A Mastercard on a crypto balance, priced like a mid-tier card

Updated October 2026

Licensed

Available in US

Fast payouts

18+ Only

If you already live inside crypto — a self-custody wallet you actually use, stablecoins you trust, a habit of topping up — then THORWallet is built for exactly that shape of life. You get a Mastercard that spends from your balance, an IBAN that behaves like an ordinary European account, and a card you can push into Apple Pay or Google Pay the same afternoon. On the fundamentals it does this well: 7.5 out of 10 on my scoring, and 9 out of 10 for everyday use.

But it is not a bank, and the pages will not let you forget it. The bank’s own terms say the card contract is with the provider, not with THORWallet. The card and the IBAN run through Fiat24 in Switzerland, while THORWallet itself is EMM Ventures AG in Zug and says it is not a bank, e-money or payment institution. The issuing bank is not named anywhere on the public pages. And then there are the gaps — how much is a minimum top-up, how long does a physical card take to arrive, how do you close the account, what happens if a payment goes wrong. None of that is stated. I have read the pages carefully and I am going to tell you exactly which is which, because for a card you might use as your only way to pay, an unstated rule is not a small thing.

The conditions described below are current as of October 28, 2026.

Verdict: 7.5 out of 10, best for people already inside crypto

THORWallet gets 7.5 / 10 overall. That number is not a shrug — it is a card that does the crypto part well and leaves the ordinary-banking part undocumented. If you fall into the group it suits, you will find it unusually convenient. If you fall outside it, there is nothing here that will persuade you.

Who it suits: people who already hold crypto and want a payment card without repeatedly selling to a bank; people who want an IBAN in Swiss francs, euros, dollars or renminbi alongside the card; people who want Apple Pay and Google Pay on a virtual card from a crypto wallet; people comfortable with a Swiss structure and with card terms that sit with a provider rather than with the brand they downloaded.

Who it does not suit: anyone who wants a normal current account with a named UK or EU bank behind it; anyone who needs documented dispute and refund procedures before they put their rent on it; anyone who needs a physical card in the post; anyone whose income documentation or banking needs are routine and who would rather not answer questions about source of funds.

Here is the score, criterion by criterion.

THORWallet also runs an older set of Fiat24 tiers — Standard, Gold and Platinum, priced at free, 1.5 ETH and 15 ETH one-off — and an older IBAN/Mastercard FAQ that describes a Swiss IBAN in “50+ countries”. You may still meet these in older pages or in-app. I use them where they matter, and I flag them where they contradict the current pages.

Will they give you the card?

Yes, most likely, if you live in a supported country and clear verification — but the rule is by residence and verification status, not by citizenship, and that distinction matters more here than in most cards.

The FAQ states availability in “170+ countries”, including the United States, and says availability “depends on the user’s country of residence, verification status” and other eligibility rules. Russia does not appear in the country list. The older IBAN/Mastercard FAQ is narrower — a Swiss IBAN in “50+ countries” — and if you are chasing the IBAN rather than the card, that older list is the one to check.

The practical points:

• Residence is the criterion that appears in writing. Verification status is the second half of the sentence, which means an account can exist and still not be usable.
• Monthly bank limits are set by country in the older material: $100,000 for the EU, UK and similar, but only $1,000 for places such as Turkey, Georgia, Armenia, India and Argentina.
• Nationality is not mentioned as a criterion on the official pages. Third-party comparisons elsewhere in this category routinely apply citizenship screening on top of residence. That is general context, not something THORWallet publishes — so I would not assume your passport is irrelevant, only that the pages do not say it is.

If you want the short version: you are asking “am I in a supported country and can I get verified”. Answer both, and you are in.

How to get it

Three steps, and the third one is quick.

Install the app, complete verification, order the card. Basic is described as “ready in 5 minutes” — which I read as the virtual card appearing in the app, not as a plastic card crossing an ocean.

The card itself is a Mastercard. Basic gives you a virtual card only. Premium gives you a virtual card plus a physical one. The virtual card can be added to Apple Pay and Google Pay. The card currency is USD; the Swiss IBAN account supports CHF, EUR, USD and RMB, and the card debits the matching currency account in the app.

