Best Alternatives to Wirecard You Should Try
The two best alternatives we have found are Revolut and TransferWise, who does not have any connections with Wirecard.
Anyone following online transaction news will have seen that they are under investigation for fraud and that on Friday 28th of June, any payment service connected with Wirecard was forced to suspend the operations related to Wirecard.
Table of Contents
Wirecard Alternatives | Introduction
Since Wirecard was a major global player when it comes to card issuing, electronic money issuing, and acquiring a business, this has worldwide consequences for millions of users. It seems to have especially affected the pre-paid card users. Since most of the connected services have alternative solutions for the account funds, users are still able to transfer funds manually to other e-wallet solutions that are not affected by the Wirecard collapse.
The two best alternatives we have found are
We will go through the
Revolut launched in July 2015 and has proven to be a solid service. They moved away from Wirecard in 2018 to work directly with MasterCard and Visa as their pre-paid card issuer.
The services available on their app are extensive:
- Pay and get paid
- Send money abroad
- Set up Vaults
- Set budgets
- Discover Rewards
- Pay with Apple Pay
- Pay with Google Pay
- Donate to charities
- Stay secure
- Trade stocks
- Trade crypto
- Trade commodities
- Insure your device and yourself abroad with travel insurance
- Developer APIs
If you want to create an account at
Now that the factual points that you can find on their website is over with, let us explain the user experience from the start.
Signing Up with
It is possible to start the sign-up process on
If you are traveling or not located in your home country when you are signing up, we recommend using your personal mobile phone and phone number from your home country.
All verification of your identity and address is done on the app and it is quick, easy, and effective. And the app explains very well how to go through these steps.
When you have downloaded the app, it will ask for your legal name and address. When you start adding your address, the app will make suggestions and not all alternatives are in the app. So if you don’t see your address there, you can choose “Address is not here”, and you can add your address manually.
One thing to note here is that
The next step on the app is that it will ask for documentation of identity by taking a picture with the app of your passport or drivers’ license. Be careful that you don’t have any glare from a light source in the image, and that you have the entire ID page inside the image rectangle on the app and it will take the picture automatically when it looks good. You get many tries there to either approve the image taken or try again.
When your ID is uploaded, the app will need a profile picture of you to verify that you match the ID you submitted. This is like taking a regular selfie with the app.
Our experience was that as soon as these steps were completed, we could immediately order a Virtual Payment card on the app. And a notification that our ID was verified came in 2-3 minutes, which is extremely fast indeed. Impressive, but we have a feeling that using the same name and address on both our phone and payment solutions, helped with this. But
Being able to use the account immediately, with a Virtual payment card, is a great advantage. Especially now if you are changing from a wallet that has been affected by Wirecard.
Revolut Account Options
The next step is to choose your account type.
If you plan to use this account regularly, we recommend going straight to the Metal account option since the exclusive features will most likely save you at least as much money from your use, as the cost is.
A great solution that
Once you use your card for the first time, by using the chip and a pin code, in an ATM or store, your card is automatically activated even if you do this while abroad.
Here are just a few of them:
- A physical Metal card, weighing 18g
- Free Euro IBAN account
- Earn up to 1% cashback in any currency, including cryptocurrencies. (Capped at 12.99£ per month)
- Free ATM withdrawals worldwide up to 800£ per month. 2% fee thereafter. Max daily cash withdrawal limit is 3,000£. No monthly upper limit. (Eligible for change)
- Overseas medical insurance included
- Instant access to 5 cryptocurrencies
- 1 free SWIFT transfer per month
So, you can see that the monthly cost is easily worth the benefits, and then some.
Revolut Virtual Payment Cards
You can also set up Virtual cards for alternative uses and set spending limits on them for easy control. If you wish to share cards with family or friends, you can even get payment cards for them, in their name and set the spending limits you wish on the card. Very practical.
Revolut Currency Exchange
Our conclusion by researching
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