Wirex Crypto Card NZ | Is it Time to Make the Switch? (2024) (2024)

Have you ever pondered the feasibility of relying solely oncryptocurrencyfor your day-to-day transactions in NZ? If so, you’re not alone in considering it seemingly impossible.

Until 2020, many New Zealanders shared the belief that local businesses had to explicitly accept crypto for individuals to utilize Bitcoin and other digital currencies for purchases.

But what if I told you that this notion is no longer relevant? Businesses no longer need to formally accept cryptocurrency for you to utilize it for transactions in New Zealand.

How is this possible? Allow me to introduce you to the latest innovation:WirexWith this card, you can now seamlessly spend Bitcoin and other cryptocurrencies almost anywhere.

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Wirex is a financial technology digital platform headquartered in London, UK, with global offices in Atlanta, Toronto, Tokyo, Singapore, and Kiev. It provides a physical debit card that can be funded with cryptocurrency assets. Additionally, Wirex operates as a cryptocurrency exchange, facilitating the purchase and storage of various currencies.

One of Wirex’s main attractions is its crypto debit card, which offers up to 8% Cryptoback rewards on all transactions. The percentage of rewards may vary depending on the pricing plan you’re subscribed to, which will be discussed in more detail later.

Wirex also features its own native cryptocurrency token, WXT, available for purchase and trading within the app. Holding WXT grants access to premium features such as cryptoback rewards, annual savings bonuses, and exclusive merchant offers.

Further details on Wirex’s features will be explored in subsequent sections of this article. For now, let’s delve deeper into Wirex itself and its journey to its current status.

Founded in 2014 by CEOs and co-founders Pavel Matveev and Dmitry Lazarichev, Wirex initially operated under the name E-Coin. However, in February 2016, the company underwent rebranding and adopted its current name, Wirex.

During its earlier years, E-Coin experienced notable milestones. In 2015, it successfully crowdfunded approximately $200,000 from 93 investors through the online investment platform BnkToTheFuture. Subsequently, in March 2017, Wirex secured $3 million in a Series A funding round from the Fintech fund established by a Japanese financial giant.

Source: https://golden.com/wiki/Wirex-EAVXPWM
Source: https://whitepaper.wirexapp.com/introduction/history

Currently, Wirex operates in 130 countries including NZ, boasting over 3 million users.

Wirex operates as a licensed and regulated platform, having obtained their e-money license from the UK Financial Conduct Authority (FCA) in 2018.

Regarding account safety, Wirex appears to offer robust measures, including access to two-factor authentication (2FA), which is considered a standard practice among industry.

In my experience, the account setup process, including the Proof of Identity procedure, has been swift and uncomplicated, with no issues encountered during login.

However, like many other fintech applications, there have been occasional reports from users about blocked or frozen accounts. It’s prudent to exercise caution when dealing with online services, considering such occurrences. Nevertheless, in my observation, Wirex’s incidence rate appears to align with industry averages.

These account restrictions often stem from compliance with anti-money-laundering regulations, as financial companies employ AI and algorithms to perform initial screenings. Occasionally, these algorithms may yield erroneous outcomes.

Pro Tip!Limit the amount you store on the Wirex app due to its centralized nature. Safeguard your assets by storing the bulk of your cryptocurrency holdings in a secure, private wallet where you control the keys.

The standout feature of the Wirex app for New Zealanders is undoubtedly its multi-cryptocurrency debit card, powered by MasterCard.

Wirex has transformed its card into an irresistible offering by enabling you to link and spend from all your accounts in the app, whether they are in fiat currency or crypto. What’s even better is the seamless conversion at the point of sale, with no exchange fees.

The zero-fees feature is particularly attractive, allowing you to maintain investments in various stores of value and utilize them as needed, without the hassle of prior conversion. This means you can hold EUR, USD,Bitcoin, andEthereumin your Wirex account.

