THORWallet Card

THORWallet MasterCard Review: Fees, Rewards & Availability

Basic Information

THORWallet Card represents a bridge between decentralized finance and traditional banking, combining a Swiss-based IBAN bank account with a globally accepted MasterCard. The card's primary distinction is its non-custodial approach, allowing users to maintain control of their crypto assets until the moment of conversion for spending.

The card operates through a partnership with Fiat24, a FINMA-licensed Swiss fintech providing the underlying banking infrastructure. This enables users to spend their digital assets in everyday transactions while benefiting from the security and reliability of the Swiss banking system.

Note: The current THORWallet MasterCard represents the active product offering. Earlier references to a THORWallet Visa card relate to a legacy program linked to the older $TGT token and should not be confused with the current MasterCard debit card issued via Fiat24.

Banking & Financial Services

THORWallet Card provides users with a comprehensive Swiss banking solution integrated with cryptocurrency capabilities:

Account Features

• Swiss IBAN Account: Full multi-currency IBAN account with Swiss National Bank backing
• Supported Fiat Currencies: CHF (Swiss Franc), EUR (Euro), USD (US Dollar), CNY (Chinese Yuan/Renminbi)
• Account Funding Methods:
  • Cryptocurrency top-ups: USDC, USDT, or ETH (all on Arbitrum network)
  • Bank wire transfers: SEPA and SWIFT transfers (free of charge)
  • In-app swaps: Convert other cryptocurrencies (BTC, SOL, etc.) to supported assets first

Card-Account Integration

The THORWallet Card does not maintain a separate stored value or balance. Instead, it directly debits the Swiss IBAN account when used for purchases. Users must convert cryptocurrency to fiat currency in their IBAN account before spending, ensuring full transparency and control over conversion timing and rates.

Payment Rails

• Outbound Transfers: SEPA and SWIFT bank transfers supported
• Card Network: MasterCard global payment network
• Mobile Payments: Integration with Apple Pay, Google Pay, and Samsung Pay

Important: Banking features and the MasterCard can only be managed via the THORWallet mobile app, not through the web application.

Regulatory Structure and Licensing

THORWallet Card operates under a robust Swiss regulatory framework:

Licensing and Regulation

• Regulatory Authority: Swiss Financial Market Supervisory Authority (FINMA)
• License Type: FinTech license (deposit-taking) held by Fiat24
• Regulated Entity: Fiat24 is a Swiss regulated financial institution operated by SR Saphirstein AG
• Jurisdiction: Switzerland

Custody and Fund Protection

• Fiat Currency Custody: User fiat funds are held directly at the Swiss National Bank (SNB) as 100% reserves under Swiss regulatory requirements
• Cryptocurrency Custody: Non-custodial model where users retain private keys until the moment of conversion to fiat
• Regulatory Compliance: Full adherence to Swiss and international AML/KYC laws

This dual-custody model provides users with self-custody benefits for their crypto holdings while ensuring their fiat balances receive the protection of Swiss banking regulations and central bank backing.

Rewards and Benefits

Cashback Structure

The $TITN token (launched May 23, 2025) functions as a Cashback Application Token (CBAT) designed to provide real-yield USDC rewards. As of late 2025, the live rewards program includes:

• DeFi Swap Cashback: USDC cashback on DeFi swaps within the app via Fee Return Rewards (FRR), distributing 70% of swap fees to $TITN stakers
• Reduced Fees: $TITN holders receive reduced fees and other perks across the DeFi platform
• Card-Spend Cashback: Announced and targeted for Q4 2025, but still labeled as "coming soon" in official and partner materials as of late 2025
• Tier-Based Multipliers: Cashback multipliers based on card level (Standard, Gold, Platinum) have been announced but specific percentage values per tier are not yet publicly specified

Welcome Bonuses

THORWallet has announced a welcome bonus promotion (currently marked as "Coming soon"):

• $10 worth of $TITN tokens upon completing KYC verification
• Additional $15 in $TITN after first card top-up of at least €50
• Total welcome rewards: $25 in $TITN tokens

Note: As of late 2025, this promotion is shown on the official cards page as an upcoming feature and is not yet actively distributed to new users.