What you will have to prove: identity verification is mandatory for the banking and card side, and it is verified by the Fiat24 team. THORWallet says it does not store KYC data. Basic users who hit the $10,000 initial monthly limit may be asked to fill in an extra questionnaire to get higher limits, and the provider may ask about your source of funds, wealth and tax residence. That questionnaire is not decoration — it is the route to the larger limits, and it is where a question about where the money came from will land.

What the pages do not say: the document list, whether proof of address is needed, or an age rule. That is not stated on either FAQ page. Prepaid and debit cards generally go to adults aged 18 and up, and some issuers set higher limits, but that is the category norm rather than a THORWallet rule I can point you to.

Two third-party descriptions, unofficial and not confirmed by the card: cryptocards.so (2026) reports email, a phone number and an ID document, with no proof of address or selfie required, at “Lv 3 ID-Verifizierung”, and gives no verification time. BTC-Echo (10/2026) says ID verification is required for the card and the Swiss account, while the DeFi app itself needs none. Treat these as a picture of what to expect, not as the deal.

Limits after sign-up: Basic starts at a $10,000 monthly limit after the “standard verification required during card setup”; the extra questionnaire and a review take you up to $100,000. Processing time and the official reasons for a rejection are not stated — so if verification is slow, you are waiting without knowing what “normal” is.

Delivery is a blank space. The Premium physical card is listed as “Included”; the Basic tier is virtual only. Countries served, delivery time, delivery cost and replacement cost are on neither FAQ page.

Fees: what a THORWallet payment really costs

The headline is that there is no monthly fee and no top-up fee. The catch is a 1.5% foreign-exchange markup, which is the number to hold in your head, because it applies on every transaction where the merchant’s currency is not the one your account is debited in.

Three everyday payments, so the arithmetic has somewhere to land.

A $60 coffee in a euro country. The merchant charges in euros, your card is USD. The 1.5% markup lands on the converted amount — about ninety cents on sixty dollars, plus whatever the merchant’s own terminal does. Nothing else is charged by THORWallet: top-up was 0%, and the card carries no monthly fee.

A $25 subscription. Here the FX markup usually does not apply at all if the merchant bills in your account currency. What you can still hit is a decline-related charge on the card side — and a failed authorisation can leave a hold on funds for several days, typically up to seven. That is standard card behaviour, not a THORWallet fee, but it is the thing that bites people who top up the card to the exact dollar.

A $200 withdrawal abroad. This is the expensive one, and it is where the fee table earns its place: $5 international, capped at $2,500 per transaction and $10,000 a day. Then you are back to the FX markup on the cash itself, because an ATM is converting your balance into local currency. Two fees, both disclosed, both avoidable if you withdraw less often and in smaller sums.

Read the fine print as carefully as I did: the fees and limits are indicative and vary by jurisdiction and verification. So the number on the page is a working figure, not a guarantee for your country.

One correction worth making explicitly, because a third-party site contradicts the card: cryptocards.so (2026) lists the ATM fee as “Kostenlos” and withdrawals as “Unbegrenzt”. That is unofficial and it contradicts the official $1/$5 fees and the $2,500 per-transaction, $10,000 daily ceilings. Believe the card’s own pages over that listing.

How to top up the card

The headline is good: 0% top-up fee on both plans. The detail you need is which network and which token, because sending USDC on the wrong network is the classic way to lose money here.

The current picture: USDC top-ups carry no THORWallet top-up fee. The older page is more specific — USDC on the Arbitrum network, other crypto swapped inside the app, and a bank transfer option. The Fiat24 material behind it matches that older description.

What that means in practice:

• Send USDC on the network the app shows you. The older page names Arbitrum. Check the current screen before you send, because this is the one detail most likely to have moved.
• Other crypto is swapped in-app rather than sent directly, which means the swap happens before the top-up and the rate is the app’s rate.
• A bank transfer is described as an option. How long it takes and what it costs are not stated.

What is not stated: the minimum top-up, and who pays the blockchain network fee. That second one is worth pausing on generally, not just here — on-chain network fees (gas or bandwidth) for your deposit are charged by the blockchain, not by the card provider, so it comes out of your crypto balance either way.

