Wirex Card supports 10 different cryptocurrencies: BTC, LTC, ETH, XRP, WAVES, WOLLO, DAI, NANO, XLM and Wirex Tokens. With respect to fiat currencies, Wirex Card supports 150+ different currencies. To our knowledge, this is more supported fiat currencies than any other crypto debit card out there.
In August 2019, the Wirex Card received Type II membership of the Japan Virtual Currency Exchange Association (JVCEA). They were the 8th financial services company to do so. Membership is a huge milestone on the road to becoming a legal Crypto Asset Exchange Service Provider in Japan.
The Wirex Card also managed to have 2,600,000 registered customers, in September 2019. 3,000 people are registering every day. Between them, Wirex customers apparently buy an average of 1,126 cups of coffee every day across 193 countries. In the UK, the most popular places to use a Wirex card are Amazon, Sainsburys and McDonalds.
Out of all potential advantages with the card, Wirex themselves highlight five things: global reach, in-the-know, instant rewards, high limits and zero fees. Out of these advantages (more detailed in the picture below), we think that the global reach and instant rewards are most attractive. High limits, zero fees, are of course also good, although the "zero fees" statement is not 100% true, so it feels a bit misleading to us in that sense. The "in-the-know" advantage is also helpful but seems quite expected and most crypto debit cards do in fact have that as well, so the Wirex Card doesn't really distinguish itself from its competitors when it comes to that specific factor.
US-investors may not use this card.
Wirex Card is a Mastercard, meaning that you can use the card at any point of payment that accepts Mastercard. This is of course a great advantage, seeing that Mastercard (and VISA) are the most accepted cards in the world.
The card was previously a VISA-card, and was actually the second cryptocurrency firm ever to be the principal member of Visa. With that identity, Wirex could expand their business, including issuing Visa cards, providing related financial services and apply for other licences, as well as offering payment services for customers to pay at Visa merchants. We assume that Wirex Card has roughly the same capabilities from their affiliation with Mastercard instead.
Wirex Card’s fees are extremely low.
There is no monthly fee. This is a bit unusual. There is no issuance fee. This is very unusual.
ATM-usage results in a fixed fee of USD 2.50 per withdrawal. This might be disadvantageous in countries where the normal ATM-machines only allow smaller amounts of withdrawals (USD 20 for instance). In such scenarios, in order to withdraw a larger amount you need to withdraw several times, thus triggering the fixed fee each time. You can usually avoid this by just going to a local bank at the relevant place. Local banks normally permit higher withdrawals. In any event, the ATM-fee is not particularly high.
Furthermore, the most important fee of them all, the commission on spending. Wirex Card does not have a spending fee, but it has a loading fee when it comes to cryptocurrencies amounting to 1.00%. So in effect, when using the card to pay with crypto somewhere, you will indirectly have paid 1.00% in a spending fee. We have therefore included this 1.00% as the spending fee in our database (even though it is really a deposit fee).
There is no maximum balane for the Wirex Card, only a maximum spend per transaction and per day (USD 10,000 for both). This is also extremely competitive.
All in all, the fees and limits set by Wirex Card are incredibly competitive.
The card from Wirex also offers something very interesting: a cashback feature. What is a cashback feature? Well, it's actually quite simple, every time you use the card, a percentage of what you pay with the card gets transferred back to you. For the Wirex Card, you get the cashback in the form of Bitcoin. How great is that?? The cash-back deal was raised from 0.50% to 1.50% on 12 September 2019, and then again to 2.00% on 9 March 2021.
Wirex also has a rewards program, called Cryptoback. When you use your Wirex card in any store, they’ll give you up to 1.5% back to use. This is paid out in cryptocurrency. So far, Wirex has given out more than $1.5 million in this rewards program.
Wirex also prioritizes security. Even though many cryptocurrency banks don’t do this, Wirex makes sure to go through many authorization processes when setting up your account. This is much more common with traditional banks.
While this might be annoying because it means you’ll have to wait longer for your account to be authorized, it’s better in the long run for your security.
However, because they are still applying for the same licenses as larger banks, we recommend you store only small amounts of money in your Wirex account.