Wirex.com Debit Card Review

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Wirex – previously known as E-coin – combines digital money with traditional banking services. The worldwide issued Bitcoin debit card enables cheap money transfer anytime, anywhere. The Wirex card works just like a normal debit card but it offers much more due to the flexibility and opportunities provided by the Bitcoin blockchain technology. A card for the traveler, for the bitcoin freelancer, and for anyone who wants to be on top of their finances in the digital world.

WARNING: Wirex charges a insanely high fee for inactive accounts – 0.003 BTC per DAY (!) which translates currently into $4500 USD per month. This looks like a giant scam to us, we do not recommend you to join wirex. Chosse another provider instead of getting your funds robbed by these banksters.

 

Wirex Review Contents

About Wirex

The London based firm was established at the end of 2014. Until February 2016 the platform had been running under the domain name E-coin.io. Then they made a rebranding including a new brand name, Wirex, accessible at wirexapp.com. E-coin.io has since then been redirected to the new platform.

The Wirex founders have a diverse professional background. Pavel Matveev has been working as a IT developer for the last ten years. He had high level IT projects at various noted investment banks around the globe. Dmitry Lazarichev has multiple interests in finance and entrepreneur projects. Starting in Russia, he worked for Solid providing consulting services, then later moving to the UK to found his own business importing wood biomass. Georgy Sokolov is a salesperson with international experience in the US and Europe.

Before funding E-coin he has been working for the largest Russian cargo airline. After founding the company in 2014, it only took the guys four months to build and launch the working E-coin platform from scratch. Five years later the company got well established on the market and many features were improved in the meantime.

steps to get started with Wirex

Registration with Wirex

Registration is easy and quite fast. However, it isn’t possible anymore to sign up anonymously, which used to be the case formerly, when users could optionally verify their identity later. ID verification is already part of the registration process and cannot be skipped. Access to the newly created account will only be granted after the identity is proven.

In order to verify the user account, Wirex requires different documents as Proof of Identity and as Proof of Residence. The IDs must contain the full name, date of birth, a photo of the user, and expiration date. For proving residence only those documents are accepted that are newer than 3 months. Any bill or bank/tax statement can be submitted which shows the user’s current address. Documents must be in English, or a translation must be attached to them. While in the early days of Wirex the identity verification was done by the bank and could take up to 3 business days, it is now way faster – usually, accounts get verified in about 20 minutes.

Citizens and residents of the following countries can sign up on Wirex:

signupIsle of Man, Denmark, Germany, New Zealand, Bulgaria, Latvia, Colombia, Belgium, Hong Kong, Gabon, Cambodia, Liechtenstein, Djibouti, Aland Islands, Aruba, Ukraine, Greece, Australia, Spain, United Kingdom, Andorra, Moldova, Switzerland, Barbados, Poland, Bahrain, Panama, Montserrat, Costa Rica, Brazil, Kuwait, Iceland, Thailand, Burkina Faso, Norway, Oman, Malaysia, Peru, Indonesia, Virgin Islands, Samoa, Antigua and Barbuda, Monaco, Puerto Rico, Guatemala, Cameroon, Grenada, Armenia, Italy, Gibraltar, Jersey, Lithuania, Cayman Islands, Benin, Canada, Kenya, Bermuda, Malta, Jamaica, Uzbekistan, Belize, Lesotho, United Arab Emirates, Russia, Slovakia, Algeria, Saint Kitts and Nevis, Nepal, Namibia, Sweden, Nicaragua, India, Albania, Ireland, Brunei, France, Israel, Portugal, Turks and Caicos Islands, Mali, Norfolk Island, Qatar, South Africa, Montenegro, Slovenia, Czech Republic, Argentina, South Korea, Kazakhstan, Taiwan, Cook Islands, Saint Lucia, Kyrgyzstan, Niger, Cyprus, Croatia, Ecuador, Tajikistan, Hungary, Singapore, Chile, Guernsey, Romania, Paraguay, Estonia, Turkmenistan, Mexico, El Salvador, Luxembourg, Dominican Republic, Netherlands, Finland, Turkey, Bhutan, Nigeria, Mauritania, Georgia, Tanzania, Zambia, Austria, Faroe Islands, Dominica, Tuvalu, Fiji, Viet Nam, Malawi, Saint Vincent and the Grenadines, Morocco, Ivory Coast, Togo, Philippines, Honduras.

Fiat money and VISA card not available in all listed countries!

Note that the use of Fiat currencies does not apply to all countries in which registration is possible. Users of affected countries still have to register with full ID verification – only then will they realize they can’t access fiat funds or get the card at all. In such cases, an ID verification is usually never necessary in the crypto field – but at Wirex it is?! That’s something we don’t like about Wirex – that users from certain countries get disappointed after ID verification, without getting any warning about limitations in their region upfront. This issue concerns many countries outside of Europe.

Provided services

wirexapp

Formerly, Wirex used to issue two types of Bitcoin backed debit cards. One was a Mastercard with a pin and chip, the other one was a virtual VISA card. Now there is only one type of card left in their offer – a real Visa debit card.

Behind the card, users can opt to select the base currency from USD, EUR, and GBP. The card is accepted everywhere in the world where VISA cards are supported – this is basically covering 99% of the debit card acceptance market, including millions of ATMs and retailers both online and offline.

The company delivers plastic VISA cards to the 130 supported countries worldwide. Standard delivery to EEA countries is up to 4 business days. In the rest of the world, it can take longer, depending on the destination and the shipping service. The standard shipping is free.

Although Wirex serves users in about 130 countries, the services are not available for US citizens, nor in India, neither in many Arabic countries due to legislation issues.

