Questions on the currency-accounts and the fees


#1

Hi,

I am a bit confused concerning the fees and some other issues for the currency accounts and the debit-cards.

Can I conclude that -as I need to open a currency-account to have a card- that the total fee is € 2.40, or are the different parts of the wirex website not in line with eachother?

What is the price to have a currency-account without a card?

Some other questions:

  • This webpage mentions the types of transactions that can be done with the currency account:
    https://help.wirexapp.com/hc/en-us/articles/360000961513-What-transactions-can-I-make-with-my-currency-account-
    If mentions SWIFT (which is very expensive) and the UK system, … but it does not mention SEPA (which provides free international money-transfer in euro)
    ???

  • What about SEPA instant? Is that supported?

  • Are the currency-accounts PSD2-complient?
    (E.g. can I enable a 3th-party payment provider to provide me with a payment-card on the wirex currency account?)

Kr.


#2

Can you get multiple cards here? We need multiple cards for our ad agency. Will be very glad to have some inputs from you guys. Thanks ahead.


#3

Download and install the application for free!

Once verified; you can order a FREE virtual card, which automatically comes with a currency account!
You can have three currency accounts; each with its own card!

After your first month, you will be charged the account management fee for each currency account, as this is supplied by a third party.
Currently; you can transfer money to your Wirex account via BACS, FPS, BIC(SWIFT) and IBAN. With regards to SEPA, watch this space!
Withdrawals can be done via the card
We’re PCI-DSS compliant, with e-KYC powered by Onfido


#4

Hi Raphael,

OK. Waiting for your update on SEPA.
I assume you will then also provide the information on SEPA-înstant and PSD2 as these two will -if I understand the information on the internet about it correctly- completely change the payment-landscape.

Kr.


#5

There is a ~3% load fee if you add money from a EU bank card right?
What about SEPA, are you being charged for receiving a bank transfer?


#6

Mike, all,

All my SEPA payments I have made or received have with my regular bank have been for free, so -as a customer- I expect the same thing from wirex.

After all, that is what SEPA is about, no? We’ve had free money-transfer in euro between 28 countries for 3 years now. It doesn’t cost a bank to process a SEPA transaction more then a national transaction; so the customer should not pay anything more for a international payment then for a national payments. (and what banks still charge you to do a money-transfer or receive money?), so I guess wirex knows what is expected from it. :slight_smile:

I found this link with a lot of very interesting information about this:
https://wiki.treasurers.org/wiki/Payments_and_payment_systems

This is an interesting quote:

The goal of the European banks and regulatory authorities, now largely achieved, is to create a single payment area across the European Union. SEPA enables pan European payments to be made as easily and efficiently as, and at no greater cost than, the national domestic payments that it has now replaced…

Anycase it looks like SPEA is going to become all more important as SEPA-instant is designed to become the core money-transfer system in Europe for anything from regular bank-transfers, over ATM and POS payments to inter-person payments systems and payment-apps on your mobile, effectively replacing visa and mastercard/maestro.
PSD2 will then expand payments to players outside the normal banking-sector

BTW. I do no work in the financial sector, but payments and payment-systems have always interests me. My interest in crypto is also from that perspective.
It’s interesting to see the battle between the traditional banking-sector and the new-comers, … but also how new legislation (especially PSD2) is bringing in now competition. I wonder how smal players (like wirex) will do once the big cannons (like facebook; google, apple, amazon) enter the payment sector

Kr.