issued by Contis Financial Services Ltd who is authorised by the Financial Conduct Authority to issue e-money and is a member of Visa.
Wirex Visa card is not covered by the Financial Services Compensation Scheme. However, your funds are held in a segregated account so that in the unlikely event that Contis Financial Services Ltd becomes insolvent your funds will be protected against claims made by creditors.
Wirex Card supports 19 different fiat and cryptocurrencies. In European Economic Area, Wirex supports: AUD, CAD, EUR, CHF, CZK, GBP, HKD, JPY, MXN, SGD, USD, BTC, LTC, XRP, ETH, WAVES, WLO, DAI, NANO, XLM, and WXT. In Asia Pacific, it supports AUD, CAD, CHF, CZK, EUR, GBP, HKD, JPY, MXN, SGD, BTC, LTC, XRP, ETH, WXT, XLM, and DAI and all other regions supported currencies are AUD, CAD, CHF, CZK, EUR, GBP, HKD, JPY, MXN, SGD, BTC, LTC, XRP, ETH, WXT, and DAI,
Wirex has a native cryptocurrency, Wirex token (WXT). WTX is not a stablecoin but a utility token that provides a range of benefits to Wirex customers such as discounts and enhanced rewards. WTX gives Wirex customers 100% discount on fees including exchange fees, bank transfer fees, withdrawal fees, credit/debit card top-up fees, monthly management fees, ATM fees and SWIFT charges and up to 1.5% cryptoback in WXT every time you use your Wirex Visa card in-store.
Wirex accounts can be opened in many countries around the world. Wirex cards can be used in any country where Visa is acceptable. Requirements for opening a Wirex account differ from country to country. For example, in some countries mobile phone bills and payslips can be used for proof-of-address. See the full list of supported countries and requirements here. At the moment, Wirex is not available in the US.
Wirex is a licensed e-money issuer the U.K. Financial Conduct Authority (FCA). It is PCI DSS Level 1-certified and uses multi-signature, cold-storage for both traditional and cryptocurrency accounts. Wirex allows you to freeze or unfreeze your card in-app if you notice suspicious activities.
|Feature||EEA||All other regions|
|Wirex Visa card charges|
|Multi-sig crypto accounts||FREE||FREE|
|Multi-sig fiat accounts||FREE||FREE|
|Card account maintenance fee||£1.00 / €1.20 / $1.50 per month||–|
|Crypto top-up by external card||1%||1%|
|Bank transfer IN/OUT: SEPA||FREE||FREE|
|Bank transfer IN/OUT: FASTER PAYMENTS||FREE||–|
|Bank transfer IN SWIFT||FREE||FREE|
|Bank Transfer Out SWIFT||£12 /€13 / $15||$15|
|Crypto exchange services||OTC rates + commission||OTC rates + commission|
|Fiat exchange services||Interbank rates + commission||Interbank rates + commission|
|Internal transfer (between Wirex users)||FREE||FREE|
|External transfer (crypto)||Blockchain fees apply*||Blockchain fees apply*|
|ATM charges (FX fee applies for withdrawals abroad)||EEA (including UK): £1.75 / €2.25 / $2.50 International: £2.25 / €2.75 / $3.50||–|
|If you hold 500,000 WXT||1.50%|
|Crypto exchange||Limit varies depending on the currency from which the conversion is performed.|
|Crypto transfer OUT||Per transaction: $10k per day: $50k||Per transaction: $10k per day: $50k|
|Credit / Debit card top-up (confirmed)||$5k per day||–|
|Credit / Debit card top-up (unconfirmed)||$50 per day||–|
|Card spend limit per transaction||£7.5k/€8k/$10 per transaction||–|
|Transferring funds between current account and Wirex card||UNLIMITED||–|
|Maximum account balance||UNLIMITED||UNLIMITED|
|Maximum card balance||£15k / €16k / $20k||–|
|Spend from card||£7.5k / €8k / $10k per day||–|
|ATM withdrawals||£/€/$250 per day||–|
|Outgoing Bank Transfer Limits|
|Min Trx amount||Daily limit||Max Trx amount||Max Trx amount|
*SEPA and SWIFT limits are set up in USD equivalent.
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