The conversion between Bitcoin and the base currency only takes a simple touch in the app that is available in both Google Play for Android users and in the App Store for iOS users.

Two-factor authentication is used in order to maintain high security: besides the user given password, a unique special code generated by an authentication app, installed on the smartphone secures the funds on the Wirex accounts.

With Wirex, users can buy Bitcoin directly with bank transfers. Wirex accounts can also be funded by credit or debit card as well as with every supported cryptocurrency. Due to the instant notifications available in the app, users can track the money while they are on the go – no need to pay attention to the bank’s opening hours or wait for the transfers to happen. Bitcoin transfer with the blockchain technology allows instantaneous money transfer services.

Besides cryptocurrency sendings, the service also supports different types of fiat currency transfers, such as SWIFT, SEPA, or external credit/debit cards for in and outgoing transfers. Currencies can be exchanged within the app, at interbank rates and OTC + commission. Commissions are transparent and will always directly be shown before a currency exchange.

Wirex is also launching the multicurrency Wirex card. It’s the payment card that makes crypto and traditional currencies equal. Real-time point-of-sale conversion, zero exchange fees, and up to 1.5% bitcoin rewards on all spending. You can join the waiting list today and get it first.

Fees and limits

Formerly Wirex offered virtual cards as well, but as of 2019, there is only the real VISA plastic debit card left. This comes with some advantages compared to former times, as the card issuance and delivery are now completely free of charge. When loading the card by SEPA or SWIFT bank transfer, there are no fees. Only crypto top-ups by external cards cost 1% per transaction. Only for outgoing SWIFT bank transfers, Wirex charges £12 / €13 / $15 per transaction in EEA countries, and $15 in the rest of the world.

Follow this link to get a 25% Discount Coupon for your Wirexapp Card.

wirex card

The limits of loading the account are depending on the source of the funds. Users from EEA countries can top up Wirex accounts by external credit or debit card to a daily limit of $5,000.

Outgoing crypto transfers are allowed up to a limit of $50,000 per day and $10,000 per transaction. The VISA card can be used for transactions up to $10k / €8k / £7.5k per transaction.

While accounts can have unlimited balances, the card balance is restricted to $20 / €16k / £15k. Users may use the card for online and offline purchases through POS terminals.

ATM withdrawals are permitted with a maximum amount of £/€/$250 per day – 8 times less than it used to be formerly when users could withdraw up to 2,000 daily.

When traveling and using a Wirex card, the following fees apply:

EEA (including UK): £1.75 / €2.25 / $2.50
International: £2.25 / €2.75 / $3.50

Additionally, the FX fee (interbank rates) applies for withdrawals abroad.
The Bitcoin prices used for conversions as well as all supported currency exchange rates are available on the Wirex website in the “live rates” section.

All fees and limits are stated on this page.

Wirex Business Account

business

The digital money transfer and payment service not only offers accounts for private individuals, but also for companies. Wirex business accounts are registered in a business’s legal name/entity.

The customizable app interface allows for the management of 16 currencies (traditional & crypto). At the exchange of currencies against each other, the interbank and OTC rates + commission applies, Wirex doesn’t charge any hidden top-ups on those rates.

Business accounts with Wirex are great for companies which want or need to use both traditional currencies and cryptocurrencies to send or receive payments. Also investing in cryptocurrencies with parts of your business income is especially handy with Wirex since everything happens on just one platform.

Bitcoin Payback System “Cryptoback”

cryptoback wirex

The big innovation among Wirex’ services is their new Bitcoin payback system called Cryptoback (registered TradeMark). With every purchase users make with their VISA card they get up to 1.5% of the amount back in BTC. This concerns all in-store purchases.

Additionally, users can benefit from a referral program paying up to $10 for each referred friend.

Wirex User Experience

The latest website interface of Wirexapp.com has a professional color design in white with green accents. The service is available on smartphones for both Android and iOS users.

The website provides decent information on the available bitcoin debit cards. The FAQ answers most of the questions users may have. Email support isn’t possible anymore, so users are mainly encouraged to use the support ticket system they find in their account, easing the customer support processes. They also provide other means of contacting possibilities, like Facebook or Telegram messenger.

The most important information and key data are detailed on the site, also the bitcoin conversion prices.

Customers have given very good feedback on Wirex. They elevate the support system that works 24/7, the pricing schedule that is just about average, and that a real VISA card is supported. The best part is the app that is very handy for frequent travelers. Since the delivery time of the card has dramatically improved, clients can’t even complain anymore about the long delivery times of the card. However, it’s a pity that US citizens are still excluded from the services. No serious scam report has been issued about the company neither under the name Wirex, nor under the name E-coin.

Wirex on Social Media:

Pros:

  • Android and iOS apps
  • major fiat currencies supported: USD, EUR, GBP
  • 6 cryptocurrencies supported

Cons:

  • no anonymous accounts anymore
  • extremely scammy inactivity fee
  • if the card can be delivered to your country or not only gets cleared after registration
  • information is missing on wirexapp.com: company owners are not available at wirexapp.com
  • US citizens excluded

Overall Conclusion

Wirex, previously E-coin provides VISA and Mastercard supported bitcoin debit cards. The associated smartphone app makes the user experience a great pleasure while still maintaining the pricing schedule at a decent level.

Please share your experiences!

If you have any experience with this Bitcoin Debit Card Provider – please let the community know in the comments below and rate the provider. Thanks! Karma++

Go to wirexapp.com
– 6 Total Ratings with 2.00/5 possible Rating Points. VPN Provider