Ibrahim Busari
Ibrahim Busari
Ibrahim is a fintech writer at AskWallet

Is Ibandirect a game-changer in the world of online and mobile banking?

Ibandirect is a neobank providing its users the ability to make use of their cryptocurrencies. The neobank does this by providing a number of features which include a virtual bank account, a prepaid VISA card as well as an e-wallet.

5 min read 03.04.2021

What is Ibandirect?

It is a mobile online bank that aims to make banking easier for its customers. Cardbit OU, a company based in Estonia, created the platform. The banking platform has a lot to offer its customers, and its services are reasonably priced in terms of commissions and transaction fees.

Users of the platform can conveniently open an IBAN account as well as a VISA prepaid card for SEPA transactions in EUR and BTC. The VISA prepaid card for the platform is provided by the Electronic Money Institution Waletto UAB.

Is Ibandirect Safe?

Yes, the payment platform has put in place several security measures to help secure its users' accounts. One of the measures includes 3-D secure which adds a layer of security to the transactions.

Ibandirect Services

Crypto-Friendly Individual IBAN Account

The IBAN account lets users transfer and accepts funds from friends, partners and exchanges on the platform for free. The account also allows for the conversion of Crypto into fiat currencies and vice versa. Opening an IBAN account is totally free, while incoming and outgoing payment will incur a 0.5% + 1 EUR fee. 

Your funds in this account are stored safely in the Central Bank of Lithuania and users can enjoy high incoming and outgoing transaction limits. The account can be funded with bitcoins and SEPA transfer - unfortunately, only from your bank account, so bank transfers from bookmakers or online gaming providers will not be accepted.

Prepaid VISA Card 

You can issue both a physical (plastic) card (which costs 10 EUR) and a virtual card (5 EUR), but the latter does not allow contactless payment, so you cannot link it to Google/Apple Pay and pay offline via your mobile. However, it supports 3DS, so Internet payments should be no concern.

Ibandirect Bonus feature

Refer a Friend

This bonus is offering users up to 20% of the revenue of the referred party’s initial deposit. To get the bonus, you have to register for an account and contact support.

Pros & Cons

  • SEPA transfer
  • Supports cryptocurrency transfers and exchanges
  • High incoming and outgoing transaction limits
  • Virtual and Physical card options
  • High monthly service fees
  • Low exchange rate (BTC to EUR)
  • Website is available only in English version

Conclusion

Upon first glance, Ibandirect seems like online mobile banking looking to push the boundaries and innovate. However, underneath the surface, there are a lot of kinks the company has to work. There is a lot to like about Ibandirect, but there is also a lot that is unknown about the company. 

The payment solution is new to the market and might need some time before it becomes a force to be reckoned with in the industry. Honestly speaking, they are better neobank options out there with better exchange rates and lower commissions. 

However, Ibandirect could be an option for a person who needs a quick and user-friendly interface and doesn’t worry about the high commission rates. Also, the choice of getting plastic or virtual cards is a great option that is slightly undercut by the monthly service fees. 

Ibandirect FAQ

How to order your Prepaid VISA Card?

A Prepaid VISA card can be ordered by following these quick steps: 

  1. Log into your Ibandirect account 
  2. Click on “Order a card”
  3. Fill in your personal information: your surname, name, date of birth, phone number and billing address
  4. After that, you’ll need to provide identification either by passport or ID 
  5. Then you are on to the final stage - verification
  6. You’ll have to take a photo of your face and your documents 
What are the card fees and limits?

Card fees and limits can be found at the Fees Section of Ibandirect's home page.

Card has not arrived?

If you don’t receive your card in 2 weeks. Make sure to contact support at support@ibandirect.com or by phone at +357 22000546 and leave a complaint.

How to make a deposit to my Card?

To top up your card with Ibandirect: 

  1. Log into your account 
  2. On the dashboard, you will see two accounts one in EUR and the other in BTC
  3. You can select deposit by SEPA or BTC
  4. When selecting deposit by SEPA, click the "Actions" button – "Sepa Deposit"
  5. If your preferred deposit method is BTC, select "Actions" then click "Deposit" 
  6. Once your funds are credited to your Ibandirect account, Go over to the card section on the panel to the left and click "Load funds"
How to order your Prepaid VISA Card?

A Prepaid VISA card can be ordered by following these quick steps: 

  1. Log into your Ibandirect account 
  2. Click on “Order a card”
  3. Fill in your personal information: your surname, name, date of birth, phone number and billing address
  4. After that, you’ll need to provide identification either by passport or ID 
  5. Then you are on to the final stage - verification
  6. You’ll have to take a photo of your face and your documents 
Card has not arrived?

If you don’t receive your card in 2 weeks. Make sure to contact support at support@ibandirect.com or by phone at +357 22000546 and leave a complaint.

What are the card fees and limits?

Card fees and limits can be found at the Fees Section of Ibandirect's home page.

How to make a deposit to my Card?

To top up your card with Ibandirect: 

  1. Log into your account 
  2. On the dashboard, you will see two accounts one in EUR and the other in BTC
  3. You can select deposit by SEPA or BTC
  4. When selecting deposit by SEPA, click the "Actions" button – "Sepa Deposit"
  5. If your preferred deposit method is BTC, select "Actions" then click "Deposit" 
  6. Once your funds are credited to your Ibandirect account, Go over to the card section on the panel to the left and click "Load funds"

Ibandirect Questions & Answers

Ibrahim Busari

Is Ibandirect safe? Please tell us How do you ensure security for your customers?

Danils, Ibandirect Representative

Our IT department strictly monitors security. All data is protected. Each client can enable two-factor authentication.

Ibrahim Busari

What is the idea behind Ibandirect?

Danils, Ibandirect Representative

The idea of the project is to make life easier for our customers who have cryptocurrency or need prepaid cards that can be used all over the world.

Ibrahim Busari

What is Ibandirect target audience? 

Danils, Ibandirect Representative

We work almost all over the world. We have many customers from Europe, CIS countries ( Russia, Ukraine, Belarus...) there are also many clients from the Balkans ( Serbia, Slovenia...). Now we work with the countries of South America and Middle Africa.

Ibrahim Busari

Are there any upcoming features or updates?

Danils, Ibandirect Representative

We are constantly evolving. We listen to our customers and add features that are necessary for our all clients. At the moment, from the latest updates, we have added crypto invoices for merchants and added new cryptocurrencies to our arsenal, such as - Ethereum, Litecoin, USDT, USDC, Bitcoin Cash.

Ibrahim Busari

What makes Ibandirect a preferred payment solution for users? What is your unique selling proposition?

Danils, Ibandirect Representative

Our project is about visa prepaid cards that are cryptocurrency-friendly. We provide individual IBAN accounts for each of our customers. We also have plastic and virtual visa cards, which are already used by many of our customers.

Ibrahim Busari

Name top 3 killer features on Ibandirect

Danils, Ibandirect Representative

Our main advantage is working closely with the client. We provide personal IBAN accounts, plastic and virtual visa cards, as well as you can buy and sell cryptocurrency from us.

4.27 How do we count the overall AskWallet star rating? It's all based on a combination of reviewer’s feedback and our expertise.
Visit Ibandirect profile
Ibrahim Busari
Ibrahim Busari
As a fintech writer at AskWallet, he uses his metaphorical pen to guide you through the world of EMIs. He is an Ural Federal University Alumni and has been working in the financial and iGaming industry since 2016.