Wirex digital banking review
Get crypto-rewards and take control of your money with Wirex.
The app lets you spend money abroad in more than 150 currencies at the interbank rate (the same rates banks give each other) for crypto and traditional currencies.
Since launching in 2014, Wirex customers have made over $2 billion worth of transactions between crypto and traditional currencies. Read on to find out more about Wirex in Canada, including how it works and what it costs to help you work out if Wirex is right for you.
How Wirex works in CanadaWirex is a digital payment platform that helps you manage your money at home and abroad at a low cost. Once you’ve registered – via the Wirex app on your smartphone, or online – you can take advantage of your Wirex Multicurrency Account. Its features include easy-to-view transactions, and fast payments and transfers. Plus, you can buy, sell and manage your money via 13 supported traditional currencies and 9 cryptocurrencies.
If you order a Wirex Card, you’ll see a separate card account on your profile which will show you your balance. You can load money onto your prepaid Visa card and start spending across the world. Your card can be used online, in shops, over the phone or by withdrawing cash from an ATM. At the time of writing, the card is not yet available in Canada.
What can you do with Wirex?
- Fee-free top ups. There’s no fee on bank transfers made via SEPA/SWIFT/Faster Payments (this feature isn’t available yet in Canada as of the time of writing).
- International payments. The app lets you spend money abroad in more than 150 currencies at the interbank rate (the same rates banks give each other) for crypto and traditional currencies.
- Buy and sell cryptocurrency. Enjoy competitive rates of around the real exchange rate. Read more about crypto below.
- Bitcoin rewards. Get cashback on all in-store purchases you make. Any rewards you accrue are paid back to you in BTC.
- Instant alerts. Keep track of your spending and budgeting with in-app alerts for each account.
- International ATM withdrawals. You can use your Wirex Card anywhere that Visa is accepted.
- Zero account maintenance fees. However, there’s a small monthly card maintenance fee.
- Make contactless payments. Tap and spend with ease.
Is Wirex safe?Wirex has an e-money licence from the Financial Conduct Authority, which is the UK’s financial regulation authority. On its website, Wirex says that security is a “top priority” that’s taken “very seriously” by the company. It doesn’t keep any payment card numbers, expiry dates or CVV codes. Instead, Wirex operates with card proxies. Effectively this means that not even Wirex employees have access to your customer data. Also, 3D Secure enrollment will ensure that you’re protected online and off.
How do cryptocurrencies work with Wirex?Wirex stands out from the competition when it comes to cryptocurrencies. It’s easy to transfer supported cryptocurrencies and other popular altcoins to your Wirex account via the Wirex mobile app. Wirex‘s aim is to make cryptocurrencies accessible. User dashboards work intuitively and come with slick designs that are easy to understand.Wirex shows you real-time cryptocurrency data which shows you current rates. You’ll have access to 9 different cryptocurrencies: bitcoin (BTC), ether (ETH), litecoin (LTC), ripple (XRP), waves (WAVES), wollo (WLC), dai (DAI), nano (NANO), and stellar (XLM).
You can use the Exchange Currencies feature to buy or sell cryptocurrency, convert your traditional money to crypto or transfer crypto from your Wirex wallet to your euro fiat currency account. This can then be spent using a VISA debit card.
Pros and cons of Wirex
- Fast and easy signup process
- No account set-up or card delivery fees
- Hold 13 traditional currencies and 9 cryptocurrencies in your account, and exchange funds quickly
- Competitive spending limits
- Small per month card maintenance fee.
- A range of other charges apply, including for ATM withdrawals and a foreign exchange fee.
- Wirex cards are accepted in most places globally, but not everywhere.
How to sign up with Wirex
You sign up to Wirex by downloading the app to your smartphone and registering (it’s also possible to do so on the Wirex website). You’ll need to verify your identity by providing a valid ID and taking a selfie. After signing up, you can begin using your account and request a Wirex card.