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
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 eight 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.
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 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 eight digital and 12 traditional currencies within the app, including SGD.
- 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. With Wirex, you can exchange, hold and spend in eight cryptocurrencies: Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Ripple (XRP), Wirex Token (WXT), Dai (DAI), Nano (NANO) and Stellar Lumens (XLM).
- Convenient top-up. Reload your value anytime with a credit card, debit card or using cryptocurrency transfer.
- Instant notifications. Keep track of your payments with live in-app notifications instantly each time a transaction is made.
Fees and limits
- S$0 account management fee
- S$0 ATM fee if you withdraw less than S$400 per month, a 2% fee thereafter
- Cryptoback rewards of up to 1.5%
- If your card isn’t confirmed, you can’t use it to top up more then USD$50. If the card is confirmed you can load up to USD$5,000.
- Daily spending limit of S$5,000
- 1% fee to top up your crypto account.
Wirex is an app to consider if you want a convenient digital account with impressive cryptocurrency functionality. You can buy, hold and sell multiple fiat and digital currencies and enjoy easy account management and top up. There’s also no monthly fee.
However, if you are looking for a digital bank account with spending analytics and savings functions, you may want to consider another app.
How to sign up
Signing up for Wirex is easy. Just click “Go to Site” on this page and then follow this process:
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.
Compare Wirex with other digital banks in Singapore
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