Wirex

By Jason Hulott | Resources

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.

How it works

By opening a Wirex account, you gain:

  • instant and unconditional access to competitive over the counter (OTC) and interbank rates not only for traditional currency exchange (“flat currencies”) but also crypto currencies (such as Bitcoin, ether, Litecoin and a host of others);
  • participation in a unique rewards programme called Cryptoback, which gives you a cashback of 1.5% in Bitcoin on all purchases made (in-store) with your Wirex Visa card.

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.

Using your traditional and crypto currency wallet

A single wallet lets you manage all you flat and crypto currencies in one place – allowing you to:

  • make and accept transfers and payments in multiple currencies;
  • customise your wallet to display only those currencies in which you are currently trading and hide the rest;
  • top up your account with a bank transfer, debit or credit card payment or by making a crypto currency transfer; and
  • monitor, track payments and manage your accounts through the in-app messaging facility.
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Fees

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.

Origins

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.

Apply for a Wirex account here

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About the Author

Jason Hulott is Business Development Director at Digital Marketing Specialists, Speedie Consultants. He is Google Partner certified. His role is to identify and implement traffic generating and revenue increasing ideas for our client base.