Additional Benefits

• Referral Program: 20% commission on card-related fees for Gold and Platinum users
• Staking Benefits: Optional $TITN staking provides USDC yield rewards and swap fee rebates
• Banking Features: Free Swiss IBAN account with multi-currency support (CHF, EUR, USD, CNY)
• Fee Advantages: Higher tier users receive significantly lower conversion fees (Gold: 0.5%, Platinum: 0.25% vs. Standard: 1%)

Fees and Limits

THORWallet Card fees are structured around a tiered system that rewards higher-tier users with substantially lower conversion costs:

Spending and Transfer Limits

Note: The crypto top-up fee and FX conversion fee are unified per tier. Bank wire top-ups (SEPA/SWIFT) are free of charge across all tiers. Users in certain higher-risk countries on the Standard tier receive only bank account access with a $1,000 monthly limit and no debit card (card access requires upgrading to Gold or Platinum).

Card Tiers and Options

All tiers include access to a Swiss IBAN account with multi-currency support (CHF, EUR, USD, CNY) and no monthly maintenance fees. The virtual MasterCard can be added to mobile wallets for contactless payments and online purchases.

Important Tier Restrictions: In certain countries classified as "restricted availability," Standard tier users receive only the Swiss IBAN bank account with a $1,000 monthly limit. The debit card becomes available only when upgrading to Gold or Platinum tiers.

Top-Up Methods

Users must pre-load the THORWallet Card by manually converting supported cryptocurrencies—USDC, USDT, or ETH (on Arbitrum)—to fiat (CHF, EUR, USD, or CNY) within the THORWallet app before spending. This process moves funds from the user's self-custody crypto wallet to the platform's custodial fiat account, with custody of funds transferred to the card provider once converted. Crypto is converted to fiat at market rates with a conversion fee of 1% (Standard), 0.5% (Gold), or 0.25% (Platinum), plus a typical ~0.75% market spread, and funds are available instantly after conversion. Pre-loading is required—on-demand spending from crypto is not supported, and usage is limited by daily and monthly caps based on card tier (e.g., $10,000/day and $20,000/month for Standard). Top-ups are completed through the mobile app, with no physical card or ATM withdrawals currently available, and users must ensure sufficient fiat balance in the relevant currency before making purchases.

Self-Custody Hybrid Custody

The THORWallet Card uses a hybrid custody model where users keep full control of their crypto assets and private keys until they choose to convert funds for card spending. When ready to spend, users manually convert supported cryptocurrencies (like USDC, USDT, or ETH) into a fiat balance, which is then held by the Swiss-based card issuer under strict banking regulations. This means your crypto remains non-custodial until you decide to top up, but once converted, the fiat is custodial and managed by the provider. If the card provider ceased operations, unconverted crypto would remain fully accessible to you, while any fiat balance could be subject to banking processes or claims. This approach offers strong self-custody up to the point of spending, but users should be aware that fiat funds are no longer under their independent control after conversion. The model balances flexibility and security, but requires planning ahead for large purchases and exposes fiat balances to traditional banking risks.

Supported Currencies and Conversion

Cryptocurrencies

THORWallet Card's Swiss IBAN account can be topped up with three cryptocurrencies:

• USDC (on Arbitrum) - Primary top-up asset
• USDT (on Arbitrum)
• ETH (on Arbitrum)

Other cryptocurrencies (BTC, SOL, etc.) can be swapped within the THORWallet app to these supported assets before topping up the account.

Fiat Currencies

The account supports four fiat currencies:

• Swiss Franc (CHF)
• Euro (EUR)
• US Dollar (USD)
• Chinese Yuan (CNY/Renminbi)

Conversion Process

• Manual conversion required before spending (no auto-conversion at point of sale)
• Instant settlement once confirmed with funds immediately available
• Card automatically debits the relevant currency balance from the IBAN account for transactions
• Market rates applied with tier-based conversion fees (Standard: 1%, Gold: 0.5%, Platinum: 0.25%)
• Cross-currency FX fees apply if transaction currency differs from available balances

Geographic Availability

THORWallet Card availability varies by service type and user location. The Swiss IBAN banking service is available in 100+ countries, while card issuance is available to residents of approximately 65 countries. Once issued, the card can be used for spending in 100+ countries anywhere MasterCard is accepted.

