Bitwala

Bitwala is a business plan for bitcoin payments. It promises to offer unlimited, fast, and efficient mass payouts in 20 world currencies with bitcoin and other cryptocurrencies. Here’s our review.

What Is Bitwala?

Bitwala promises to offer fast international payments across multiple currencies. Using Bitwala, you can settle invoices in a matter of hours – not days. You can get paid and pay international suppliers, employees, and freelancers in their local currency.

Like other blockchain-based payment platforms, Bitwala promises to be a better way for businesses to send and receive payments anywhere in the world. The platform is designed to reduce costs and make international business more efficient.

Most transactions are processed at a rate of 0.50% or 1.00%. Depending on your currency, transactions can be processed in under 2 hours.

You can visit Bitwala online today at Bitwala.io. The company is based in Berlin’s famously bitcoin-friendly neighborhood, Kreuzberg.

Bitwala Features

Fast International Payments:

Settle invoices in hours – not days, and send and receive payments from around the world.

Multi-Currency Accounts:

Bitwala supports your business with over 20 fiat and SEPA currencies and more than 44 cryptocurrencies. In addition, Bitwala “guarantees the fastest international transfers and transparent, all inclusive fees.” Currencies have a transparent fee structure of 0.5%.

Corporate Prepaid And Debit Cards:

Users can separate their business and personal accounts with a bitcoin debit card made specifically for your business. You can top up your card and settle business expenses anywhere Visa debit cards are accepted. Cards can be used online and offline. You can save on business expenses anywhere in the world.

Available In Countries Around The World:

Bitwala supports 200+ countries around the world.

Unlimited Transfer Amount:

There’s no limit on the amount of money you’re transferring when making international payments. The platform is suited for both small businesses and larger enterprises, letting anyone make money transfers with the lowest fees on the market.

Expenditure Tracking:

Businesses can track expenses, monitor transfers, and top up their cards with the Bitwala mobile app (available for iOS and Android). You can use the Bitwala app to get an instant (and encrypted) overview of your incoming and outgoing bills.

Open API:

Bitwala lets you build your own software on their business platform.

Mass Payments:

Pay all suppliers by uploading a single file through the click of a button.

Bitwala Fee Structure

Most Bitwala payment services come with a fee of 0.5% or 1%. Additional fees are assessed for cards, ATM withdrawals, and other services. Here are some of the most important fees to know about:

  • Bank Transfers: 0.50% for EUR, AUD, BRL, CNY, JPY, MXN, PHP, KRW, and VND; all other currencies have a 1% fee plus conversion fees by the bank.
  • International Wires (SWIFT): 1.00% for USD, GBP, CZK, DKK, HUF, HRK, NOK, PLN, CHF, and SEK; all other currencies have a 1.00% fee plus conversion fees by the bank.
  • Physical Card & Delivery: 8 EUR
  • Virtual Card: 2 EUR
  • Top Up Fee: 0.50% per transaction, minimum fee of 1 EUR
  • Purchase Fee: 0 EUR
  • ATM Transaction (Domestic): 2.25 EUR
  • ATM Transaction (International): 2.75 EUR
  • Monthly Maintenance Fee: 1.00 EUR
  • Foreign Transaction Fee: 3.00%.
  • Card to Card Transfer: 0.25 EUR per transaction.
  • ATM PIN Change Fee: 0.80 EUR
  • Card Replacement: 8 EUR

Who’s Behind Bitwala?

Bitwala describes itself as “a small team of 12 awesome people with 9 different nationalities based in Kreuzberg, Berlin. Key members of the company include Ben Jones (CTO), Jörg von Minckwitz (CEO), and Jan Goslicki (COO). You can view more details about the Bitwala team (including a profile of the office blog) on their website.

Bitwala was the runner up for the Best fintech Startup at Pioneers Festival 2016, chosen from 3500 companies around the world.

Here’s the goal of the company, according to CEO von Minckwitz:

“Bitwala was built on the importance of having financial freedom and the possibility to live off of Bitcoin exclusively.”

Like other payment platforms, they want to expand the usefulness – and usability – of bitcoin around the world.

Bitwala Conclusion

Bitwala is yet another cryptocurrency based payment platform that aims to make it easier and cheaper to spend money around the world. Bitwala is catering its services to businesses of all sizes – including small businesses and enterprise customers.

The benefits of Bitwala include cheap fees, international VISA debit cards, and 0.50% and 1% transaction fees.

Stay tuned for more information about Berlin-based Bitwala as the payment platform continues to grow over the coming months.

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