A nifty feature that stands out is to prioritize your spending preferences within the app. You can easily arrange your accounts in the card section, setting the order in which you want to utilize them. For instance, you can prioritize spending your USD over Bitcoin.

For travelers, the Wirex card simplifies payments in local currencies by automatically converting your funds to the currency of the country you’re visiting, offering access to 150+ currencies at live interbank rates, with no exchange fees.

The Instant Rewards feature adds further value to your Wirex card. With the Cryptoback rewards program, you can earn up to 2% in WXT when making purchases. However, the reward percentage varies based on your pricing plan, ranging from 0.5% to 8%.

The Wirex card also stands out for its absence of monthly maintenance fees and offers free ATM withdrawals of up to $200 per month. Beyond this limit, a 2% fee.

Crypto cards are famously easy to obtain, thanks to companies like Wirex shipping them directly to your home address for free. They take about a week to ship, and as soon as you receive your card, you can start using it to spend your crypto instead of relying on NZD.

Wirex–https://wirexapp.com/en

Order your own crypto card today to unshackle you from your bank, have an fail safe to your NZD cards and help you unleash the true power of decentralized currency in action.

In short, the Wirex card currently does not have integration with Apple Pay or Google Pay.

However, I’ve come across a method, particularly for iOS users, that supposedly allows the Wirex card to be used with Apple Pay. This method involves installing another fintech app called Curve, which acts as a debit card aggregator and offers its own card with Apple Pay integration. I haven’t personally tested this method though.

Wirex provides various membership tiers with minimal fees across the board.

Take a glance at the fee structure (or lack thereof) on Wirex:

• No annual fees
• Trading without commission
• Unlimited external cryptocurrency withdrawals
• Complimentary ATM withdrawals up to $200 (with a 2% fee thereafter)
• No account fees
• 1% fee on cryptocurrency top-ups

No Shipping Fee:No account, transaction, or shipping fees. (You canorder a Wirex crypto cardwithout having to pay a cent)

Easy / Simple Interface:Highly intuitive and familiar mobile app and desktop interface.

Withdrawal Fees at ATMs: Feeless ATM withdrawals, in New Zealand and abroad.

Multiple Currencies Available:You can also store, exchange, and spend fiat currencies like USD, EURO, AUD as well as crypto.

Doesn’tAccept Wirex: Some businesses don’t accept Wirex, namely businesses that don’t accept international debit cards.

Long Verification time: Verifying your identity and address can often take longer than advertised (24hrs on their website).

Not Cool Looking:Wirex’s crypto card doesn’t look ‘ultra’ cool – it’s plastic, lightweight, and lime-colored.

Wirex Review’s:Due to Wirex’s massive growth over the past 6 months, their customer service response times have significantly slowed down.Wirex’s Trust Pilot page.

Cryptocurrency NZ highly recommends Wirex crypto card to anyone seeking a convenient, dependable, and secure crypto debit card solution in New Zealand. Wirex stands out for its reliability, complimentary shipping, acceptance of a wide range of cryptocurrencies, and facilitation of crypto spending within New Zealand.

In addition to its debit card service, Wirex also functions as an online cryptocurrency wallet (the Wirex wallet). However, it’s advisable to store the majority of your crypto assets in secure hardware wallets for enhanced security. View out in-depth Crypto Wallet Guide.

Wirex is my primary choice for a crypto card, and I would suggest acquiring one even if you already possess a different crypto card. It’s always beneficial to have backups, and Wirex’s card can be ordered and used without any additional costs.

However, it’s important to note that Wirex requires Know Your Customer (KYC) verification, and the company has faced criticism over the years for questionable business practices.

This includes significant reductions in affiliate earnings after users have invested time in promoting them, as highlighted in this guide. Additionally, their customer support has received negative feedback for being unresponsive and cold, contributing to their 3.4/5 rating on Trust Pilot. Despite these drawbacks, Wirex remains a solid and dependable option, although newer and potentially better alternatives may emerge in the market.