Standard Tier Card Availability (Full Access)

Europe: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, Åland Islands, Faroe Islands, Réunion, Svalbard & Jan Mayen

Americas: Brazil, Canada

Asia-Pacific: Australia, China, Hong Kong, Japan, Republic of Korea, New Zealand, Singapore, Taiwan

Restricted Availability (Bank Account Only on Standard Tier)

In the following countries, Standard tier users receive only the Swiss IBAN bank account with a $1,000 monthly limit and no debit card. Card access is unlocked only by upgrading to Gold or Platinum tiers:

Europe: Andorra, North Macedonia, San Marino

Americas: Argentina, Chile, Colombia, Costa Rica, Dominica, Dominican Republic, Mexico, Peru, Uruguay

Asia-Pacific: Bangladesh, India, Indonesia, Malaysia, Thailand

Middle East & Caucasus: Armenia, Georgia, Turkey

Excluded Regions

The card is not available in:

• United States
• Russia
• Belarus
• Iran
• North Korea
• Other sanctioned jurisdictions

Compliance and Security

Regulatory Framework

• Operates under Swiss FINMA FinTech license held by Fiat24
• Complies with Swiss and international AML laws
• Full KYC required, including government-issued ID and proof of address

Custody Model

THORWallet employs a hybrid custody approach:

• Non-custodial for crypto: Users retain private keys until conversion
• Custodial for fiat: Funds held at Swiss National Bank as 100% reserve

Security Features

• Two-factor authentication
• Biometric locks
• Instant card freeze/unfreeze
• 3-D Secure for online purchases
• AML monitoring and transaction screening

Security Audits

• THORWallet smart contracts underwent a Code4rena competitive audit in February 2025
• Multisignature and threshold signature scheme (TSS) components use a library previously audited by Kudelski Security
• Audit processes focused on identifying and resolving vulnerabilities in smart contract and key management systems

Technical Details

Conversion Mechanics

THORWallet Card requires manual conversion of crypto to fiat before spending:

1. User initiates conversion from supported crypto (USDC, USDT, ETH on Arbitrum) to fiat in their Swiss IBAN account
2. Conversion executes at market rate plus applicable fee (0.25%-1% based on tier)
3. Converted funds are instantly available in the user's fiat balance
4. Card transactions directly debit the IBAN account in the appropriate currency
5. For cross-currency transactions, additional FX fees apply if the transaction currency differs from available balances

Security Implementation

THORWallet employs a multi-layered security approach:

• Smart Contract Security: Code4rena competitive audit conducted in February 2025 to identify and address vulnerabilities
• Key Management: Multisignature and threshold signature scheme (TSS) components leverage a library audited by Kudelski Security
• Fiat Protection: User fiat funds held directly at the Swiss National Bank under Swiss regulatory oversight
• Transaction Security: Standard MasterCard protections including 3D Secure and fraud monitoring
• Access Controls: Two-factor authentication, biometric verification, and session timeouts

User Experience

Mobile App

• Available on iOS and Android with high user ratings (~4.7/5)
• Integrated DeFi wallet, exchange, and banking features
• Primarily English interface with some German language support
• Banking and card features can only be managed via mobile app (not available on web app)

Support Channels

• Discord server
• Telegram group
• Email support
• Twitter/X

User Feedback

• Positive: App design, customer service, non-custodial philosophy
• Critical: Lack of physical cards, delayed card-spend cashback implementation
• Technical Reliability: Good reliability with no significant reports of downtime or transaction failures

Onboarding Process

• KYC verification generally quick and straightforward
• Most users receive approval within minutes to hours
• Card issuance is instant after KYC approval (Standard) or fee payment (Gold/Platinum)

Best Suited For

THORWallet Card is best suited for:

• DeFi Power Users who actively participate in decentralized finance and value self-custody of their crypto assets
• International Travelers who need multi-currency support and global spending capabilities without excessive FX fees
• High-Volume Crypto Spenders who can benefit from the lower conversion fees of premium tiers and high transaction limits
• Privacy-Conscious Users who prefer the Swiss banking system's stronger protections and regulatory framework
• Crypto Enthusiasts seeking an all-in-one solution that bridges their digital assets with real-world spending

