Bitwala is the future of banking; a review

Bitwala is the future of banking; a review 2

Source: https://www.bitwala.com/press/

Bitwala sounds exciting when you realize it’s a blockchain bank. People went agog during its launching. And if you’re looking for a place to merge your fiat and cryptocurrency to buy and sell crypto directly from your bank account, Bitwala is a place to start. 

What’s the most mainstream problem in the crypto community? How to manage your cryptocurrency via bank account? Bitwala solves this problem and offers a debit card that is linked with a traditional bank account that is linked with cryptocurrency debit card. So you have to convert BTC to EUR first – But with fast cash settlement from the wallet, you could live off your crypto investments. 

And we’re just starting to explore Bitwala

Bitwala Overview

Pros: flexibility, stable platform (no bugs), 2FA, native wallet

Coins: limited currency support, limited country access

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Heard stories and personal experiences made us cautious when addressing crypto companies. We are looking for expertise and trust in them. That is what Bitwala can offer.

Established in 2014, Bitwala continues to offer extraordinary and efficient services to the public. 

Before 2018, the company was facilitating bitcoin transfers and prepaid card services. After the crackdown by their Visa card provider, Bitwala was forced to shut down their services and pivoted to a new format. Today, after partnering up with solarisBank, they offer the world’s first blockchain banking services. 

Something to know about Bitwala:

  • The bank account is German 
  • SEPA transfers are best useful in Europe 
  • Only the residents of the European Economic Area (EEA) and Switzerland can sign up for an account

What services does Bitwala offer?

  • Cryptocurrency wallet 
  • Bank account 
  • Debit card 

Digital cryptocurrency wallet from Bitwala 

Bitwala offers a cryptocurrency wallet that supports Bitcoin and Euro. The wallet operates as a regular cryptocurrency wallet, allowing customers to send, transfer, and store their BTC. Additionally, it enables users to exchange fiat and crypto. 

  • Bitwala wallet gives the users full control over their private keys and backup phrase 
  • You can use a QR code for the transactions. 
  • The wallet is accessible for iOS and Android system users. 

Bank account from Bitwala 

As you already know, Bitwala accounts have a German bank account linked to the wallet and debit card. The account operates as a regular bank account would. 

What exactly are we talking about? 

  • You can receive payments (salary, personal transfers)
  • You can pay rent
  • You can save money 
  • You can use SEPA functionality for international transfers 
  • You can create standing orders
  • You are secured up to 100,000 EUR by the DGS

A debit card from Bitwala

And to top it all with a cherry, Bitwala also offers a debit card from MasterCard is linked with your bank account. There is fast cash settlement due to the unique integration of crypto and fiat into one platform. When selling BTC, funds in Euro will be available on the bank account within an hour.

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This combo creates extraordinary services that everyone is looking for. Some people are using up to four platforms to experience what Bitwala is offering: 

  • International use as MasterCard is accepted in 30 million locations worldwide. 
  • Fiat and crypto exchange on the same bank account. 
  • Withdrawal of funds via ATM (any ATM). 

Fees, limitations and supported currencies

Let’s cut to the chase. You want to hear about the financial details, such as fees, limits, and currencies that Bitwala supports. 

Supported currencies and how they are stored

As you might have already guessed, Bitwala supports only two currencies – Bitcoin and Euro (fiat currency). 

The platform integrated accounts for both currencies. 

  • Euros have a German bank account, which stores, receives and conducts transactions in Euros. 
  • Bitcoin has a digital wallet that acts as a regular Bitcoin wallet. You can use your wallet address to receive BTC and send some to others. 

Fees and limits

One thing we always recommend is researching the fees. Some platforms do offer a range of fees but have hidden charges and taxes. 

Bitwala, in such case, is quite transparent:

Services Fees Limitations and details
Bank Account € 0
Card order € 0
Card reorder € 9.50
ATM Fees  € 0 ATM providers might charge their fees
Card Transactions € 0 MasterCard might charge their fees on international transactions
Trading Fees 1% Minimum trading amount is   € 30

How does their customer support work?

You’re wondering what will happen if you stumble upon an issue while using the Bitwala debit card, wallet, or bank account. Or what if you have questions? What if you’re not convinced enough to use their services?

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Although many customers complain about poor customer support, Bitwala offers an extensive support page for the users. You can scroll down on the Bitwala website and find Support Center. The page is equipped with almost all possible Q&A options, and before you know it, you can find the answer to your questions. 

If you’re still confused and can’t find the answers, you can contact their support team. They tend to answer in a few hours (if not minutes) and are very attentive towards clients. 

What do customers have to say? 

In the end, what you want to hear than feedback from a previous user? Some platforms like Cryptocompare and Trustpilot provide feedback from customers, that might come in handy when finalizing your decision. 

  • Cryptocompare visitors rated Bitwala wallet 3.2 (out of 5), on average. Ratings change from time to time. 
  • Trustpilot visitors rated Bitwala platform four stars (out of 5). 

Customers are mostly satisfied with their experience with Bitwala. They emphasize on the fact that the platform is bug-free and has fast transactions. Some even call it the future of banking and the most pleasant app to use.

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Complaints come from the users who want to trade. They say that the trading fee is higher in comparison with other platforms. Bitwala justifies it with the availability of other handy features (wallet, debit card, bank account).

Updates/Developments – 22 Nov 2019

Bitwala is the first blockchain banking service to offer integrated tax reporting solutions to its users through its strategic partnership with CryptoTax. The service is free of charge for all Bitwala customers across the 31 countries of the European Economic Area and provides the same level of convenience in tax reporting as traditional financial institutions.

An example for cashing out would be: Sell 1 BTC, receive the equivalent in EUR and paying for your travels with a SEPA transaction right away” (no waiting of 2+ days for the EUR amount to be received on your bank account as would be the case with any other exchange.

Conclusion 

Bitwala could really be the future of banking. They efficiently combine the features of a debit card, bank account, and a BTC wallet, creating an all-in-one platform for the crypto community. 

One thing you might complain about is the lack of currency support, but the development of the platform is on its way.  

What more do you need to sign up and try it yourself? Let us know how it goes and how you found our review useful. 

FAQ

1. Can I create another wallet?

No, you can’t have two wallets at the time. But the platform is planning on introducing the multiple-wallet feature, so stay tuned.

2. Will I have to notify the platform when I’m leaving and have to use the debit card in another country?

No, it’s not necessary to notify the platform. You can use your card in other countries. Practically every establishment supports MasterCard-issued cards so that you won’t have an issue. 

You also won’t need to add foreign currency on your card. The bank will automatically convert foreign currency to the Euro. 

3. What if my card got stolen or lost?

Don’t panic if your card gets stolen. Go to the Bitwala website or app and log in to your account. Control Center > Card Settings > Lock Card

After this, your card will be locked, and no one will be able to use it. Following these steps, contact Bitwala support at [email protected] or call them 0800 8191040. 

They support staff will explain further steps.