Withdrawal is a real hole in the documentation. Withdrawing your card balance, closing the account and what happens to the money left inside — none of that is on either FAQ page. If a large balance is a reason to stay, that silence is a reason to keep the balance small.

Paying with it every day

The mechanics are good. Apple Pay and Google Pay: yes, on the virtual card, per the Mastercard FAQ. That single fact does more for daily use than most of the fee table, because a phone is where people actually pay.

The card is a Mastercard in USD. The Swiss IBAN account supports CHF, EUR, USD and RMB, and the card debits the matching currency account in the app — so if you hold euros in the IBAN account and buy something priced in euros, you are avoiding the conversion.

Rewards: Basic pays 0%. Premium pays up to 0.5% in USDC, capped at $5,000 of spend per month in the first year, with the FAQ putting the later cap at $2,000 per month; $TITN stakers keep a higher cap and better benefits. The Swiss IBAN account pays no cashback at all. Treat “up to” as doing real work in that sentence — “Up to 0.5%*” is what the plan table actually says.

Spend limits in full, because they are unusually high and worth knowing before you are surprised:

• Basic: $20,000 per POS transaction, $50,000 daily, $100,000 monthly — but starting at $10,000 monthly until you are verified further.
• Premium: $100,000 per transaction, $500,000 daily, $1,000,000 monthly.
• ATM across both: $2,500 per transaction, $10,000 daily, monthly $20,000 on Basic and $60,000 on Premium.
• Older Fiat24 tiers, for comparison: $20,000 monthly and $10,000 daily on Standard; $200,000 and $100,000 on Gold and Platinum.

The older tiers also carried lower crypto top-up and FX fees — 1%, 0.5% and 0.25% by tier. The current plans are simpler and more expensive on FX than those tiers were.

The app: on iOS it is rated 3.9 out of 5 from 120 ratings, read on 2026-10-20, requires iPhone with iOS 17.0 or later, and the listing is in English only. The Google Play rating was not read. The Swiss IBAN is available only in the mobile app, not the web app — worth knowing if you are the sort of person who does everything in a browser.

Two blanks you will notice at the till: which merchant categories are blocked (the gambling category code 7995 that many issuers block is not addressed) and what the process is when a payment goes wrong. No dispute or refund process appears on either FAQ page, and the terms place the card contract with the provider. If a restaurant overcharges you, the published material gives you nothing to lean on.

What can go wrong

The failures I can name are mostly about structure and silence rather than about anything dramatic.

The brand is not the bank. The terms say THORWallet is not a card issuer and that the card contract is with the provider. The footer names EMM Ventures AG in Zug, Switzerland; the card and IBAN run through Fiat24; the issuing bank and BIN sponsor are not named on the pages; licences are not stated; and THORWallet says it is not a bank, e-money or payment institution. You are holding a Mastercard whose back-end bank you cannot name from the public pages. Unofficial, and not confirmed by the card: BTC-Echo carries a heading suggesting BaFin regulation while its body says only that THORCash, the fiat on-ramp provider, is fully regulated in Switzerland; cryptocards.so likewise does not name the issuing bank.

The money side is separable from the crypto side. THORWallet describes itself as a non-custodial DeFi wallet with a Swiss bank account. Your crypto stays in your own wallet until you spend it; the fiat card and IBAN run through a partner, with identity verified by the Fiat24 team, and THORWallet says it does not store KYC data. Two systems, one app. Card freeze, two-factor authentication, spending controls and insurance or safeguarding are all not stated.

No complaints found is not the same as no problems. A third-party search turned up no THORWallet-specific Trustpilot or Reddit complaints; the results were for other brands such as Trust Wallet and CL Card. There is a Trustpilot page for thorwallet, but I did not read its score or count, and one search found no recurring complaint themes. Unofficial: BTC-Echo’s community rating is 4.9 from 121 reviews (10/2026), with a user report from February 2025 that the interface is more complex and less intuitive than other wallets. Support is 24/7 in-app chat — “Standard” on Basic, “Priority” on Premium; unofficial sources mention German-language support, tickets via Discord and a Telegram community. No dated licence, issuer or programme events surfaced, officially or in one search.

