Wirex Card

Wirex Visa Debit Crypto Card Review: Fees, Rewards & Availability

Basic Information

The Wirex card is a single-currency Visa debit solution that bridges the gap between cryptocurrencies and traditional financial systems. Launched in 2021 after being announced in October 2020, this card enables seamless spending of both crypto and fiat currencies with real-time conversion at point-of-sale. Connected to multiple currency accounts within the Wirex app, the Wirex card offers users flexibility to manage diverse assets while maintaining everyday spending capabilities through automatic conversion and cascading between balances.

Rewards and Benefits

Rewards Program

The Wirex card offers several distinctive benefits that set it apart in the competitive crypto card market:

• Cryptoback™ Program: Earn up to 8% back in cryptocurrency on all card purchases (tier-dependent)
• X-Accounts: Interest-bearing accounts offering up to 16% on both crypto and fiat currencies
• Staking Benefits: Lock WXT tokens for 180 days to upgrade within subscription plans, unlocking enhanced rewards
• Exclusive Offers: Merchant discounts and offers based on subscription tier
• Wirex Credit: Borrow stablecoins against BTC/ETH collateral with 0% interest advertised on certain loan-to-value ratios

Fees and Limits

Fee Structure

The Wirex card has a competitive fee structure with no annual fees and transparent pricing across its subscription tiers.

Transaction Limits

Card Tiers and Options

Wirex offers three main subscription tiers, each with multiple levels based on WXT token staking.

Standard Tier

Premium Tier

Elite Tier

Self-Custody Custodial

The Wirex Mastercard Debit Crypto Card allows users to maintain control over their cryptocurrencies within the Wirex app, supporting management of multiple crypto and fiat currency accounts. At the point of sale, the card performs a real-time crypto-to-fiat conversion, effectively transferring custody from the user-controlled crypto assets to the platform-managed fiat for the transaction. Users must complete KYC verification which may impact access, and rewards or best features require subscription tiers or significant token staking. The card issuer, Wirex, controls the funds only at the moment of transaction conversion, indicating that users retain self-custody until spending. There are restrictions such as the subscription model and staking requirements affecting full control benefits, but the key limitation is that private keys are not directly held by users outside the Wirex platform, and funds likely rely on platform operational continuity.

Supported Currencies and Conversion

Supported Cryptocurrencies

The Wirex card supports 40+ cryptocurrencies, with the app advertising over 100 supported coins, including:

• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• Ripple's XRP
• Stellar's Lumen (XLM)
• Dai (DAI)
• Nano (NANO)
• Waves (WAVES)
• Wirex Token (WXT)
• Cardano (ADA)
• Polygon (MATIC)
• And many more

Supported Fiat Currencies

The platform supports 12+ core fiat currencies with broad multi-currency account support, including:

• British Pound (GBP)
• Euro (EUR)
• US Dollar (USD)
• Australian Dollar (AUD)
• Canadian Dollar (CAD)
• Japanese Yen (JPY)
• Singapore Dollar (SGD)
• Hong Kong Dollar (HKD)
• New Zealand Dollar (NZD)
• Swiss Franc (CHF)
• Brazilian Real (BRL)
• Mexican Peso (MXN)
• And additional currencies

Conversion Method and Fees

• Real-time conversion at point-of-sale with no need for manual exchange
• No explicit foreign exchange surcharges; conversions use Wirex's competitive rates with embedded spreads
• Automatic cascading to different currencies in prespecified order if primary currency has insufficient funds

Geographic Availability

The Wirex card is available in 130+ countries across multiple continents, though availability of specific features may vary by region.

Europe

United Kingdom, France, Spain, Portugal, Germany, Italy, Poland, Czech Republic, Slovakia, Austria, Norway, Sweden, Denmark, Netherlands, Romania, and other EEA countries.

Americas

United States (not available in all states; New York and Hawaii have restrictions), with expanding support for Latin American markets.

