Q: Which Digital Payment Tokens (DPT) can I link to my card?
A: You have the flexibility to link any crypto token (DPT) of your choice. We recommend linking to stablecoins (XSGD, USDC, USDT and many more) for stability and ease of use.
Q: Will this change mean that I effectively will pay merchants in crypto, instead of fiat?
A: No, merchants will continue to receive payments in traditional fiat currency. When you use your Wirex card, an automatic conversion from your chosen stablecoin to the relevant fiat currency is performed by Wirex to authorize the transaction. This feature, an innovation pioneered by Wirex, has always been considered a standout feature in the market. It allows for the convenience of crypto transactions while ensuring merchants receive payments in the familiar fiat format.
Q: What exchange rate will be applied for card transactions?
A: Should you choose to link XSGD stablecoin to your card, the conversion will always be at the 1:1 rate. For other DPTs, the transactions will be processed using the Wirex standard DPT-to-fiat exchange rate at the time of conversion, which is consistently among the best available in the market.
Q: What are the spending or balance limits on my card?
A: Your card will have an annual spending limit of 30,000 SGD. With the new changes we're implementing, the previous stock limit of 5,000 SGD at the end of each day will no longer apply. These updates provide a more flexible and user-friendly approach to managing your digital currency, while still ensuring full compliance with regulatory standards.
Q: Do I need to take any action now?
A: Simply select which DPT (crypto) account you'd like to link to your card. That’s it. We've made the process straightforward for your convenience.
Q: When will these changes take effect?
A: These updates will begin on January 29, 2024. Until then, you can continue using your fiat funds with your card, subject to the same stock&flow (spending and balance) limits prescribed by MAS.
Q: Why is Wirex implementing these changes?
A: Our primary goal is to ensure compliance with regulatory standards while maintaining the high-quality service you expect from Wirex. The update involves removing the ability to link fiat accounts to your card. However, the rest of the card's functionality, including the option to link any crypto (DPT) account, remains unchanged. This step is part of our commitment to providing a secure and efficient platform for our users.