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Nuri Review – A Beginner’s Guide

Last updated: 4/20/22

Nuri , formerly known as Bitwala, aims to merge the cryptocurrency and fiat worlds to make living with digital assets simple. They offer a variety of products and services which I will review in this post.

Nuri Review Summary

Nuri offers a traditional bank account linked to a cryptocurrency wallet, debit card and exchange. The company basically solves one of the most burning issues of merging between cryptocurrencies and traditional banking. The offer is available only to residents of the European Economic Area, Switzerland and the United Kingdom but it seems to be receiving very positive feedback from users so far.

That’s Nuri in a nutshell. For a more detailed review keep on reading, here’s what I’ll cover:

  1. Company Overview
  2. Nuri Services
  3. Currencies and Payment Methods
  4. Fees and Limits
  5. Supported Countries
  6. Customer Support and Reviews
  7. Conclusion

1. Company Overview

Nuri offers a solution linking traditional bank accounts and debit cards to cryptocurrencies.

Nuri homepage

Jörg von Minckwitz, Benjamin Jones and Jan Goslicki launched the brand in 2015, called Bitwala at the time, facilitating bitcoin transfers and prepaid card services. The company has come a long way since its inception, gaining over €42 million in funding with over 300,000 customers across Europe.

Disaster struck in 2018, when Nuri’s, then Bitwala, crypto debit card issuer Visa withdrew permissions, forcing the company to suspend services. Since then the brand has set about building a new product, blockchain banking in partnership with German Banking-as-a-Service platform solarisBank.


2. Nuri Services

Bank Account

Nuri is based upon full German bank accounts offering all the functionality you’d expect from a fintech bank. Users can send and receive everyday transactions such as receiving wages or paying rent. It acts as a regular online euro bank account including a German IBAN, SEPA functionality as well as international payments, standing orders and direct debit.

Crypto Wallet

Nuri supplies customers with a Bitcoin wallet that links directly to the bank account, enabling seamless transfers. The wallet operates with all the normal cryptocurrency features allowing the owner to send, receive, store and trade Bitcoin. It also supports fiat to crypto exchange and vice versa.

Having initially only offered Bitcoin wallets, Nuri now also offers Ethereum Wallets, allowing customers to invest and trade Ether just as they would with Bitcoin.

Additionally, Nuri claims no 3rd party has access to the wallet including the company itself (i.e. a non custodial wallet). Wallets can be backed up giving the user full control and the ability to extract private keys. Ethereum wallets can also be imported to MetaMask should your smartphone get stolen or if it stops working.

This is reassuring, should anything happen to the service you can still use your crypto in another wallet. QR codes and network fee customization complete a decent enough bitcoin wallet.

Debit Card

Visa backs the Nuri contactless Euro debit card which links to the German bank account, allowing holders to spend euros like a normal debit card. In order to spend crypto funds via the card you must trade crypto for euros from the Nuri website or app – unlike bitcoin debit cards that allow you to pay directly from your crypto balance.

Visa backing provides all the security and worldwide support you’d come to expect from an international debit card.

Bitcoin Interest Account

Nuri also allows users to earn up to 5% interest on Bitcoin, which is paid out weekly, starting with as little as €10. Users can deposit and withdraw their bitcoin at any time with no minimum investment period. This is enabled by Celsius, who have partnered with Nuri to bring this feature to the platform. Interest payments will be made by Celsius instead of Nuri themselves.


3. Currencies and Payment Methods

Nuri operates in 3 currencies. Euros, Bitcoin and Ethereum.

Euros are stored in the regular bank account where you can deposit, withdraw and spend funds.


4. Fees and Limits

Nuri is very transparent about their fees and generally they are pretty reasonable. The banking service is mostly free with no account, card or transaction charges.

The card transactions and cash withdrawals are free in euros but be aware that foreign transaction fees and exchange rates are set by Visa.  There is however a limit for maximum card withdrawals of €1500.

Bitcoin and Ethereum trades incur a 1% trading fee as well as a €1 flat fee for buying crypto. While this is not the cheapest, it is reasonable for the convenience of being connected to the banking system and being able to trade instantly. Of course, blockchain network fees also apply which Nuri has no control over, the €1 flat fee is in place to cover such network fees.

The minimum trading amount for crypto is €30 per trade (this applies to trades via both the Crypto Wallet and Crypto Vaults), with a maximum trading amount of €25,000 per trade. The crypto trading limit is €50,000 per rolling seven days and you can find out more about fees and limits here.


5. Supported Countries

The service is only available to residents of the European Economic Area, Switzerland and the UK, because fiat banking and transactions are processed in euros. The bank account is German, so naturally, it will work best there.

SEPA transfers and euros are seamless across Europe so the service is useful anywhere in this area. Nuri also only offers debit cards to members of the European Economic Area (EEA), Switzerland and the UK.


6. Customer Support and Online Reviews

Nuri provides an extensive support section on its website. The information here is highly detailed which is really helpful. It was able to answer any questions I threw at it, including some more technical crypto queries.

The customer service team is also really responsive. Nuri offers a live chatbot to help with most queries, in addition to traditional support via email. They answered my email query after 5pm in just over an hour. Very good compared to a lot of Bitcoin exchange and wallet platforms.
Nuri customer support

Nuri products score highly on review websites with a rating of “Great” on TrustPilot , 4.2 stars on the Apple App Store and 3.4 stars on the Google Play Store.

The customer support team are very active in these areas, quick to offer genuine replies and helpful comments to problems. They appear open to feedback and actively try to aid customers.


7. Conclusion

Nuri does a decent job of creating Bitcoin and Ethereum banking solutions, particularly for Europeans. The product does genuinely merge the world of fiat and cryptocurrency, reducing barriers to mass adoption.

The main downside is the lack in currency range and coin offerings which will turn many cryptocurrency enthusiasts away. These users might like a competitor like Wirex which provides a longer list of bank accounts and cryptocurrency wallets.

 

Nuri

8.4

Fees

8.5/10

Ease of use

9.5/10

Support

9.0/10

Coin selection

6.5/10

Pros

  • Interaction with Traditional Banking
  • Easy to use debit card
  • Great customer support

Cons

  • Only supports Bitcoin & Ether
  • Available to EEA residents only

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