Asia Pacific

Australia, Hong Kong, New Zealand, Philippines, Singapore, Taiwan, Thailand, and other APAC markets.

Note: US availability expanded in February 2022, but not all features (such as X-Accounts or full card rewards) are available in every state. Always check your local Wirex terms for the most current availability and feature support. For the complete list of supported countries, consult the Wirex help centre's "Where is Wirex available?" page.

Banking & Financial Services

The Wirex card is connected to a comprehensive banking infrastructure that provides users with modern financial services alongside crypto capabilities.

IBAN Support and Payment Rails

Since May 2024, Wirex has partnered with OpenPayd to provide named virtual IBANs in GBP and EUR for customers in 30+ UK and EEA countries. This infrastructure supports:

• SEPA Instant transfers for EUR accounts
• Faster Payments for GBP accounts
• Free multicurrency individual IBANs
• Free SEPA transfers

Account Structure

The Wirex card itself is a single-currency Visa card issued in EUR, GBP, or USD depending on the user's region, while the Wirex app holds multi-currency balances that automatically convert between currencies as needed. This structure allows users to:

• Hold multiple crypto and fiat currencies simultaneously
• Spend from any balance with automatic conversion
• Benefit from cascading between currencies if the primary balance is insufficient

Additional Financial Products

• X-Accounts: Interest-bearing accounts for both crypto and fiat holdings
• Wirex Credit: Stablecoin borrowing against BTC/ETH collateral with 0% interest on certain LTVs
• Wirex Pay: A separate non-custodial card/payments API that powers business and partner wallets, offering virtual and plastic cards funded by stablecoins with user self-custody

Regulatory Structure and Licensing

Wirex operates under multiple regulatory frameworks across different jurisdictions to ensure compliance and user protection.

United Kingdom

Wirex Limited is an authorised Electronic Money Institution (EMI) regulated by the UK's Financial Conduct Authority (FCA). This authorization allows Wirex to issue electronic money and provide payment services throughout the UK.

European Economic Area

For UK and EEA IBAN services, Wirex partners with OpenPayd, an FCA and MFSA-regulated EMI, to provide the virtual IBAN infrastructure and payment rails (SEPA Instant and Faster Payments).

Singapore

Wirex Pte Ltd operates under exemption from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019 to provide e-money issuance while seeking and maintaining licensing.

Card Issuer

The Wirex card is issued as a Visa debit/prepaid card in most regions (EEA/APAC), with card infrastructure varying by jurisdiction. Wirex became a Mastercard principal member in July 2020, though the current consumer product is primarily marketed as a Visa card.

Compliance and Security

KYC Requirements

Users must complete Wirex's verification process, including submission of necessary identity documents. Eligibility criteria may vary by region. Some users have reported difficulties with the identity verification process, particularly with driver's license photo capture.

Security Features

• Two-step verification
• Instant card freeze capability
• Comprehensive security measures to protect user assets
• Real-time transaction monitoring and alerts

Technical Details

App Integration

The Wirex card is fully integrated with the mobile app, allowing users to:

• Manage multiple currency accounts
• Track transactions in real-time
• Receive instant alerts for all card activities
• Access customer support via in-app live chat
• Access Wirex Credit for stablecoin borrowing
• Monitor X-Accounts interest earnings

Card Options

• Physical Cards: For in-store transactions and ATM withdrawals
• Virtual Cards: For secure online shopping

Payment Processing

• Works at over 61 million locations worldwide
• Accepted anywhere Visa is accepted
• Compatible with both online and in-store purchases

Card Limits

Card limits vary by region. For EEA/UK users, typical limits include:

Note: Limits are region-specific and subject to change. Always consult the Wirex limits help page for the most current information applicable to your region.

