Payments Platform Wirex Launches Iban for Spanish and French Users, Doubles Account Limits

Spanish and French Users of Wirex Now Have Ibans, Spending Limit Doubled
London-based Wirex, a crypto-based Visa card payments company, said on September 28 that it had raised the funding limits for account holders in the EEA to £15, 000, €16,000 and $20,000. An Iban, a function which allows for cross-border payments for citizens of the European Union (EU) and elsewhere around the world, has been introduced for users in Spain and France, the company said.
We want to improve the Wirex experience for all users whilst continuing to bridge the gap between our service and conventional finance platforms.
Surging Demand
The Iban is a long list of alphanumeric characters, capturing a series of important data, including country code, check digits and domestic bank account number, which are necessary when making international payments. Ibans were first used by the EU two decades ago to help smoothen across-the-border payments within the economic bloc, but have now expanded to about 70 countries worldwide. Wirex, which had 900,000 customers at the end of 2017, said it had seen a surge in demand for its product offerings, necessitating the 100% account limit spend, but did not provide further detail. The company forecasts demand for its Visa card, which allows for bitcoin and conventional currency payments, to continue to firm.
Images via Shutterstock
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