TenX Singapore: All you need to know

Aman Saxena

TenX is a cryptocurrency wallet platform that is available in the Asia-Pacific- including Singapore- Germany, and Austria. With the TenX wallet, you can purchase into, hold, receive and send Bitcoin, Ethereum and Litecoin.

But the TenX Visa card takes it one step further by letting you spend your Bitcoin and Ethereum anywhere Visa is accepted around the world. Whether online, in person or withdrawing cash. Read on to learn more about this new way of spending using cryptocurrencies.

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If you are looking for a non-crypto multi-currency wallet with less fees and that lets you spend money with ease around the world, take a look at the Wise borderless account

How does TenX work?

TenX works through a mobile app that you download to your phone. Once you have it downloaded, you will need to sign up with your email. Through the process, you will have to choose Singapore as your country of residence and confirm whether that matches your citizenship as well. This is necessary as TenX is not available in all countries. You will have to submit ID and address proofs through the app as your Visa card will be sent to that address.

Next, you will have to enter personal information like name, birthdate, your desired username, and password. You will then have to also set up a 2-factor authentication. That means that to secure your account further, you will need to provide a second authentication through an authenticator app like Google Authenticator.¹

Once you are all set up, you can then add funds to your account through the app. Click on the Add Funds on your home screen on the dashboard.

To get your Visa card, you will have to order it through the app. Click on the “Get Your Card Now” in the top right corner of your screen. You will need to confirm your information and connect the card to your funded wallet.² The TenX Visa card can only be used with Bitcoin and Ethereum at the moment.

Your TenX wallet’s private key is secured with hot and cold storage, and once the protocol COMIT is live, it can be directly linked to your Tenx Wallet so you can store your own private key.³

Want a simpler way to spend globally? Sign up for a Wise account and within minutes you can access 59+ global currencies and spend locally wherever you are.

TenX fees and charges

TenX comes with a number of charges for the wallet and Visa card. Here is how they work for countries in the Asia-Pacific:

Fee⁴Amount (in USD)
Management fee (when ordering a card)$15
Annual fee$10
ATM withdrawal fee$3.25

There are additional fees to the ones above. The first is a withdrawal fee that when you pull money from your TenX wallet to an outside account. This fee is to cover the mining costs for that particular withdrawal. And to clarify, you are not charged a mining fee when you make purchases using the Visa card or move money between TenX wallets.⁵

Another fee that can be quite hidden is in the crypto-to-fiat exchange rate in the TenX app. The exchange rate you’ll see in the app is different from the mid-market rate as TenX adds a small fee on top of the market rate. That way they are able to take a cut of every exchange you make.⁶

What can I do with TenX ?

The unique aspect of TenX is that they have made cryptocurrencies easier to use for your day to day and normal purchases. With every swipe of the Visa card, your BTC or ETH are debited and paid to Visa. So instead of holding money in different foreign currencies or fiat money, you hold your money in crypto until it is debited. The Visa card works globally and there are no transaction fees for overseas purchases. And to be clear on how this card differentiates from a credit card, it is required that your account is topped up to be able to spend.

The TenX Visa card also allows for ATM withdrawals anywhere Visa is accepted. There is however a $3.25 fee for every cash withdrawal.

But for spending and cash withdrawals, there are daily, weekly, monthly and annual limits in place with TenX that restrict how much you can use the card and how much you can spend⁷. Here is a breakdown of the card spending and cash withdrawal limits.

Card Spending Maximum# of TransactionsSpending Amount
Daily50S$ 10,000
Weekly350S$ 15,000
Monthly1,500S$ 25,000
Yearly18,000S$ 150,000
ATM Withdrawal Maximum# of TransactionsCash Amount
Daily2S$ 1,500
Weekly10S$ 1,500
Monthly10S$ 1,500
Yearly100S$ 18,000

Overseas spend with TenX

The TenX wallet and Visa card are a great option to make your cryptocurrencies work for you in your regular life. As opposed to buying and just holding your crypto wallet. The lack of foreign exchange fees can also make it an attractive option for overseas travel and purchases. It is also important to note that the Visa card is not available for use in all countries- so consult the list of supported countries before using your card for travel.

But the TenX Visa card does come with fees and charges that make this a weaker option compared to fiat-based global accounts. The spending and transaction limits also don’t make the card conducive as a go-to card for all your spending needs.

The inherent fluctuations in the prices of BTC and ETH can also make it difficult to plan and budget for when you are traveling. While the app does keep you notified on your spending, there are better options out there for global currency accounts that make it easier to convert and spend around the world. And If you are looking for an easier way to spend as you travel for work or pleasure, check out global multi-currency accounts like Wise’s borderless account.

Get your Wise borderless card - a multi-currency account

Want a global multi-currency account with no annual or management fees? Wise’s borderless account is free to set up and you can load up and spend locally in over 40 currencies around the globe. Using smart technology, Wise’s borderless card can be used anywhere Mastercard is accepted. And all you will have to pay is a small conversion fee when you purchase into different currencies. You also get free cash withdrawals up to S$ 350 per month at ATMs around the world.

Wise never takes a spread on any exchange rate, so what you get is the mid-market exchange rate on every conversion. That means more money in your wallet. Plus there are no spending limits imposed by Wise, so you can use it as much as you like as you travel.

With Wise, you save money on fees and unfair exchange rates on every transaction. And if you want to spend online you can do that too with your borderless card at the same cheap rates on global sites like Alibaba, Amazon, Qoo10, and Grab. And with an award-winning app, you can keep track of all your spending right from your phone. So while TenX can be an interesting alternative for crypto-spending, Wise is a perfect partner for your regular travel and purchases wherever you are in the world.

Sources used for this article:

  1. Starting with TenX
  2. Getting a TenX card
  3. TenX Security
  4. TenX fees & charges
  5. Withdrawal fee
  6. Exchange spread fee
  7. Spending limits

All sources checked as of 22 March, 2020

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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