Wirex was created to solve the problem of having to exchange currencies when traveling or making purchases from foreign countries. The company offers a Visa card that allows customers to make purchases in many countries all over the world. The mobile app allows specifying money in many currencies without having to go to a bank or other institution and pay a fee. Founded in 2014, the company is based in London.
The Wirex Visa card is multi-currency and can be used in many countries like a traditional Visa card.
The Wirex Visa card allows you to make withdrawals at ATMs all over the world. There are still fees usually for withdrawing, but that’s usually from the institution that owns the ATM. The company states there are over 54 million ATM locations available internationally.
The app allows you to look at all your currencies both fiat (like the Euro or U.S. dollar) and crypto currencies as well as exchange and trade them all in one place.
Wirex offers two primary rewards programs:
However, other platforms offer additional card benefits useful to international travelers, like overseas medical travel insurance, while Wirex does no.
The company only is available to customers in limited countries right now. The company does not provide service to the United States, South America, or Africa. For an international currency company, this is not beneficial to be lacking access to so many primary markets.
There is a fee for every time customers use an ATM, and the rates are higher in other countries. There is also a charge every time customers make debit card payments in a foreign currency. Although many transactions are free on the platform, these high fees on certain transactions are not competitive for customers with other alternatives.
Wirex does not have a chat function on the company’s website and customers have reported that connecting with customer service representatives is very difficult and responses are very delayed. This is disappointing given other alternatives like Revolut, which prioritizes customer support through a live chat online as well as extensive FAQs.