Pros and Cons

Pros

• Non-custodial approach preserves crypto self-custody until conversion
• Swiss banking infrastructure provides exceptional security and reliability
• No monthly or annual maintenance fees across all tiers
• High spending and transfer limits, especially for premium tiers
• Competitive conversion fees for Gold (0.5%) and Platinum (0.25%) tiers
• Free bank wire top-ups via SEPA and SWIFT

Cons

• Currently virtual card only with no physical card option
• Card-spend cashback still in development (targeted Q4 2025, not yet live)
• Significant upfront costs for Gold (1.5 ETH) and Platinum (15 ETH) tiers
• Limited to three cryptocurrencies for direct bank account top-up
• Not available in the United States and several other jurisdictions
• Card issuance limited to residents of ~65 countries (though banking available in 100+)
• Banking and card features only manageable via mobile app

Conclusion

THORWallet Card represents a significant innovation in the crypto-banking space, offering a unique blend of decentralized finance principles with traditional Swiss banking infrastructure. Its standout features include the non-custodial approach to crypto management, the Swiss IBAN account with multi-currency support backed by the Swiss National Bank, and the high transaction limits available to premium tier users.

The card differentiates itself through its commitment to user control over crypto assets while providing seamless integration with traditional payment systems. The integration with THORWallet's comprehensive DeFi platform creates a cohesive experience for users looking to manage both their crypto investments and everyday spending in one application.

However, prospective users should be aware of current limitations. The absence of physical cards, delayed implementation of card-spend cashback (still targeted for Q4 2025), and geographic restrictions on card issuance (available to residents of ~65 countries, though the banking service reaches 100+ countries) are notable considerations. Additionally, the significant upfront costs for Gold and Platinum tiers may be prohibitive for many users, though these can potentially be offset by the lower conversion fees for high-volume users.

From a fee perspective, while the Standard tier's conversion costs are competitive but not exceptional, the Gold and Platinum rates (0.5% and 0.25% respectively) are among the lowest in the industry. When the promised card-spend cashback program fully launches, these fees could be effectively offset by rewards, potentially making THORWallet Card one of the more cost-effective options for crypto spending.

Overall, THORWallet Card is best suited for crypto enthusiasts who prioritize self-custody, appreciate Swiss banking security, and actively use DeFi applications. As the platform continues to develop and implement planned features like card-spend cashback and potentially physical cards, its value proposition is likely to strengthen further.

Additional Information

Upcoming Features

THORWallet has announced several planned enhancements to their card offering:

• Card-Spend Cashback: Launch of card-spend cashback rewards targeted for Q4 2025, with tier-based multipliers (specific percentages not yet publicly specified)
• Welcome Bonus Activation: $25 in $TITN tokens for new users (KYC + first top-up) currently marked as "coming soon"
• Physical Cards: Potential introduction of physical cards (no confirmed timeline)
• Enhanced Rewards: Further development of the $TITN token ecosystem with additional benefits for cardholders

Card Usage Workarounds

Users can optimize their THORWallet Card experience with these strategies:

• Pre-Loading Strategy: Convert crypto to fiat in advance of planned large purchases
• Currency Management: Hold balances in multiple currencies to avoid FX fees when traveling
• Mobile Payment Backup: Have a secondary payment method available for merchants that don't accept mobile payments
• Declined Transaction Solutions: Ensure sufficient balance in the specific currency of purchase; contact support via Discord for immediate assistance

TITN Token Ecosystem

The $TITN token (launched May 23, 2025) serves as the cornerstone of THORWallet's reward system and is now listed on multiple major exchanges including Binance, Gate, and OKX:

• Current Implementation: TITN stakers receive USDC cashback on DeFi swaps within the wallet via Fee Return Rewards (FRR), funded by 70% of protocol swap fees
• Upcoming Card Integration: When card-spend cashback launches (targeted Q4 2025), TITN will function as a Cashback Application Token (CBAT) with tier-based multipliers
• Ecosystem Benefits: Beyond cashback, TITN staking provides additional benefits including USDC yield rewards and reduced swap fees
• Token Utility: Creates a loyalty mechanism that incentivizes continued platform usage while potentially offsetting conversion fees through rewards
• Market Position: Recent educational content from major exchanges positions THORWallet as a leading "self-custodial bank account + global MasterCard" solution in the Web3/hybrid neobank space