The category has a track record of breakage. Programme closures typically give notice, then stop spending and loading, then ask you to withdraw remaining balances. Visa terminated its global agreements with FTX on 13 November 2022 and the FTX US debit card was wound down by its issuer; WaveCrest, a Visa issuer that supplied crypto card brands, was suspended by Visa in Europe in 2018 and all WaveCrest-issued Visa programmes closed. And a card that declines because your BIN looks foreign, or because the merchant category is one the issuer blocks, is an ordinary Tuesday, not an exception.

What to take instead

I compared four cards you might reasonably be choosing between. Same scoring method as the THORWallet review, so the numbers are comparable.

MetaMask is the closest rival and, for some people, the better fit. Virtual is free with no annual or maintenance fee; metal is $199/year. It spends directly from the connected wallet across Linea, Base, Monad and Solana, naming mUSD, wETH, EURe, GBPe, USDC and USDT. There is no foreign transaction fee and the Mastercard rate is used. Cashback is 1% on Virtual in mUSD; Metal’s headline 3% is limited by a footnote to the first $10,000 spent, then 1%, plus a $FLY bonus through the Blackbird dining app. Against that: sign-up is open in 45 listed countries/territories, proof of residency is required, ineligible regions limit sign-ups rather than spending, and US and UK sign-ups are temporarily closed. The card is Mastercard, issuer Monovate, card provider Crypto Life, one card per user, card currency not stated. If you are in the US or UK, that closes the door for now.

KAST wins on structure if you want a card that looks like a proper card. Visa Platinum, Visa Infinite metal or gold plated, plus Pengu, Solana and Bitcoin designs, up to 10 cards. Stablecoin top-up 0%, USD card spend 0%, transaction fee 0%, Apple and Google Pay 0%, stablecoin deposits converted 1:1 with a 0% spread. Cashback is real money: 1.5% on the first $2,000/month on Standard, 2% on the first $10,000 on Premium, 3% on the first $40,000 on Private. The non-USD FX fee is 0.5%–1.75% depending on your residence country, transaction country and card programme; transactions under $25 in a non-USD currency cost $10 cents; a declined transaction for insufficient balance costs $50 cents. Prices that stop you: Premium is $1,000/year, Private $10,000/year billed annually upfront, an extra virtual card is $2, an inactivity fee of $1/month kicks in after 12 months, and a Standard physical card is $0 plus $40 delivery. KYC is residence-based and strict — if your country is not listed, KAST is not available there, and living in a supported country while holding an ID from a restricted region can still make you ineligible.

TokenPocket is the one I would think about only if you are already deep in that ecosystem. Visa debit for European countries and territories including Germany, France, Spain and Switzerland; Mastercard debit for Australia, Canada, Hong Kong, Japan, Taiwan, New Zealand, Singapore, South Korea and the UK; the Americas were planned for Q2 2025. It runs on Arbitrum, Fiat24 cards are virtual with no physical card mentioned, and balances sit in EUR24 and USD24. The cost is a 1% fee on crypto deposits, refunded later through rewards or reduced transaction fees, and settlement between institutions can add more. No FX fee is stated.

Who I would recommend it to

I’d recommend THORWallet to someone who is already inside crypto and wants a card without leaving it. Concretely: you hold USDC, you want a Mastercard that spends that balance, you want Apple Pay on the virtual card today, and you want a Swiss IBAN alongside it in several currencies. Basic at $5 is a cheap way to find out whether this shape of card suits you; Premium at $99 is for people who want the physical card and the higher limits, and I would not spend that until the Basic has proved itself.

I would not recommend it as your only card. The reason is narrow and specific: the dispute process is not stated, the issuing bank is not named, licences are not disclosed, and closing the account and withdrawing a balance are not covered on either FAQ page. If a card is going to carry your rent, you want the boring documents, not just the good app.

Two checks before you commit. First, open the app and confirm which network it is asking for on the USDC top-up, because the older page says Arbitrum and that is the detail that costs money if it is wrong. Second, put a small amount in, buy something small, and see how long it takes — the App Store’s 3.9 from 120 ratings suggests the interface frustrates some people, and you would rather find that out with $20 than with your rent money.

