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Wirex review
Spend your crypto and fiat currencies worldwide at interbank rates and with no fees.
Wirex is a borderless payment platform that lets you hold, spend and manage both fiat currencies and cryptocurrencies. It includes a wallet app and payment card that allows users to exchange multiple fiat and digital currencies at interbank and OTC rates.
The travel card lets you make payments using your Wirex account at over 61 million outlets on the global Visa network, supports over 150 currencies and automatically makes your overseas payments in the local currency at the interbank rate without extra 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.
Zyane Tan is an associate editor at Finder. An experienced copywriter and content creator, Zyane enjoys writing on a wide array of subjects. When she’s not busy typing away, she’s reading and musing over a pint.
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 12 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 2% back in WXT (Wirex Token) on all in-store and online 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.
Key features
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 overseas ATMs for free, up to S$400 per month.
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 up to 2% in WXT on all your in-store purchases.
Worldwide acceptance. Wirex cards can be used wherever Visa is accepted, whether in stores or online at over 61 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.
How do Wirex's accounts work
Wirex offers three account tiers: Standard (S$0/month), Premium (S$9.99/month) and Elite (S$29.99/month).
The Wirex Standard plan is free-to-use and comes with the following features:
Wirex X-Tras. Earn 0.5% Cryptoback™ when you spend in-store (Capped at 100 WXT per transaction and 1,000 WXT per month). You can also hold, send or exchange WXT from your Wirex X-Tras account.
Multicurrency support. Link up to 12 traditional currencies and eight digital currencies in your Wirex account.
Free prepaid card. Receive a free Wirex prepaid Visa card after your Wirex account has been successfully verified.
Widely accepted. The Wirex card can be used for payments wherever Visa is accepted, whether in stores or online.
Real exchange rate. Spend in over 150 currencies at the interbank exchange rate.
Zero exchange fees. Benefit from unlimited, fee-free exchange at interbank exchange rates and OTC (Over-the-Counter) crypto exchange rates. This means that you can switch between crypto and fiat currencies instantly without paying any additional fees.
Fee-free cash withdrawals. Enjoy fee-free withdrawals from overseas ATMs, up to S$400 per month. Subsequent withdrawals will subject to a 2% fee.
At S$9.99 a month, Wirex Premium offers all the features on the Standard plan, plus additional X-Tras perks such as:
4% annual Savings Bonus on WXT balance for a limited time (Usual rate is 2%)
1% Cryptoback™ from in-store and online purchases
Exclusive merchant offers
With the Wirex Elite plan, you’ll have access to all the features of the Standard plan as well as the following X-Tras perks at S$29.99 a month:
12% annual Savings Bonus on WXT balance for a limited time (Usual rate is 6%)
2% Cryptoback™ from in-store and online purchases
Curated merchant offers
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 2%
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.
The verdict
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:
Start the registration process on the Wirex website by clicking on the “Open an account today” button in the top right corner.
Fill out the “Register with Wirex” form. Select your country of residence, enter your email and create a password.
Read and check the “Terms & Conditions and Privacy Policy” box and click “Continue” to proceed.
A confirmation email will be sent to you. Follow the confirmation link.
You’ll be prompted to fill in your address, personal information and phone number.
Next, you’ll be redirected to the “Verify your Identity” screen.
Upload the required documents.
Once you’re verified, set up a memorable word for added security and access all Wirex features.
You can also create an account by downloading the Wirex mobile app:
Download the Wirex app from the App Store or Google Play.
Launch the app and begin your registration.
Enter your full name, email address and password. Click “Register” to proceed.
You will receive an email with the activation link. Click on the link to activate.
Return to the Wirex app and tap “Continue” for the next step.
Next, you’ll be prompted to verify your phone number. Select your country code, input your mobile number and click “Send”.
You will receive an SMS with a seven-digit verification code.
Enter the verification code and complete your account registration.
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
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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 the 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 authorise 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.
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. Overseas ATM withdrawals are free, up to S$400 per month (subsequent withdraws will incur 2% fees).
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.
To verify your identity, you will be prompted to upload a picture of a valid government-issued photo ID and a picture of your face when you set up your account.
No. Wirex will automatically charge all transactions in the local currency of wherever you use your card.
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).
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.
Cryptoback is the world’s first cryptocurrency rewards programme that rewards customers with up to 2% back in WXT 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 2% back in WXT.
Whether you decide to hold, exchange or spend your WXT rewards is up to you.
You may top up your Wirex account by exchanging cryptocurrency into fiat or through a linked card issued in Singapore.
No. Besides the mobile app, Wirex also offers a web application that you can use to check your Wirex account.
At present (1 July 2021), you can link Wirex to third-party services such as Curve, Revolut and PayPal.
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