Banxe

Verdict

Banxe’s card is a business tool, not a consumer perks card. It is a fiat debit card built for companies — sole proprietors, partnerships, LLCs and corporations — that want a multi-currency account with team cards, spending controls and Xero-friendly bookkeeping. If you came for cashback, stop here: Banxe publishes no rewards program on the card at all.

The headline economics are simple. The card has no monthly fee in the UK, but it hangs off a business account that costs EUR 50 to open and EUR 25 a month. Your money is held two ways: fiat as safeguarded e-money by Tompay Ltd (Banxe is “not a bank”), and crypto in a wallet you control. Banxe does not name the card’s network, Visa or Mastercard.

Rewards: there are none to weigh

There is no rate to scrutinise here, because there is no rewards scheme. Banxe discloses no cashback, points or crypto-back on card spending, and with no program there is no reward currency either. Treat this as a spending-and-control card, not an earning one — the value is in the account and team features, not in what the card pays back.

Fees: free card, paid account

The card line is genuinely free — “Card monthly fee, only UK: Free” — but Banxe states that free monthly fee only for the UK, not for other regions. The real cost sits at the account level: EUR 50 to open and EUR 25 a month, on both the UK/EEA and Other-regions plans. The UK card usage fees are:

• Physical card issuing: GBP 20
• Card reissuing: GBP 25
• Card payments in GBP: Free
• Card payments in non-GBP currencies: 1%
• ATM withdrawals: 2%

Spending in your home currency is cheap, but a 1% non-GBP charge and a 2% ATM fee add up for cross-border use — worth factoring in if the card travels.

Custody: who holds the money

Custody is a hybrid. The fiat balance the card spends is custodial e-money: Tompay Ltd — the FCA-authorised electronic money institution behind Banxe (ref 931509) — keeps an equivalent amount of customer money in a regulated safeguarding account. Because Banxe is “not a bank,” your money sits as safeguarded e-money rather than a bank deposit.

Crypto works the other way. It sits in ProWallet, a “non-custodial wallet with seed phrase access” — “your keys, your crypto,” with Banxe stating no one but you can access those assets. The card never holds coins: you convert crypto in ProWallet to top up the fiat card.

Availability and the UK crypto catch

Banxe is available in the UK, the EU, and ten named countries: Andorra, Australia, Iceland, Israel, Liechtenstein, New Zealand, Norway, Singapore, South Korea and Switzerland. Opening a business account takes anywhere from three hours to several weeks after remote KYC on directors and UBOs.

The catch is crypto. It is not provided to UK citizens and residents, and is run by SIA “Paybis Europe” in Latvia, outside FCA regulation. Supported coins are BTC, ETH, TRX and USDC (the business page also lists USDT). So a UK company gets the fiat card and account but not the crypto top-up that is much of the appeal. Banxe also does not state Apple Pay or Google Pay support.

Who it is for

Get it if you run a company in the EU or one of the supported countries and want up to 10 team cards with per-card limits, instant freeze/block, role-based access, and Xero and mass-payment tooling — with the option to fund spending by converting BTC, ETH, TRX or USDC. Safeguarded fiat plus a self-custody crypto wallet is a sensible split.

Skip it if you want cashback or any rewards, a personal card, or a confirmed card network and Apple/Google Pay. And if you are a UK business hoping to spend crypto, this is not your card — that side is closed to UK residents, leaving the fiat card and its fee-bearing account.