If you are in the US or the UK, and MetaMask’s temporary closure does not suit you, the comparison narrows quickly to KAST — if $1,000 a year is a budget line you have — and THORWallet. In that pair, THORWallet is cheaper and more DeFi-native, and KAST is more bank-like in what it publishes.

Frequently asked questions

What is THORWallet card?

It is a Mastercard that spends from a crypto balance rather than from a bank account, bundled with a Swiss IBAN. You install the app, verify your identity, and load the card from crypto — most cheaply in USDC — then pay in shops or in Apple Pay. The app itself is a self-custody DeFi wallet; the card and IBAN are provided through Fiat24. Basic gives a virtual card; Premium adds a physical one.

How does THORWallet card work?

Your crypto stays in your own wallet until you choose to spend it. Topping up converts or accepts crypto into a card balance, and the Mastercard then draws on that balance the way a prepaid card does — it cannot overdraw, because there is nothing behind it to overdraw from. Payments follow ordinary card rails, with a 1.5% foreign-exchange markup where the merchant’s currency differs from the account currency being debited.

Is THORWallet a bank?

No, and the card says so itself. THORWallet states it is not a bank, e-money or payment institution. The company in the footer is EMM Ventures AG in Zug, Switzerland, and the card and IBAN are delivered through Fiat24. The issuing bank is not named on the public pages and licences are not stated — which is the first thing to check yourself before relying on it.

Who owns THORWallet?

The footer names EMM Ventures AG, based in Zug, Switzerland. The card and the Swiss IBAN come through Fiat24, which is a separate Swiss provider and handles the identity verification. Unofficial and not confirmed by the card: BTC-Echo reports only that THORCash, the fiat on-ramp provider, is fully regulated in Switzerland, and cryptocards.so likewise does not name the issuing bank.

Does THORWallet card require KYC?

Yes, for the banking and card side — it is mandatory, and the Fiat24 team does the verification. THORWallet says it does not store KYC data. You may also be asked about your source of funds, wealth and tax residence, especially if you want limits above the initial $10,000 monthly figure. The document list, proof-of-address requirement and age rule are not stated on the card’s own pages.

Is the THORWallet card free?

Not quite. Basic is $5 one-off, or free with an invite code. Premium is $99 with an invite code and is listed at $124; it is a one-off purchase with no subscription. No monthly fee is stated, and the Swiss IBAN account is free. So the honest answer is: cheap to start, and free to keep, but not free to get.

How much are THORWallet card fees?

Top-up is 0% on both plans. The foreign-exchange markup is 1.5% on Basic and Premium. ATM withdrawals cost $1 at home and $5 abroad, with $2,500 per transaction, $10,000 daily, and $20,000 or $60,000 monthly depending on the plan. There is no monthly fee stated. The fine print says fees and limits are indicative and vary by jurisdiction and verification, so treat them as working figures.

How do I top up the THORWallet card?

Send USDC, which carries no THORWallet top-up fee; the older page specifies the Arbitrum network, so confirm what your app shows before sending. Other crypto is swapped inside the app rather than sent directly, and a bank transfer is described as an option. The minimum top-up is not stated, and neither is who pays the blockchain network fee — that one comes out of your crypto balance as gas or bandwidth.

Can I use the virtual card with Apple Pay or Google Pay?

Yes, per the Mastercard FAQ, the virtual card can be added to Apple Pay and Google Pay. That is the most useful everyday feature on the card, because it means you tap a phone rather than handle plastic. The card currency is USD; the Swiss IBAN account supports CHF, EUR, USD and RMB, and the card debits the matching currency account in the app.

Is the THORWallet card safe to use?

Safe enough for small spending, on the evidence available — with caveats. No THORWallet-specific Trustpilot or Reddit complaints surfaced in a third-party search, and no dated licence, issuer or programme events were found. But card freeze, two-factor authentication, spending controls and any safeguarding or insurance are not stated, the dispute process is not described, and the issuing bank is not named. The App Store rating is 3.9 out of 5 from 120 ratings.

Content created by the «cryptocardcheck» team