This past Friday (September 28th) Wirex announced to the general public that it has introduced International Bank Account Numbers (Iban) on its Euro accounts for customers in Spain and France. This Bitcoin and cryptocurrency wallet company also doubled account thresholds for users within the 31-member European Economic Area (EEA) to between $18,560 and $20,000. This means that customers can credit their accounts by that much.
The London-based crypto-based Visa card payments company, Wirex 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. The company also noted that 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.
According to the co-founder and chief executive officer of Wirex, Pavel Matveev, the development is a result of collaborative efforts “with our financial partners, we have been able to expand our payment offering. Additionally, Mr. Matveev said, “we want to improve the Wirex experience for all users whilst continuing to bridge the gap between our service and conventional finance platforms.”
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.
By the end of last year, Wirex had up to 900,000 clients, in addition noting that it had seen a surge in demand for its product offerings, necessitating the 100 percent account limit spending, but did not provide further details. The company forecast demand for its Visa card, which allows for bitcoin and conventional currency payments, to continue to firm.
“Our recent steps towards providing a more streamlined and well-rounded service are reflected in the IBAN and account limit updates,” as noted by the company.
A couple of weeks back, Wirex reported that it will be expanding operations to Canada after it got a Fintrac and Money Service Business registration in the country. This means that Wirex will be given access to more than 600 different bitcoin ATMs located in Canada, which is the world’s second largest concentration of such cash machines after the US.