X has launched X Money, its digital payments and banking service, for select Premium and Premium+ subscribers in the United States. The service brings together money transfers, direct deposits, bill payments, an interest-earning cash account, and a Visa debit card within the X platform.
X Money Features
- Instant transfers: X Money allows users to send and receive money instantly on X at no cost.
- Direct deposit and payments: The service supports direct deposits up to two days before the normal payday. Users can also pay rent, send wire transfers, mail checks, and pay bills directly through the X app or X.com.
- APY: X Money offers an interest-earning cash account with no minimum balance. Premium+ subscribers are eligible to earn 6.00% APY on their X Money accounts. Premium subscribers may also be eligible for a boosted 6.00% APY when they meet the qualifying direct deposit requirements.
- Support: X Money includes 24/7 dedicated customer support.
X Card
Alongside X Money, X has introduced the X Card, a custom metal Visa debit card that can be used anywhere Visa is accepted.
The card offers:
- 3% cashback on eligible purchases
- Free ATM withdrawals worldwide
- No foreign transaction fees
- Protection under Visa’s Zero Liability Policy against unauthorized charges
Security and privacy
X says X Money accounts are secured using passkeys. Users can also enable additional security controls, including custom transaction limits and authentication requirements for selected transactions.
Additional security and privacy features include:
- Card transactions are protected by Visa’s security and risk management capabilities.
- X Money transactions are private by default.
- Users can choose to share selected transactions on their X timeline, but sharing is optional.
FDIC insurance
Funds in X Money accounts are eligible for FDIC insurance up to $250,000 through X’s partner bank. Through the Cash Sweep Program, eligible funds can receive up to $10 million in FDIC insurance coverage by distributing deposits across multiple participating banks.
Availability
X Money is currently available to select users in the United States who are 18 years or older. Eligible users will see the Money tab in the X app sidebar or on X.com after updating to the latest app version. Users can then follow the onboarding process to activate the service.
X said it is working to expand access to more users in the future.