User Experience

Positive User Feedback

• Seamless integration of crypto and traditional currencies
• Attractive Cryptoback™ rewards program
• Multiple currency support without manual conversion
• Expanding availability including US market entry

Common Complaints

• Identity verification process issues, particularly with driver's license photo capture
• Complex tier structure can be confusing for new users
• High staking requirements for best rewards rates
• FX spreads and top-up fees still exist despite "no FX fee" marketing

Technical Strengths

• Ability to spend multiple currencies without manual conversion
• Immediate cascading to different currencies in a prespecified order if primary currency has insufficient funds
• In-app live chat support and instant payment tracking alerts
• Named IBAN support via OpenPayd partnership
• Integration with Wirex Credit and X-Accounts

Best Suited For

• Cryptocurrency Enthusiasts who want to utilize their digital assets in everyday transactions without conversion hassles
• International Travelers who need multicurrency spending options with competitive exchange rates
• Rewards Maximizers who seek to earn significant crypto rewards on regular purchases
• Crypto Investors who maintain substantial crypto holdings and want to earn interest while maintaining spending access
• Digital Banking Adopters who are looking for an alternative to traditional banking with integrated crypto functionality
• US-Based Crypto Users seeking a crypto card solution (where available by state)

Pros and Cons

Pros

• High rewards rate – up to 8% Cryptoback™ on purchases, significantly higher than competitors
• No annual fees and no explicit foreign exchange surcharges
• Multi-currency support – extensive support for 40+ cryptocurrencies and 12+ fiat currencies
• Integrated interest earning – X-Accounts offer up to 16% interest on holdings
• Seamless conversion – real-time crypto-to-fiat conversion at point of sale
• Global acceptance – usable anywhere Visa is accepted
• Named IBAN support in UK/EEA via OpenPayd partnership
• Expanding geographic availability including US market

Cons

• Subscription costs – best features locked behind paid subscription tiers
• High staking requirements – maximum rewards require substantial WXT token staking
• Verification issues – some users report difficulties with the identity verification process
• Geographic limitations – not available in all regions or US states (e.g., New York, Hawaii)
• Complex structure – tiered system with multiple levels can be confusing
• FX spreads – despite "no FX fee" marketing, embedded spreads and top-up fees still apply

Conclusion

The Wirex card represents a significant advancement in cryptocurrency payment solutions, effectively bridging digital assets with everyday spending. Its standout Cryptoback™ rewards program offering up to 8% back positions it among the most generous in the market, while fee-free structures for annual membership and competitive foreign exchange rates make it appealing for international users.

The card's tiered subscription model provides flexibility, allowing users to select a plan aligned with their spending habits and reward expectations. However, the most attractive benefits require either monthly subscription fees or substantial WXT token staking, creating a significant barrier for casual crypto users.

For cryptocurrency enthusiasts who regularly make purchases, frequent travelers dealing with multiple currencies, and rewards-focused individuals spending enough to offset subscription costs, the Wirex card offers compelling value. Its extensive currency support (40+ cryptocurrencies and 12+ fiat currencies), integrated interest-earning X-Accounts, named IBAN support via OpenPayd, and seamless conversion at point of sale create a comprehensive crypto spending solution unmatched by many competitors.

With expanding geographic availability now including the United States and other markets, Wirex continues to broaden its reach. However, potential users should carefully weigh the subscription costs against their expected usage and rewards to determine if this crypto card aligns with their financial needs and spending patterns. US users should verify that all features are available in their specific state, as availability and functionality may vary.

As cryptocurrency regulations continue to evolve, checking the most current terms and conditions directly from Wirex is advisable before applying.

Additional Information

Overview

The Wirex card was launched in 2021 after being announced in October 2020, continuing Wirex's history of providing crypto payment solutions. As a Mastercard principal member since July 2020, Wirex has been able to directly issue cards to its customers, though the current consumer product is primarily marketed as a Visa debit card in EEA and APAC regions. The partnership with OpenPayd in May 2024 further enhanced Wirex's banking infrastructure, providing named virtual IBANs and modern payment rails to users across 30+ countries in the UK and EEA.