When you need a bitcoin debit card that allows simple and affordable money transfers anywhere and at any time, Wirex may be the card you’re looking for. Wirex fuses the traditional banking services that you are used to with the digital currency systems of the 21st century. Working exactly the way you would expect a normal debit card to work, the Wirex card gives you the freedom of travel while accessing and using the flexibility and security of bitcoin blockchain technology.
About Wirex
Wirex was once called E-Coin and could be found at E-coin.io, but the team behind E-Coin began a rebranding in late 2014 that reshuffled their entire image. Wirex’s founding team is composed of professionals from several fields—Pavel Matveev has led countless high level IT projects for investment banks around the world over the last decade; Dmitry Lazarichev has all the experience attainable from the financial world; and Georgy Sokolov is an internationally renowned salesman with expertise in the US and European markets.
After conceptualising the idea and creating the foundation of their E-coin platform, it took their team just four months to get their systems online. Two years later and after a careful rebranding, Wirex has slowly been finding more and more success in the digital currency market.
Wirex has also recently announced the completion of $3 million in Series A funding obtained from the SBI Group, a leading financial services firm in Japan.
What Services Does Wirex Provide?
Wirex gives users the opportunity to choose from two different types of bitcoin debit cards: either a plastic VISA card (with working pin and chip) or a virtual VISA card. These cards can transact with GBP, EUR, or USD, and they are accepted worldwide, in all establishments that accept regular Mastercard and VISA debit cards. This includes over 99% of the debit card market, allowing you to use your bitcoins wherever you may need.
After ordering your card, it can take anywhere from a few weeks to a few days to get it in your mail, depending on where you are located in the world and whether you chose standard delivery or expedited delivery. While Wirex delivers their cards to over 130 countries worldwide, because of certain legislation issues, they are unfortunately not accessible for US citizens, in India, and some Arabic countries.
To convert your bitcoins to base currency, the Wirex app makes it simple: it takes nothing more than a few touches on your phone with the Wirex app available to both Android and iOS users. For maximum security, Wirex’s app requires two levels of authentication: the initial user-chosen password and afterwards, a special authentication code generated on the user’s smartphone. This ensures the highest level of security for your funds with Wirex.
Wirex also allows users the ability to purchase bitcoins directly with bank transfers, as well as other payment service providers such as PayPal. You will be able to track your money instantly—no banking hours or holidays delaying you from getting your money. Blockchain technology is designed to support immediate money transfers.
How Much Does Wirex Cost?
To buy the physical debit card itself, Wirex charges just 17 USD. The virtual cards cost 3 USD with a 1 USD fee every month. Your account is also charged every time you load your card—3 USD with direct bank transfers, or a 2-3% fee with alternative payment methods such as PayPal.
The number of times you can load your card per day is limited to five times a day, and for every transaction, you can load a minimum of 10 USD up to a maximum of 2500 USD. However, these numbers only apply to transactions from your bitcoin account; if your source of funds comes from a traditional bank or an alternative payment service provider, you are limited to two transactions per day and a maximum of 5000 USD (for bank-sourced funds) or 500 USD (from alternatively-sourced funds).
When using your funds on your card, there is no limit to the number of times you may transact through POS terminals per day, while there is a maximum of two ATM withdrawals per day, 2000 USD max. Wirex has no restrictions on the amount of money you may withdraw for the entirety of your ownership of the card.
When setting up your account, Wirex will ask you to provide Proof of Residence and Proof of Identity documents to verify each user. All of your basic personal details are required on the documents, including your full name, the ID’s expiration date, a recent photo and your date of birth. Your Proof of Residence documents (electric bills, Internet bills) cannot be older than 3 months, and the bills or tax statements must show your declared address. If your documents are not in English, you are required to provide an English translation of them. Wirex does not handle the verification process; instead, your documents are identified by a bank, and this can take anywhere from 7-10 business days.
If you would not prefer to disclose your identity or if you wish to use your account before your identity is verified, some of Wirex’s services can be used, though your experience will be limited. You will only be able to withdraw a maximum of 1000 USD per day (and a maximum of 2500 USD for the card’s lifetime), at a maximum of two ATM withdrawals daily. Despite these restrictions, your POS usage and online payments are surprisingly left unrestricted.
If travelling abroad with the Wirex card, your account will be charged a 3% fee if a currency conversion is required. This applies if the currency of your transaction is not the same as your base currency. Wirex does not display the prices they use for conversions on their website.
How Is Wirex’s User Experience?
The overall design and style of Wirex are pleasing to the eye, with calming shades of teal and blue green on top of a minimalist design that keeps the user experience simplified. The website tells you most of what you need to know and teaches its audience the current reality of bitcoin debit cards. The Wirex app also allows users to send in tickets, enabling simple communication with their customer support system.
Bitcoin exchange rates are available on the spot, so customers can see exactly how much they will get loaded on their cards before confirming transactions. The rates themselves are close to market averages most of the time.
It’s also worth mentioning that Wirex was first to introduce 2-way bitcoin debit cards, meaning that customers are able to both keep a balance in BTC and FIAT. Users are able to exchange cryptocurrencies to traditional currencies and vice-versa at any time.
Conclusion
While not perfect, Wirex is a clear solution for those who often find themselves in different corners of the globe without a reliable and easy way of transacting payments. With both Android and iOS support, free shipping worldwide, and the support of three major currencies, there aren’t many downsides to using Wirex.
Moreover, most customers have had only good reviews for Wirex. The pricing schedule is better than most other cards, and many users are satisfied with their VISA experiences. For those who travel frequently and want to use bitcoin on the go, Wirex has been an easy solution. One problem with Wirex is the slow delivery time of their cards, which also excludes US citizens from participating. There have been no reported instances of scams associated with Wirex or E-coin, suggesting a high level of company policy.
Summary:
- Best customer support, with 24/7 support that can help you in tricky situations
- Easy to use, high-quality user experience with their app and website
- Below average fees
- They ship to the most countries worldwide amongst their competitors
- They offer unnamed cards if you wish to be anonymous, though there are limits
Pros And Cons
- Multiple card options (EUR, USD, GBP)
- Available on both WEB & iOS / Android
- 2-Way debit cards
- User-friendly approach
- Cards are available only in 130 countries
- Card delivery takes more time in remote countries
- Limited functionality for Unverified customers
Crypto info 