By
Temitope Olatunji
April 18th, 2024
Wirex is seriously working on improving users’ experience: it introduced Iban for French and Spanish users and raised the funding limits.
Wirex is a modern hybrid personal banking solution that offers customers a unique combination of traditional currency and blockchain finance in one account. The company is actively developing, providing its clients more and more offerings.
For example, not so long ago, the platform announced the expansion of its cryptocurrency wallet portfolio with a new Ethereum wallet. This announcement followed the expansion of Wirex cryptocurrency services with a Ripple wallet.
What is more, the services provided by the company meet the highest compliance standards which can be proved by the e-money licence granted to the company by the Financial Conduct Authority (FCA) in the UK.
Nevertheless, Wirex is not going to stop at this point. Just recently, it has announced the introduction of International Bank Account Numbers (Iban) on its Euro accounts for users in Spain and France.
The company has also mentioned that it increased the account thresholds for users in the European Economic Area (EEA) to a range between $18,560 and $20,000 dollars.
Thanks to the newly-added Iban functionality, users from Spain and France will be able to send and receive cross-border payments in the European Union and all over the world. The Iban represents itself a long list of alphanumeric characters that covers and contains a series of important data necessary for making international payments. This data includes a country code, check digits and domestic bank account number, etc.
The first Ibans were introduced in Europe nearly 2- years ago to facilitate across-the-border payments but now they are used in nearly 70 countries in different parts of the world.
Wirex has a client base of more than 900,000 users and its products have gained significant popularity since their launch. Now the company expects to see a growing demand for its Visa card which ensures an opportunity to conduct Bitcoin and conventional currency payments as crypto users today are looking for new ways to spend their digital assets.
Wirex co-founder and chief executive officer Pavel Matveev said that their new initiatives were developed in collaboration with their financial partners. He stated:
“We want to improve the Wirex experience for all users whilst continuing to bridge the gap between our service and conventional finance platforms.”
Wirex has always tried to take into consideration its customers’ needs and requirements. So, the doubled limits for funding accounts that we have already mentioned came as a result of high demand. This decision provides users with even more reasons to consider the Wirex Visa card as an everyday method of payment.
In its statement, the company said:
“Our recent steps towards providing a more streamlined and well-rounded service are reflected in the IBAN and account limit updates.”
But it is still not the end of the news from Wirex. Several weeks ago it announced its plans to launch its services in Canada as it got a Fintrac and Money Service Business registration in the country.