Spend your crypto and fiat currencies worldwide at interbank rates and with no fees.
This review covers everything you can do with Wirex in Singapore, including how it works, what it costs and its pros and cons. Read ahead and find out if Wirex is right for you.
ATM fee for SGD withdrawals
Currency conversion fee
What's in this guide?
- How does Wirex work?
- What features are available with Wirex in Singapore?
- Compare all Wirex products Singapore
- How do you use Wirex abroad?
- Fees and charges
- Is Wirex safe?
- How do cryptocurrencies work with Wirex?
- What is Cryptoback?
- What are the benefits of a Wirex account?
- What to look out for
- How do you sign up with Wirex in Singapore?
- Compare Wirex with other digital banks in Singapore
- Frequently asked questions
How does Wirex work?
Launched earlier in November of last year, UK-based PayTech Wirex introduced their Wirex Visa Travelcard at the Singapore FinTech Festival. The travel card is compatible with more than 150 currencies and provides users with the option to link up to 11 traditional currencies and 8 digital currencies at interbank and OTC rates. To sweeten the deal, Wirex also offers a reward programme known as Cryptoback, which generates up to 1.5% back in Bitcoin on all in-store purchases you make on the card.
Wirex is also a payment platform for buying, selling, storing, exchanging and transferring cryptocurrencies, making it a hybrid between traditional banking and cryptocurrencies.
What features are available with Wirex in Singapore?
The app is simple, user-friendly and streamlined. With Wirex, you can do the following:
- Make international payments. The app lets you transfer money to anyone in the world, fee-free, at the interbank exchange rate.
- Fee-free global spending. Your Wirex card automatically makes overseas payments in the local currency at the interbank rate without charging any exchange fees.
- Free ATM withdrawals. You can withdraw from both local and overseas ATMs for free.
- Hold different currencies in your account. You can hold a balance or make an exchange in 8 digital and 11 traditional currencies within the app.
- Control your card and account. You can block and unblock your card in the Wirex app as well as set monthly spending limits.
- Earn crypto rewards. Generate 1.5% back in Bitcoin (BTC) on all your in-store purchases. Also, for every successful referral, both you and your friend will receive $10 worth of bitcoin.
- Worldwide acceptance. Wirex cards can be used wherever Visa is accepted, whether in stores or online at over 54 million merchant locations around the world.
- Buy, hold and spend cryptocurrency. We explain more about cryptocurrency below.
Compare all Wirex products Singapore
How do you use Wirex abroad?
Banks typically impose additional fees when you use your card abroad, or they convert your money at non-competitive rates. One of Wirex’s most appealing features is that it lets you spend fee-free at the over-the-counter (OTC) or interbank rate in over 150 supported currencies.
Using your Wirex card overseas is much like using it in Singapore. One attractive feature is that the card automatically makes your overseas payments in the local currency without any exchange fees. While both domestic and overseas ATM withdrawals are free, the amount you can withdraw is limited to S$300 per day.
Fees and charges
For Singapore users, expect the following fees when you top up your Wirex account and when purchasing new cryptocurrencies:
|Service||For crytocurrencies||For fiat currencies|
|Top-up with external credit or debit card||1%||Free|
|Exchange||OTC rates + commission||Free|
|Internal transfer (between Wirex users)||Free||Free|
|External transfer||Blockchain fees||N/A|
|Overseas ATM withdrawal||N/A||Free up to S$400 per month, a 2% fee applies thereafter|
Fees are accurate at the time of writing (10 September 2020).
Is Wirex safe?
Wirex is the third cryptocurrency-enabled company in the world to be granted a UK Financial Conduct Authority e-money licence (No: 902025) in August 2018. Enrolled in Verified by Visa and certified PCI-DSS (Payment Card Industry Data Security Standard) level 1, you can rest assured that your payments are safe with the highest possible protection from fraud.
Here are some of its security features:
- Cold-storage accounts. Both your traditional currency and cryptocurrency are kept in multi-signature cold-storage accounts for added security.
- PIN and biometric authentication. Wirex’s mobile app is protected by a password, face or fingerprint ID.
- Block or unblock card. Save time and expensive overseas calls with the option to freeze or unfreeze your card directly in the app if it has been misplaced, lost or stolen.
- 2FA encryption and advanced device authorisation. 2-factor authentication (2FA) and advanced device authorisation allow you to authorising which devices you want to access your account on.
- Memorable word. You may add a memorable word of your choice for an extra layer of protection.
How do cryptocurrencies work with Wirex?
Wirex stands out from its competitors in cryptocurrencies by offering the option to exchange, hold and spend in eight cryptocurrencies, namely Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Ripple (XRP), Wirex Token (WXT), Dai (DAI), Nano (NANO) and Stellar Lumens (XLM).
So other than being a digital currency wallet, the Wirex app also allows you to perform essential financial activities such as buy, exchange, transfer and store them anytime. This functionality helps make cryptocurrencies more accessible and easier to manage.
With the contactless Wirex Visa card, you can essentially spend your cryptocurrency just like you would any fiat currency, including in restaurants, supermarkets or on public transport.
What is Cryptoback?
Known as Cryptoback, Wirex offers the world’s first cryptocurrency rewards programme that rewards customers with up to 1.5% back in Bitcoin on all in-store purchases made on their Wirex Visa card. So as long as you swipe, tap or enter your PIN anywhere Visa is accepted, you’ll generate up to 1.5% back in BTC.
Whether you decide to hold, exchange or spend your BTC rewards is up to you.
What are the benefits of a Wirex account?
Wirex offers a wide array of benefits, including:
- Free to use. There are no account maintenance or card fees (for APAC region).
- Hybrid fiat and crypto-enabled app. Hold up to 8 digital and 11 traditional currencies within the app.
- Multi-currency travel card and wallet. Make payments in local currency without incurring hefty exchange fees.
- Instant currency exchanges. Exchange your funds anytime at live interbank rates, whether it is crypto-to-crypto, fiat-to-crypto, crypto-to-fiat or fiat-to-fiat.
- Competitive conversion rates. Get access to live interbank and OTC rates for both traditional and cryptocurrency exchanges.
- Global acceptance. The Wirex card is compatible with over 150 currencies and you can use it wherever Visa is accepted.
- Free worldwide ATM withdrawals. Withdraw cash from international ATMs without incurring fees. However, note that transaction and withdrawal limits do apply.
- Convenient top-up. Reload your value anytime with any Singapore credit or debit card.
- Instant notifications. Keep track of your payments with live in-app notifications instantly each time a transaction is made.
What to look out for
While Wirex comes with a host of benefits and features, it’s not without its disadvantages:
- Limited number of traditional currencies. At the time of writing (7 February 2020), there are only 12 available fiat currencies available: AUD, CAD, CHF, CZK, USD, EUR, GBP, HKD, JPY, MXN and SGD.
- Top-up limits. You can only reload up to a maximum of US$50 (unconfirmed card) and US$5,000 (confirmed card) per day.
- Local card transaction limit. You’re only allowed up to 3 successful transactions (such as topping up or buying cryptocurrency) on your linked local card every 24 hours.
- Overseas ATM withdrawal limit. Daily withdrawals from overseas ATMs are capped at S$300.
How do you sign up with Wirex in Singapore?
Here’s how you can register a new account directly from the Wirex website or through its mobile app:
Once your Wirex account has been successfully verified, you can request a contactless Wirex card. Simply click the “Order a card” button on the dashboard of your Wirex web application or mobile app, confirm your delivery address and select your delivery method. Enjoy free standard delivery via Singpost, or opt for trackable express delivery via DHL at an additional charge of S$5 to S$25.