For successful businesses in a globalised economy, the ability to make payments across borders is essential. And that’s the aim of Wirex. Its borderless payments systems let you transfer both traditional and crypto currencies around the world – for free.
From a single, easy-to-use platform, you can manage your foreign currencies. Your transactions may be funded by debit or credit cards, by conventional bank transfers, or via digital (crypto) currencies.
Wirex is a British-based fintech, giving you the security of authorisation by the Financial Conduct Authority (FCA) and regulation according to the Electronic Money Regulations 2017 – which relate to the issue of electronic money transfers and payments.
By opening a Wirex account, you gain:
From a single traditional and crypto currency wallet, you have a multi-signature account from which to take control of and manage some 21 different digital and flat currencies – a brave new world of borderless payments.
You can also receive and make those international payments into and out of your account using SEPA, SWIFT and Faster Payments.
A single wallet lets you manage all you flat and crypto currencies in one place – allowing you to:
It is free to set up your Wirex account and you also receive a free Wirex contactless Visa debit card (which can be used anywhere a Visa debit card is normally accepted).
Although the debit card may be used to make withdrawals from cash machines, you might want to avoid the fees associated with those transactions. In that case, simply use your mobile wallet to transfer the appropriate amount to your regular bank account and use the latter to make any cash withdrawal free of charge.
Irrespective of the volume of transactions passing through your Wirex account, you pay a fixed £1 a month fee.
Wirex was founded towards the end of 2014, with the stated aim of extending the availability of electronic banking services by removing the geographical restrictions on trading. The company was initially known as E-Coin but was rebranded in 2016.
Although based in the UK, Wirex now has offices in several other countries and claims more than 1.5 million account holders in over 130 countries.
All data cited in this article is correct at the time of writing.